According to the Graphical Research new growth forecast report titled “Asia Pacific Aerospace Avionics Market Size, By System (Flight Management System, Communication System, Navigation System, Surveillance System, Electric System, Emergency System, Collision Avoidance System, Weather System, Health Monitoring System, Tactical System, In-Flight Entertainment), By Application (Commercial Aviation, Military Aviation, Business Jet & General Aviation, Helicopters), By End-Use (OEM, Aftermarket)”, Estimated To Exceed USD 21 Billion By 2025.
The Asia Pacific aerospace avionics market growth is attributed to the rapidly increasing air traffic in the region. The active investments in the military aviation sector by the developing countries, such as India and China, are driving the market during the forecast timeframe. These nations are developing military aircraft fleet to strengthen their defense sector to aid in geopolitical concerns and terrorist activities. For instance, in December 2019, India is planning to order 114 multirole fighter jets and spend over 1 trillion to strengthen the defense base in the country. This will attract several major players including Lockheed Martin Corporation, Boeing, and Saab AB, across the globe.
The communication system segment is expected to register an accelerated growth during the forecast period with a CAGR of over 5%. The segment growth is attributed to its ability to communicate seamlessly and efficiently, making the flight experience safer, smoother, and entertaining. The industry participants are engaged in undergoing strategic partnerships and agreements with government organizations to manufacture and deploy advanced communication systems in aircraft with an increase in revenue share. For instance, the U.S. Air Force signed an avionics modernization program increment-2 contract with L3 Harris Technologies Inc. worth USD 499 million. The contract was signed to provide advanced avionics to a fleet of 176 Air National Guard and Air Force Reserve C-130H aircraft that will enhance the reliability and sustainability with the reduction in the life cycle cost.
The Business Jet & General Aviation segment is projected to grow at a CAGR of over 5% in the Asia Pacific aerospace avionics market. The regulatory bodies in the region are upgrading the regulations and several mandatory rules to equip the avionics components, thus further supporting the market share over the coming years. For instance, in April 2018, the Federal Aviation Administration (FAA) announced a deadline to install ADS-B technology in business aircraft across the globe by January 2020. As per the sources, 88% of the business aircraft were equipped with ADS-B technology in December 2019. At the end of November 2019, 15,520 out of 17,619 business aircraft were technology equipped that supported the market share in the historic years.
The Original Equipment Manufacturer (OEM) segment is anticipated to exhibit an accelerated growth between 2019 and 2025, growing at a CAGR of over 4%. The growth of the segment is due to the increasing number of orders from aircraft operators to aircraft manufacturers. The need for advanced avionics components in the aerospace & defense sector with superior operational capabilities will further support market growth.
Some of the key vendors in the Asia Pacific aerospace avionics market include Airbus S.A.S., Astronics Corporation, Aviation Industry Corporation of China, Ltd. (AVIC), BAE Systems, Boeing, Ball Corporation, Cobham plc, Elbit Systems Ltd., Garmin Ltd., GE Aviation, Harris Corporation, Honeywell International Inc., L3Harris Technologies, Inc., Meggitt PLC, Northrop Grumman Corporation, Nucon Aerospace, Panasonic Corporation, Raytheon Company, and Safran.
The Asia Pacific aerospace avionics market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue in USD million from 2019 to 2025, for the following segments:
Asia Pacific Aerospace Avionics Market Share, By System
- Flight Management System
- Communication System
- Navigation System
- Surveillance System
- Electric System
- Emergency System
- Collision Avoidance System
- Weather System
- Health Monitoring System
- Tactical System
- In-Flight Entertainment
Asia Pacific Aerospace Avionics Market Size, By Application
- Commercial Aviation
- Military Aviation
- Business Jet & General Aviation
Asia Pacific Aerospace Avionics Market Growth, By End-Use
The above information has been provided for the following regions and countries:
- Asia Pacific
- South Korea