Military Aircraft Avionics Market Size is expected to reach USD 40.21 Billion by 2027, registering a CAGR of 3.07% during 2020-2030.
Military Aircraft Avionics Market Overview
Avionics systems are developed to perform specific functions, including a system of multiple electronic that fitted onboard military aircraft. These avionics systems are unified into the encompasses and cockpit equipment like navigation and communication. In an aircraft, an avionics system works as a critical component that makes the aircraft communicate, navigate, and monitor its functions. At the time of war, these components act as an important role where the operator or the aircraft has to regular situational awareness at a high level.
In the present scenario, the military avionics systems comprise more software, less hardware, and more advanced technology. This system is beneficial for the military sectors to regulate maintenance needs. The Market has driven its growth due to the increasing updates on the industry's technical standards like aviation. In addition, the technical standards of FACE (Future Airborne Capability Environment) make militaries able to deploy software-based avionics systems. Significantly, these software-based avionics systems help reduce the costs of military avionics systems, and it would speed up deliveries. Therefore, the engagement of software-based systems in military avionics has more growth opportunities for the Military Aircraft Avionics Market's key leaders to enhance the products.
In 2018, the general avionics segment was projected to dominate the global market by generating the largest Military Aircraft Avionics Market Size. In this general avionics segment, the largest sub-segment was the automatic flight control system for 2018. Further power plant & system monitoring instruments are projected to hold the higher CAGR for the research period. On the other hand, mission-specific avionics is projected to hold the fastest-growing segment in the review period. Among the sub-segments, military aircraft avionics has the crucial component that includes flight management systems. These systems help automate several in-flight tasks and work as a specialized computer system. Moreover, these systems help reduce the pilot's workload.
COVID-19 Impact Analysis
In the first half of 2020, the Military Aircraft Avionics Market has been impacted due to the government enforcement of lockdown and social distancing norms across various world regions. During the COVID-19 pandemic, the government has tried to refrain from mobilizing military personnel to prevent the disease from the spread. Therefore, the military aircraft usages have been reduced, and the slowdown has been seen in the military movements.
Apart from that, the COVID-19 pandemic has also faced a delay in order procurement and processing because of the disruption in the supply chain. Alternatively, the key players or market leaders have played a significant role in combatting the pandemic situation in the later time of 2020. According to Military Aircraft Avionics Market Outlook, the global market has engaged potential market players to enhance the growth of the global market in the assessment timeframe.
Global militaries' growing adoption of aircraft modernization programs drives the Military Aircraft Avionics Market Growth in the forecast period. Moreover, the growth in investments towards the global militaries is projected to boost the market growth in the forecast period.
The Indian government has announced a contract of nearly ₹20,000 crores with Airbus Defence and Space to replace the Indian Air Force's British-built Avro-748 planes to procure 56 C-295 transport aircraft. This kind of initiative can thrive the market growth as per the Military Aircraft Avionics Market Outlook report.
The Market has more potential opportunities for the market players and manufacturers due to the involvement of software-based systems in the military avionics.
Hence, the global market is projecting to generate significant Military Aircraft Avionics Market Revenue during the forecast timeframe.
However, the raised retrofit of existing aircraft is hampering the Market Growth in the research period.
Moreover, the high cost of the Military Aircraft Avionics system might be the major restraints for the Military Aircraft Avionics Market Trends in the forecast period.
The Market might experience challenges due to the expensive research and development. Another major challenge to the global market can be the budget associated with the developing countries of Military Aircraft Avionics.
Hence, key players are working hard to enhance the Military Aircraft Avionics Market Share in the upcoming years.
Cumulative Growth Analysis
In recent few years, the global market has witnessed the significant Military Aircraft Avionics Market Share in the research period.
In addition, the contribution of North America and the Asia Pacific region is brought lucrative opportunities and scope to the Market.
Market Segment Overview
In terms of type segment, the Market has been divided into mission-specific avionics and general aircraft avionics.
Further, the mission-specific avionics segment is sub-divided into radar, military communication, sonar, electro-optic, and electronic support measures. On the other hand, the general avionics segment is sub-divided into automatic flight control systems, flight instruments, power plant & system monitoring instruments, and warning and recording systems.
The Market has been segmented into OEM and aftermarket based on the end-user segment.
As per the Market Analysis, these two end-user segments are propelling the growth of the avionics market by supporting its growth on a large scale.
According to the Military Aircraft Avionics Market Analysis, the global market has covered various geographical locations based on the regional segmentations such as Europe, North America, Middle East & Africa, Asia-Pacific, and Latin America.
In 2018, the North American region was projected to hold the dominant position by generating the largest Military Aircraft Avionics Market Size. This region has gained more success due to successive key players like L-3 Avionics Systems, Aspen Avionics, and Rockwell Collins in the region. Hence, this is predicted to grow the North American regional market in the year 2018. However, the Asia-Pacific is estimated to register the highest CAGR in the review timeframe. This region is growing the demand of the Market across the world due to the rising in military spending by developing countries like China.
As per the Military Aircraft Avionics Market Forecast report, the global market is growing up due to the potential efforts of the market leaders such as:
These market leaders contribute highly by employing different strategies and ideas to enhance the Market. Moreover, some of the reputed companies like Aspen Avionics (US), Curtiss-Wright (US), Fore Flight (US), Elbit Systems (Israel), and ENSCO Avionics (US) are launching new products and adopting advanced technology to grow the demand of the Military Aircraft Avionics.
According to the Military Aircraft Avionics Market Trends report, this report combines both primary and secondary research methodology. Secondary sources like SEC filings, company websites, white papers, aerospace & defense magazines, corporate presentations, paid databases, annual reports, journals, and government associations have been included. In addition, the primary sources have involved the interviews of various directors, CEOs, VPs, and marketing executives in gathering the information related to the Military Aircraft Avionics Market. Also, this report has included some of the statistical modeling tools to analyze the data related to the Market.
Furthermore, this report has included market segments, market dynamics, regional analysis, and recent developments to understand the growth and development of the global market in the Market.
The military aircraft avionics market registered a CAGR of 3.07% during 2020-2030.
By 2025, the military aircraft avionics market can value at decent value.
Curtiss-Wright (US), Aspen Avionics (US), Elbit Systems (Israel), ForeFlight (US), and ENSCO Avionics (US) are some reputed companies in the military aircraft avionics market.
Affordability of flight management systems to support military aircraft avionics market expansion.
EU military aircraft avionics market can rise exponentially.