Portland, OR, June 29, 2021 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global commercial aircraft nextgen avionics market generated $4.42 billion in 2020, and is expected to reach $9.15 billion by 2030, growing at a CAGR of 8.3% from 2021 to 2030.
Increase in dependency on avionics to make critical flying decisions and initiatives by government administrations to make aerospace efficient and safe have boosted the growth of the global commercial aircraft nextgen avionics market. However, the complexity in nextgen avionics and cybersecurity issues with nextgen avionics systems hinder the market growth. On the contrary, surge in air passenger traffic across the globe and use of artificial intelligence and machine learning in nextgen avionics are expected to open lucrative opportunities in the future.
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- The Covid-19 outbreak resulted in stringent lockdown norms and ban on international and domestic travel in 2020. This declined the demand for air travel and hindered the adoption of novel technologies such as artificial intelligence and machine learning in avionics.
- In addition, the country-wide lockdown forced manufacturing facilities to shut down their operations partially or completely. This delayed the activities and initiatives regarding advancements in nextgen avionics solutions.
The global commercial aircraft nextgen avionics market is classified based on systems, installation type, aircraft type, and region.
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On the basis of systems, the surveillance and emergency system segment is expected to register the highest CAGR of 9.9% during the forecast period. However, the communication system segment held the lion’s share in 2020, accounting for nearly one-fourth of the market.
Based on aircraft type, the narrow body segment held the largest share in 2020, contributing to nearly three-fourths of the market. However, the wide body segment is projected to portray the highest CAGR of 9.4% from 2021 to 2028.
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The global commercial aircraft nextgen avionics market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is anticipated to register the highest CAGR of 10.0% during the forecast period. In addition, the region held the largest share in 2020, accounting for around one-third of the market.
The global commercial aircraft nextgen avionics market includes an in-depth analysis of the prime market players such as BAE Systems PLC, Cobham Limited, Curtiss-Wright, General Electric Company, Honeywell International Inc., L3Harris Technologies Inc., Raytheon Technologies Corporation, Safran, Teledyne Technologies Incorporated, and Thales Group.
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