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Aerospace Avionics Market to Reach $111.58 Billion, Globally, by 2032 at 8.9% CAGR: Allied Market Research
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The global aerospace avionics market is driven by factors such as rise in the production of aircraft, which fuels the demand for aerospace avionics. In addition, the market is influenced by surge in demand for communication subsystems. However, high initial costs are expected to hinder the market growth. Moreover, the enhanced connectivity solutions provide lucrative opportunities for market growth.
By subsystem, the communication, navigation, and surveillance systems segment held the highest market share in 2022, accounting for nearly one-third of the global aerospace avionics market revenue and is estimated to maintain its leadership status throughout the forecast period.
Increase in traffic densities, increase in need to utilize RF spectrum, and improved safety nets have elevated the demand for surveillance systems.
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By fit, the forward fit segment held the highest market share in 2022, accounting for more than three-fifths of the global aerospace avionics market and is estimated to maintain its leadership status throughout the forecast period. However, the same segment is projected to manifest the highest CAGR of 9.42% from 2023 to 2032, owing to an increasing need for aircraft equipped with integrated and advanced avionic systems directly incorporated during manufacturing. Airlines are placing greater emphasis on efficiency, safety, and adherence to evolving industry regulations.
By platform, the commercial aviation segment held the highest market share in 2022, accounting for more than half of the global aerospace avionics market and is estimated to maintain its leadership status throughout the forecast period. The development of ADS-B ground station and the integration of wide area multiliterate (WAM) capability are expected to boost the growth of the market. Similarly, the evolution of non-cooperative surveillance infrastructure and satellite-based solutions is opportunistic for the market.
By end-use, the OEM segment held the highest market share in 2022, accounting for more than two-thirds of the global aerospace avionics market and is estimated to maintain its leadership status throughout the forecast period. Growing demand for new aircraft and spacecraft, prompting OEMs to increase the production of avionics systems. Technological advancements are driving the integration of advanced avionics into contemporary aircraft, thereby enhancing the market shares of OEMs.
By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global aerospace avionics market revenue and is projected to dominate the market during the forecast period. The thriving commercial aviation sector is where airlines consistently enhance their avionics systems to enhance safety and fuel efficiency. Technological advancements and research facilities in the U.S. are driving the advancement of avionics systems. Rigorous safety standards and a growing emphasis on aviation cybersecurity are prompting investments in avionics technology, thus driving the market.
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The report provides a detailed analysis of these key players in the global aerospace avionics market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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