Global Avionics Market to Hit Sales of $98.41 Billion By 2028 | Honeywell is Well Positioned to Capitalize on Market Growth
Global avionics market was valued at USD 69.47 billion in 2021 and it is expected to grow to USD 98.41 billion by 2028 at a CAGR of 5.1% over the forecast period (2022–2028).
Westford, USA, Dec. 02, 2022 (GLOBE NEWSWIRE) — As the capabilities of commercial and military aircraft continue to grow, so does the demand for avionics market. Today’s aircraft are equipped with a variety of advanced systems that allow them to fly safely and efficiently in all kinds of conditions. From navigation and communication systems to weather radar and flight management systems, avionics play a vital role in keeping aircraft safe and efficient. As the demand for new and improved avionics continues to grow, manufacturers are rising to the challenge, developing ever more sophisticated systems to meet the needs of the market.
With the global avionics market forecast to grow significantly in the coming years, there is sure to be continued demand for new and innovative avionics systems. As manufacturers work to meet this demand, we can expect to see even more advances in aircraft safety and performance. This growth is being driven by a number of factors, including the increasing complexity of aircraft systems, the need for greater fuel efficiency, and the growing demand for inflight entertainment and connectivity.
To meet this demand, aircraft manufacturers in the avionics market are turning to more sophisticated avionics systems. These systems provide pilots with more information and options when flying, and can help reduce fuel consumption and improve safety. In addition, they offer passengers a more enjoyable and connected inflight experience. As the demand for sophisticated avionics systems grows, so does the need for skilled workers to develop and maintain them.
Get a sample copy of this report:
https://skyquestt.com/sample-request/avionics-market
Next-Generation Cabin Management Systems (CMS) and In-Flight Entertainment (IFE) Systems to Play Pivotal Role in Avionics Market Growth
The global aviation market is experiencing a period of strong growth, driven by rising demand for air travel and continued expansion of airport capacity. This growth is creating new opportunities in the market, as airlines look to upgrade their fleets with the latest technologies. SkyQuest has released a new report that provides insights into the current state of the avionics market and the trends that are shaping its future.
The report finds that the market is undergoing a major transformation, driven by advances in technology and changes in the competitive landscape. As airlines seek to differentiate their products and services, they are increasingly looking to avionics as a way to improve the passenger experience. In particular, they are investing in next-generation cabin management systems (CMS) and in-flight entertainment (IFE) systems. CMS are becoming more sophisticated, with features such as high-definition displays, touch screens, and voice-activated controls. IFE systems are also evolving, with new offerings such as live television, on-demand movies, and games.
The report on global avionics market also highlights the growing importance of aftermarket services, as airlines look to maximize the value of their avionics investments. These services include maintenance, repairs, and upgrades. With its deep understanding of the aviation industry and extensive experience in avionics, SkyQuest is well positioned to help companies navigate this rapidly changing market.
Browse summary of the report and Complete Table of Contents (ToC):
https://skyquestt.com/report/avionics-market
Honeywell is Well Positioned to Capitalize on Global Avionics Market
In the market, there are three key players: Honeywell, Rockwell Collins, and Garmin. According to SkyQuest’s analysis, Honeywell is the market leader with, followed by Rockwell Collins, and Garmin. The analysis also indicates that the market is growing at a healthy CAGR of 5%. This growth is being driven by the continued demand for new aircraft, as well as upgrades to existing aircraft.
Honeywell’s strong position in the avionics market is due to its breadth of product offerings and its ability to win new aircraft programs. Rockwell Collins has been able to maintain its share of the market through its focus on customer service and its reputation for reliability. Garmin has been able to grow its share of the market through its innovative product offerings and aggressive pricing.
the company has a strong presence in the commercial aerospace market and is a key player in the business aviation market. In addition, Honeywell is a leading provider of aftermarket services for both markets.
In 2020, Honeywell’s avionics business took a hit during the global economic downturn, as demand for new aircraft slowed in the global avionics market. However, the company has rebounded in recent years, posting strong sales and earnings growth. Honeywell is benefiting from an upcycle in the commercial aerospace market, as well as strong demand for its products from military clients.
Our analysis also found that Honeywell is well-positioned to benefit from the growing demand for new aircraft as airlines look to replace their aging fleets. The company’s new product offerings, including its next-generation flight management system and LED lighting retrofit kits, are well-suited to meet the needs of airlines and other customers. The research indicates that Honeywell’s share of the global avionics market will continue to grow in the coming years. The company’s strong market position, combined with its innovative products and services, puts it in a good position to capitalize on the significant growth opportunities in the aerospace industry.
Speak to Analyst for your custom requirements:
https://skyquestt.com/speak-with-analyst/avionics-market
Top Trends Likely to Shape Avionics Market
- Electrification of aircraft systems: Electric propulsion will become increasingly prevalent in both commercial and military aircraft. This will drive demand for more electric components, such as motors, generators, and batteries.
- Development of autonomous aircraft: Avionics systems will need to become more sophisticated to support fully autonomous flight. This could open up new markets for traditional avionics suppliers, as well as new entrants into the market.
- Proliferation of connected devices: The continued increase in connectivity between aircraft and ground infrastructure will create opportunities for new services and applications using data from these connections in the global avionics market.
- Proliferation of data sources and devices is creating a need for more sophisticated data management capabilities.
- Increasing complexity of aircraft systems is driving the need for better integration and coordination among different avionics subsystems.
- Regulations governing aircraft operations are becoming more stringent, requiring manufacturers to develop more sophisticated and robust avionics systems.
Major Vendors in the Global Avionics Market
- Avilution LLC (US)
- BAE Systems (UK)
- CCX Technologies (Canada)
- Cobhamn PLC (UK)
- Collins Aerospace (US)
- Garmin Ltd. (US)
- General Electric (US)
- Honeywell International Inc (US)
- L3Harris Technologies. Inc. (US)
- Meggitt (UK)
- Nucon Aerospace (India)
- Safran 5A(France)
- Teledyne Technologies Incorporated (US)
- Thales Group (France)
- Transdigm Group Inc (US)
- UAvianix Corporation (US)
Related Reports in SkyQuest’s Library:
Global General Aviation Market
Global Aerospace Titanium Fasteners(ASF) Market
Global Aviation Headsets Market
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com
