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Aerospace Avionics Market Size
- Report ID: GMI2372
- Published Date: Sep 2023
- Report Format: PDF
Aerospace Avionics Market Size
Aerospace Avionics Market size was valued at USD 78.2 billion in 2022 and is estimated to register a CAGR of over 4% between 2023 and 2032. The increasing demand for air travel is a primary factor driving the market progress.
As more people choose air transportation for business & leisure purposes, airlines are expanding their fleets along with modernizing the existing aircraft. This necessitates the adoption of advanced avionics systems to enhance safety, efficiency, and passenger experience. These systems include navigation aids, communication equipment, flight control systems, and entertainment systems. Moreover, the introduction of newer & more fuel-efficient aircraft models is further propelling the demand for cutting-edge avionics, thereby ensuring that the aviation industry remains competitive and meets the evolving expectations of travelers worldwide.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Aerospace Avionics Market Size in 2022: | USD 78.2 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4% |
| 2032 Value Projection: | USD 110 billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 290 |
| Segments covered: | System, Application, End-use & Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Aerospace avionics, often referred to as avionics, is a specialized field of electronics that encompasses the design, development, installation, and maintenance of the electronic systems & devices used in aircraft and spacecraft. These systems include navigation, communication, flight control, monitoring, and safety equipment. Aerospace avionics play a critical role in the guidance & control of spacecraft as well as in ensuring safe & efficient civil and military aviation operations. They incorporate advanced technologies to enhance aircraft & spacecraft capabilities, safety, and performance while meeting the stringent regulatory & operational requirements.
The high manufacturing cost is a significant pitfall in the aerospace avionics market. Avionics systems require cutting-edge technology, quality assurance, and stringent testing to meet the industry standards and safety regulations. This necessitates substantial investments in research, development, and manufacturing initiatives, thereby driving up production costs. These elevated costs can limit market accessibility for smaller manufacturers and put pressure on larger ones to optimize efficiency. It may also lead to increased prices for customers, thereby affecting affordability and the overall market competitiveness as well as hindering growth & innovations in the sector.
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Aerospace Avionics Market Scope
