Global Commercial Aircraft NextGen Avionics Market Worth USD 9.46 billion By 2030 | CAGR of 7.90%

Introduction

Next-generation avionics entails moving from a terrestrial to a satellite-based air traffic management system. This is made possible by finding new uses for common technologies like the global positioning system (GPS) and making progress in fields like meteorology, computer networking, and aerial navigation. The data the aviation industry uses to make critical flying decisions is dramatically expanding. New fleets are adopting the newest types of aircraft, outfitted with cutting-edge technology that can deliver outstanding data transmission and collection

Market Dynamics

Rising Dependency on Avionics for making Critical Flying Decisions Drives the Global Market

Modern avionics systems integrate various features to boost efficiency, reduce costs, and facilitate maintenance. This shows how better electronics are becoming increasingly necessary for commercial aircraft. Electronic systems are becoming increasingly dependent on the data collected by numerous sensors installed on an airplane as improved data communications make it easier for pilots and air traffic controllers to connect quickly, efficiently, and with less risk of miscommunication than radio communications over congested frequencies. This is expected to drive market growth over the forecast period.

Rising use of Artificial Intelligence (AI) and Machine Learning (ML) Creates Tremendous Opportunities

Many companies are updating their avionics systems to include AI/ML hardware and software. As the number of commercial aircraft continues to grow rapidly, the workload for pilots of aircraft is gradually increasing. These developments point to the necessity of more advanced artificial intelligence in automated systems, which would ease the burden on the pilot and air traffic controllers by accurately interpreting real-time data instead of passing it to the pilot for decision-making. This requirement is projected to drive the implementation of AI/ML in the cockpit within the anticipated timeframe.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global aircraft nextgen avionics market and is expected to grow at a CAGR of 10% during the forecast period. Due to the area's growing air traffic and rising demand for the modernization and improvement of existing aircraft infrastructure, it is projected that the commercial aircraft nextgen avionics market will expand quickly over the forecast period. Cutting-edge aircraft technologies are expected to be developed over time through coalition, cooperation, and collaboration between the regional public, private, and government aviation sectors, which is expected to fuel market expansion throughout the area.

North America is anticipated to increase at a CAGR of 6.7%, generating USD 2,188.8 million over the forecast period. The demand for efficient communication, surveillance, and navigation systems for civil aviation in North America, particularly in the U.S. and Canada, is expected to increase over time as a result of cutting-edge capabilities like autonomous technology of aerial systems, which is expected to benefit the commercial aircraft nextgen avionics market. NextGen involves developing and adopting ground-breaking technologies and airspace procedures after thorough safety testing. The implementation would require developing avionics technology to improve flight operations' efficacy, dependability, predictability, and sophistication.

Key Highlights

• The global commercial aircraft nextgen avionics market was valued at USD 4,480.80 million in 2021. It is projected to reach USD 9,183.57 million by 2030, growing at a CAGR of 6.7% during the forecast period (2022-2030). 
• Based on the system, the global commercial aircraft nextgen avionics market is bifurcated into flight management systems, communication systems, electric and navigation systems, surveillance and emergency system, collision avoidance system, weather system, and others. The flight management system segment is the highest contributor to the market and is expected to grow at a CAGR of 8.9% during the forecast period.
• Based on the installation stage, the global commercial aircraft nextgen avionics market is bifurcated into forward fit and retrofit. The retrofit segment owns the highest market share and is expected to grow at a CAGR of 8.7% during the forecast period.
• Based on aircraft type, the global commercial aircraft nextgen avionics market is bifurcated into narrow body and wide body. The narrow body segment is the highest contributor to the market and is expected to grow at a CAGR of 9.6% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global aircraft nextgen avionics market and is expected to grow at a CAGR of 10% during the forecast period.

Competitive Players

Competitive Players

The global aircraft nextgen avionics market’s major key players are 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.

Recent Developments

Market News

• In August 2022, BAE Systems unveiled its latest deployable networking product, NetVIPR™, which provides intelligent and secure military communication networks linking everything from small reconnaissance drones to combat vehicles, fighter jets, aircraft carriers, or military commands.
• In September 2022, GE Digital announced that China Airlines, a Taiwanese operator with passenger and cargo operations across the region, has added Records Management System™ (RMS) to its Asset Records™ software solution platform to facilitate digital records transfer and asset documentation.

Segmentation

Global Aircraft NextGen Avionics Market: Segmentation

By System

• Flight Management System
• Communication System
• Electric and Navigation System
• Surveillance and Emergency Systems
• Collision Avoidance System
• Weather System
• Others

By Installation Stage

• Forward Fit
• Retrofit

By Aircraft Type

• Narrow Body
• Wide Body

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA