Commercial Aircraft Nextgen Avionics Global Market Report 2023
Major players in the commercial aircraft nextgen avionics market are Cobham Limited, Curtiss-Wright, General Electric Company, Honeywell International Inc., L3Harris Technologies Inc., Raytheon Technologies Corporation, Safran S.
New York, March 27, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Commercial Aircraft Nextgen Avionics Global Market Report 2023" - https://www.reportlinker.com/p06433613/?utm_source=GNW
A, Teledyne Technologies Incorporated, Thales Group, Elbit Systems of America LLC, Esterline Technologies Corporation, Garmin International Inc., Panasonic Avionics Corporation, United Tech Corporation, and Universal Avionics Systems.
The global commercial aircraft nextgen avionics market grew from $2.63 billion in 2022 to $2.85 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The commercial aircraft nextgen avionics market is expected to grow to $3.96 billion in 2027 at a CAGR of 8.6%.
The commercial aircraft nextgen avionics market consists of sales of health monitoring, tactical system and in-flight entertainment.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Commercial aircraft nextgen avionics refers to a collection of interrelated technology, communication system, and equipment that significantly alter aviation surveillance, navigation, and communications practices.It improves safety, reduces flying times, and lowers emissions by integrating several modern technologies.
The main goal of commercial aircraft next-generation avionics is to assist pilots in maneuvering efficiently.
Asia-Pacific was the largest region in the commercial aircraft nextgen avionics market in 2022.North America is expected to be the fastest growing region in the forecast period.
The regions covered in the commercial aircraft nextgen avionics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of systems in commercial aircraft nextgen avionics are flight management system, communication system, electric and navigation system, surveillance and emergency system, collision avoidance system, weather system, and others.Flight management systems refer to an on-board multi-purpose navigation, performance, and aircraft operations computer created to offer virtual data and operational harmony between closed and open aspects connected with an aircraft from takeoff and pre-engine start to landing and engine shut down.
The different installation stage include forward fit, and retrofit that are used by regional, narrow body, and wide body aircrafts.
An increase in air passenger traffic is expected to propel the growth of the commercial aircraft NextGen avionics market going forward.Air passenger traffic refers to both local and foreign passengers carried by airlines with national registrations.
An increase in air passenger traffic across the globe creates the need to effectively manage air traffic, which is being made available to air traffic controllers and pilots through commercial aircraft NextGen avionics by proactively identifying and resolving weather and other hazards.For instance, in May 2022, according to a report published by the International Civil Aviation Organization (ICAO), a United Nations agency whose duties include developing and disseminating international civil aviation regulations as well as monitoring and assessing their application, between January and April 2022, there were 65% more air travelers than there were during the same time in 2021, and there were 30% more aircraft departures.
Therefore, an increase in air passenger traffic across the globe is driving the growth of the commercial aircraft NextGen avionics market.
Technological advancement is a key trend gaining popularity in the commercial aircraft next-gen avionics market.Major players operating in the market are leveraging new technologies to sustain their position in the commercial aircraft nextgen avionics market.
For instance, in September 2021, Panasonic Avionics Corporation, a US-based manufacturer of in-flight entertainment and communications devices launched a new, next-generation Ku-band antenna with ThinKom’s VICTS (Variable Inclination Continuous Transverse Stub) technology.The antenna would link airplanes to Panasonic Avionics’ global network of high-speed, high-bandwidth Ku-band satellites, placing capacity where it is most required to satisfy the expanding needs of airlines and their customers.
Airlines can benefit from a variety of features such as gate-to-gate operations, increased speed throughput, improved aerodynamic efficiency, support for both LEO (low earth orbit) and GEO (geostationary orbit) satellite networks, and lower operational costs.
In November 2021, Collins Aerospace, a US-based aerospace and defense company acquired FlightAware for an undisclosed amount.With this acquisition, the Collins aviation technologies are combined with well-known data networks, connectivity options, and the industry leader in data collection and analytics.
FlightAware is a US-based commercial aircraft next-generation avionics company that provides global flight tracking solutions, predictive technology, analytics, and decision-making tools.
The countries covered in the commercial aircraft nextgen avionics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The commercial aircraft nextgen avionics market research report is one of a series of new reports that provides commercial aircraft nextgen avionics market statistics, including commercial aircraft nextgen avionics industry global market size, regional shares, competitors with commercial aircraft nextgen avionics market share, detailed commercial aircraft nextgen avionics market segments, market trends, and opportunities, and any further data you may need to thrive in the commercial aircraft nextgen avionics industry. This commercial aircraft nextgen avionics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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