Commercial Aircraft NextGen Avionics Market worth USD 4,103.6 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Commercial Aircraft NextGen Avionics Market by System (Flight Management System, Communication System, Electric and Navigation System, Surveillance and Emergency System, Collision Avoidance System, Weather System, and Others), by Installation Stage (Forward Fit and Retrofit), by Aircraft Type (Narrow Body and Wide Body), by Region – Global Share and Forecast to 2027". By 2027, the global commercial aircraft nextgen avionics market size is expected to grow USD 4,103.6 million from USD 1,531.6 million in 2020, at a CAGR of 8.3% during the forecast period. Electronic systems of various types are used in every modern aircraft to perform a variety of purposes. In most cases, more advanced aircraft have more complicated electronic systems. Avionics are used aboard commercial aircraft and business jets for various purposes, including providing services, recording and reporting performance metrics, and operating within established safety parameters. The cutting-edge avionics systems also combine a variety of tasks to improve performance, cut costs, and make maintenance easier. This demonstrates the growing desire for better electronics in commercial aircraft. The reliance on electronic systems on data collected by numerous sensors installed on an airplane grows year after year. Improved data communications allow pilots and air traffic controllers to connect quickly, easily, and with less risk of miscommunication than radio communications over congested frequencies.

Global Commercial Aircraft NextGen Avionics Market Segmentation

The overall commercial aircraft nextgen avionics market has been segmented into the system, installation stage, aircraft type, and region.

• By System (Flight Management System, Communication System, Electric and Navigation System, Surveillance and Emergency System, Collision Avoidance System, and Others)
• By Installation Stage (Forward Fit and Retrofit)
• By Aircraft Type (Narrow Body and Wide Body)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Retrofit, by installation stage, is estimated to hold the largest market share during the forecast period

On the basis of the installation stage, the global commercial aircraft NextGen avionics market is segmented into forward-fit and retrofit. The retrofit segment market in 2020 was accounted for the largest market share of 67.2% and registered a CAGR of 8.7% during the forecast period. Retrofit sales include avionics equipment installed after original production. With advancements in technologies and strict regulations by FAA, old aircraft are being fitted with NextGen avionics systems.

According to the report published by the Aircraft Electronics Association for the first quarter of 2021, retrofit avionics was valued at USD 305,667,893 in sales. This segment is expected to grow significantly, owing to many aircraft that need upgrading of avionics components.

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The Asia Pacific accounts for the largest market share in commercial aircraft nextgen avionics market 2020

Based on the regions, the global commercial aircraft nextgen avionics market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. The Asia Pacific accounted for the highest market share of 33.1% in the global commercial aircraft nextgen avionics market and was anticipated to maintain its dominance throughout the forecast period. Large economies, such as China, India, Japan, South Korea, and others, require efficient air transportation infrastructure. The coalition, partnership, and collaboration among the government, public, and private aviation sectors in the region are expected to lead to the development of advanced aircraft technologies over the years, which is expected to propel the growth of the market throughout the region over the years.

China has a large aviation market due to a strong economy, large population, and multiple cities. Various aviation giants, such as Airbus and Boeing, have assembly plants in China, making it an ideal destination for innovation in aviation technologies. Chinese organizations have shifted their focus toward adopting advanced aircraft to meet China's rising demand for transportation.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the commercial aircraft nextgen avionics market. Major compainis in the global market of commercial aircraft nextgen avionics are Curtiss-Wright, Cobham Limited, General Electric Company, BAE Systems PLC, Raytheon Technologies Corporation, Honeywell International Inc., L3Harris Technologies Inc., Safran, and Teledyne Technologies Incorporated.

Browse complete report: https://www.marketstatsville.com/commercial-aircraft-nextgen-avionics-market

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