The global commercial aircraft nextgen avionics market was worth USD 4,420.0 million in 2020 and is poised to witness a CAGR of 8.3% over 2022-2030, thereby amassing a valuation of USD 9,150.5 million by end of the assessment timeline.
The development of aviation-specific applications for widely used technologies, like the global positioning system (GPS), as well as technological advancements in fields like weather forecasting, data networking, and navigation, have made it possible for the transition from a ground-based air traffic control system to a satellite-based air traffic management system, known as next-generation avionics.
Aircraft equipped with self-monitoring avionics and operated by experienced pilots can use the precise and comprehensive satellite-based landing pathways to fly safely over populated areas or mountainous terrain.
Both new commercial aircraft and business jets, as well as those being upgraded with next-generation avionics, are equipped with high levels of needed navigation performance (RNP) capabilities.
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The Federal Aviation Administration (FAA) has determined where and how aircraft can fly using navigational standards. These specifications outline the kinds of satellite- or ground-based avionics and navigational aids that can be used to meet performance criteria.
As a result of these initiatives by aviation authorities, it is anticipated that air travel would become faster, safer, and more technologically advanced, which will increase demand for next-generation avionics equipment during the forecasted timeframe.
The market is expected to increase, but complicated hurdles and cybersecurity issues with next-generation avionics systems are expected to restrain it. Additionally, the application of artificial intelligence (AI) and machine learning (ML) in next-generation avionics is anticipated to present the industry with attractive potential in the future.
Impact Analysis for COVID-19
The whole aviation sector has suffered as a result of the COVID-19 outbreak. Lockdowns that were imposed in several nations decreased air passenger travel, which had a considerable negative impact on the market for next-generation avionics for commercial aircraft as a whole. Additionally, this global health catastrophe compelled factories that make avionics parts to curtail or suspend operations entirely. The COVID-19 outbreak consequently had a negative impact on the market for next-generation avionics for commercial aircraft worldwide.
Global Commercial Aircraft NextGen Avionics Market- Key trends
Efficacy of avionic systems in recognizing aircraft safety constraints is aiding market expansion
There has been a steep rise in the occurrences of aircraft mishaps due to reasons such as miscommunication, collision with foreign objects, low visibility, and extreme weather conditions. The concerned authorities are taking a wide array of measures to make air transportation safer for the passengers and crew members. The integration of nextgen avionic systems into aircrafts offers several benefits such as the efficient obstacle identification, lesser risk of miscommunication between pilots and air traffic controllers along with improved speed and functionality, among others. This in turn is adding traction to the development of this industry sphere.
Global Commercial Aircraft NextGen Avionics Market- Segmental assessment
By Systems
- Flight Management System
- Communication System
- Electric and Navigation System
- Surveillance and Emergency System
- Collision Avoidance System
- Weather System
- Others
The weather system segment is reckoned to amass notable gains over the stipulated timeframe owing to the rising number of flight mishaps caused by extreme weather conditions.
By Installation Stage
- Forward Fit
- Retrofit
By Aircraft Type
- Narrow Body
- Wide Body
Global Commercial Aircraft NextGen Avionics Market- Competitive hierarchy
The prominent players characterizing the competitive terrain of this marketplace are BAE Systems PLC, Cobham Limited, Curtiss-Wright, General Electric Company, Honeywell International Inc., L3Harris Technologies Inc., Raytheon Technologies Corporation, Safran, Teledyne Technologies Incorporated, and Thales Group.
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