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Overview:Avionics systems stand for electronic equipment that perform several actions inside an aircraft. Its application is mostly in the cockpit, however, the latest surge in the in-flight entertainment sector is expected to trigger a strong uptake for the global commercial aircraft avionics systems market. The commercial aircraft avionics market is expected to ride fast on these factors and gather a CAGR of 7% during the forecast period (2017-2024).
Market Research Future (MRFR), in their assessment of the market, reveals several tractions that can help the commercial aircraft avionics systems market grow.
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Among factors, surge in passengers travelling by flight, transforming in-flight entertainment industry, better safety precautions, stringent regulations, and other are expected to inspire the global commercial aircraft avionics systems market growth. Intention to curb fuel cost is also among the traction providers.
Segmentation:
By type, the commercial aircraft avionics systems market includes communication, flight control & management system, electrical & emergency system, navigation & surveillance system, and other systems. The flight control & management system segment has the maximum potential to fetch the highest CAGR during the forecast period. Such growth is a result of the FAA guidelines regarding safety measures.
By aircraft, the commercial aircraft avionics systems market comprises narrow-body, wide-body, and others. The narrowbody aircraft enjoys wide-scale popularity due to their increasing need in the domestic sector and caters to budget travelers. However, changes are expected to take place and other types of aircrafts are expected to replace the narrowbody aircraft.
By fit, the commercial aircraft avionics systems market consists line-fit and retrofit. The retrofit segment has the potential to grow with the highest CAGR during the forecast period. This surge is expected to gain thrust from the growing demand for upgradation in diverse airlines.
Regional analysis:
North America, Asia Pacific, Europe, and Rest of the World (RoW) are four regions that have been discussed in the MRFR report on the global commercial aircraft avionics systems market. Such a reading includes several aspects that would unveil the potential of different growth pockets and help in hatching better investment plans.
North America is expected to exercise its dominance in the global market with the presence of several aircraft manufacturers in the region, such as Boeing and Bombardier. Major avionics systems system providers also work from this region, such as UTC, Honeywell, which provides traction to the market growth and by 2035, they are planning to deploy 10,000 new aircrafts. This plan can be effective for many players from the region.
The APAC region is expected to turn out as the fastest growing region for commercial aircraft avionics during the forecast period. Emerging economies and their increasing incomes are playing positive roles in spurring the financial investment in the region. By 2035, the region could launch 16,000 aircrafts. Its cost-affordable labor also triggers an influx of works. For example, the US government often spends substantially to outsource the job to these regions. At the same time, a lot of airlines are sprouting in this region, which can help the market garner substantial growth.
Competitive Landscape:
Various companies are showing substantial interest in the global commercial aircraft avionics systems market due to promises it has shown that lies ahead in the coming years. These companies are taking up strategies to solidify their position in the market. At the same time, their steps are pushing the global market ahead. These companies are Curtiss-Wright Corporation (US), Cobham plc (UK), Garmin Ltd. (US), Esterline Technologies Corporation (US), L3 Technologies, Inc. (US), Honeywell International Inc. (US), Thales SA (France), Meggitt plc (UK), Teledyne Technologies, Inc. (US), and United Technologies Corporation (US). MRFR included these names and profiled them for better analysis of upcoming trends.
In July 2019, Star Navigation Systems Group Ltd. announced a slight change in their approach for some of their Middle Eastern customers. The act would include the integration of STAR solution to monitor several things and gather real-time data. This change would help the company better their market standing.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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