Avionics market to grow 42% over next 5 years: reportNews
September 26, 2022
CHICAGO, Illinois. A new report predicts that the global avionics market will surge from $46.7 billion in 2022 to $66.3 billion by 2027 for a compound annual growth rate (CAGR) of 7.3%.
Rising demand for aircraft modernization to improve safety and fuel economy is driving the growth, according to the report from Research and Markets, which notes that advanced digital avionics are already present in newer-generation aircraft.
"To improve operational efficiency and safety, airline operators are rapidly updating their aircraft outdated electronics systems," the report states.
In terms of type, the navigation segment will dominate market share over the forecast period, and in terms of customer, the military aviation segment will account for the largest share of the market, the report adds.