Pet Wearables Market - Medical Diagnosis and Treatment Present Lucrative Options for Growth

The global commercial avionics systems market had witnessed a large dominance by the top three players, viz. Thales Group, Honeywell Aerospace, and Rockwell Collins, accounting for over 77.0% share in 2015. However, other major players such as L-3 Avionics System, GE Aviation, Panasonic Avionics Corporation, Universal Avionics System Corporation, Avidyne Corporation, United Technologies Corporation, and Garmin Ltd. are expected to improve their market share in the background of intense competition.

Transparency Market Research (TMR) has prognosticated the global commercial avionics systems market to take advantage of the rising investments and adoption of leading-edge technologies to register a CAGR of 3.5% between 2016 and 2024. By the end of the forecast period, the global market is envisaged to reach US$31.07 bn. In 2016, the market had generated a revenue of US$25.34 bn.

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In 2015, the navigation segment by systems held a gigantic share of 15.1% and is foreseen to continue dominance by generating a revenue of approximately US$4.57 bn by 2024. Although North America is projected to hold a king’s share in the market, Asia Pacific is expected to exhibit faster growth with a CAGR of 4.7% over the forecast period.

One of the key trends adopted by most companies to stay competitive in the market is switching to lead-free production. Owing to high investments required for entering the market and several losses associated with the exit, the threat of new players is projected to stay low.

Avionics Systems Feed Aviation Sector’s Appetite for Real Time Data

The international commercial avionics systems market is expected to be boosted by the need for real time data in the aviation industry. Engine producers require real time data for upgrading the performance of in-flight engines while airframe original equipment manufacturers (OEMs) use it for monitoring the data of flight test aircrafts. Innovative real time data acquisition is also adopted by avionics suppliers. Panasonic Avionics Corporation, for instance, had introduced AirDat’s real time weather data feature to their offerings in the recent past.

Factors such as early adoption of technology, healthy per capita income and GDP growth, and affordability of air travel have improved the commercial avionics systems market in North America and Europe. Developing geographies such as Asia Pacific and Rest of the World are anticipated to demonstrate growth on the back of growing air traffic, broadening network capabilities of airline firms, and augmenting global trade and tourism.

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The elevating demand for in-flight entertainment (IFE) services and evolution of glass cockpit are also considered to be the major driving factors for the global market.

Increasing Expenses and Cyber Safety Concerns Could Cut the Wings

Airline companies could be discouraged by the constantly growing fuel prices and new aviation taxes levied on them. Besides this, high cost of installation, maintenance, and modernization of commercial avionics systems could act as a restraint. The inflating demand for internet connectivity has raised concerns regarding the safety from cyber-attacks. Moreover, multiplying expenses of regular aircrew training and economic turbulence in various nations have stunted the growth of the global commercial avionics systems market.

However, the impact of these constraints is likely to dissolve as initiatives such as NextGen and Single European Sky ATM Research (SESAR) are offering lucrative growth opportunities. Employment of GPS and the proposal by NextGen to shift from a ground-based system to a satellite-based system to enhance air traffic control (ATC) systems are few of the initiatives taken. Apart from this, there is a surging demand for low cost carriers (LCCs) in Asia Pacific and the Middle East and Africa, which in turn will boost the narrow body aircraft market. Key trends such as the increasing global demand for retrofit and forward-fit avionics systems and growing research and development activities are also envisioned to contribute to the global growth.