Avionics Market Worth $66.3 Billion by 2027 at a CAGR of 7.3%

1. AvionicsMarketWorth$66.3Billionby 2027 at a CAGR of7.3% TheAvionicsMarketsizeisprojectedtogrowfromUSD46.7Billionin2022toUSD 66.3 Billion by 2027, at a CAGR of 7.3% from 2022 to 2027. The need for aircraft modernization to improve operating safety and fuel economy is the factor propelling the adoption of avionics that will ultimately lower operational costs. Modern avionics systems are factory installedin new generation aircraft. The airlines and other end users are undertaking a fleetmodernization initiative aircraft avionics to upgrade the older fleetwithmodern systems to matchthe service capabilities of the next generationaircraft. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=138098845 Based on the System, the navigation segment of the market is projected to dominate market share as the demand for associated components such as altimeter, air data computer is anticipated to grow at a rapid pace. Additionally, to fulfill demand, the major airline is increasing the size of their fleet, which is equipped with modern inertial reference units and air data computers that are integrated with other avionics systems to increase operational efficiency. The development of navigational tools through technology has greatly fueled this market's expansion. Based on Platform, the military aviation segment is projected to dominate market share due to the increasing defence spending of military superpowers like the US, China, and Russia is anticipated to result in increased demand for military aircraft, which will support the expansion of the military avionics market. Furthermore, new developments in military aircraft, such as the incorporation of fifth-generation technology, stealth technology, and advanced composite materials, will strengthen the market for military aircraft. Based on Fit, the line fit aspect of the market dominates market share on account of the increasing number of deliveries to effectively cater to the rapidly growing passenger traffic. The fleet modernization plans are expected to be driven by the growing regulations that seek to improve the safety features given by aircraft and standardize the functions offered by certain types ofaircraft.

2. Based on Region, North America accounted for the largest market share in 2022, and Latin America is projected to witness the highest CAGR during the forecast period. The market for avionic in the commercial and business aviation sectors in these regions is expected to benefit from the rising demand for air travel while the escalation of global geopolitical rift is driving the race for superiority in terms of military capabilities, evident from enhanced defence expenditure and investments in the modernization of various defence equipment of countries such as the US. Additionally, the increased investment in the R&D sector by the major OEMs to develop the technologically advanced avionics systems to meet the future aviation industrydemand. Ask for Sample Report@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=138098845 AboutMarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. Contact: Mr. Aashish Mehra MarketsandMarkets™INC. 630 DundeeRoad Suite 430 Northbrook, IL60062 USA:1-888-600-6441