Avionics market to surge due to rising demand for military aircraft: report
NewsJanuary 12, 2023
BANGALORE, India. The avionics systems market will grow from $30.6 billion in 2020 to $41.9 billion by the end of 2022 for a compound annual growth rate (CAGR) of 4.6%, a new report predicts.
The report cites rising demand for military aircraft from emerging countries as a big factor in the projected revenue growth. An increase in demand for hardware systems in aircraft and sophisticated flight management solutions were also factors, the report states.
"Complex electrical and electronic systems are necessary for communication, navigation, and radar on airplanes and helicopters," the report states. "They also rely on functioning sensors, landing gear, lights, weaponry, instrumentation, and many other aircraft components to function. This element is anticipated to fuel the market for avionics systems."
Open systems architecture will be key to the market moving forward, the report adds.
"With the aviation industry's rapid expansion, there are numerous significant issues with the traditional modeling and testing of avionics systems, particularly in the areas of inadequate hardware and software reusability, poor real-time data interface, and high development costs," it states. "A platform for the simulation and verification of avionics systems based on the Future Airborne Capability Environment (FACE) architecture has been created employing component and memory database technology in order to address these issues."
