The commercial applications of avionics systems stems from a burgeoning demand for electronic and communication technologies for calculating real-time data in the aviation industry. In various parts of the globe, the avionics systems is driven by the ceaseless technological advancements in the industry, underpinned by rising initiatives for the modernization of glass cockpit and industry efforts to improve in-flight entertainment systems with advanced avionics. The globally rising need to constantly improve navigation systems by aviation services providers is fueling the growth of the commercial avionics systems market.
However, the high cost of installation and maintenance of avionics systems may deter players in their adoption. The mounting risk of hacks and other cyber-attacks compromising on the safety of aircrafts may be another worrying concern. If estimates made by Transparency Market Research are to be believed, the opportunities in global market for commercial avionics systems market are projected to surge from US$25.34 billion in 2016 to reach a worth of US$31.07 bn by the end of 2024.
Which systems will provide vast lucrative prospects over the assessment period?
Broadly, the various systems used in commercial avionics include cabin systems, integrated modular avionics, surveillance systems, cockpit systems, navigation systems, electrical systems, central maintenance systems, and communication systems. Of all the popular systems, navigation is expected to emerge as a dominant segment in the market. The need for upgrading ground and air systems technology with advanced navigation systems bodes well for the market. The navigation satellite systems is expected to be the main driving force of revenue generation for market players over the assessment period.
Gary Jet Center Inc., a U.S.-based aviation service provider at Chicago International Airport has added avionics services to its repair stations. The extensive range of maintenance services will help the provider meet customers’ requirements for avionics upgrades, modifications, and glass cockpits completions. Such developments are likely to expand the potential of the regional market.
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Which regions are anticipated to witness extensive uptake in the coming years?
Regionally, North America followed by Europe emerges as the leading regional markets, vis-à-vis revenue generation and growth, in 2015. North America is expected to hold its sway throughout the assessment period, driven the substantial number of early takers. The rapid advances made by the commercial aviation sector in these regions and the marked adoption of technological advancements have fueled the demand for commercial avionics in various parts of these regions. A number of advanced countries in these regions are exhibiting substantial appetite for these systems.