Aerospace Avionics system includes flight control systems, communications, lighting systems, electro-optic (EO/IR) systems, engine controls, navigation, weather radar, fuel systems, threat detection, and performance monitors. The main application areas of this system are respectively spacecraft, commercial airlines, military fighter jets, unmanned aerial vehicles (UAV), and business jets.
In recent years, the number of air travelers have been increased all across the world, surging the demand of commercial aircrafts. More and more fighter jets are being manufactured for military and defense industry. There’s a rise in the demand for unmanned aerial vehicles and business planes with the growing industrialization in the developed countries. These are the main factors expected to contribute to the growth of the Aerospace Avionics market during the forecast period from 2022-2030.
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Impact Analysis of COVID-19 on the Market
The Covid-19 has affected the global Aerospace Avionics market in a moderate way. The main reason behind this moderate effect on the market growth is the decline in air passenger traffic during the pandemic. In order to curb the spread of the virus, restrictions were imposed in travel across borders by the governments. According to data released by International Air Transport Association, the international passenger demand in 2020 dropped to below 75.6% of the demand in 2022. This downfall in passenger traffic resulted in decreased demand of avionics software and hardware in the manufacturing of commercial aviation. However, the rising need for the implementation of advanced technologies, such as IIOT to facilitate the real-time monitoring of Aerospace Avionics product manufacturing processes and virtual control of production is likely to have a positive impact on the global Aerospace Avionics market growth in the post-pandemic period.
Aerospace Avionics Market Trends and Developments
According to a report published by Research Dive, the topmost players of the global Aerospace Avionics market include NORTHROP GRUMMAN CORPORATION, General Dynamics Corporation, L3Harris Technologies, Inc., BAE Systems, Leonardo S.P.A, Thales Group, Elbit Systems Ltd., General Electric, Airbus, and Boeing.
These industry players are investing a lot of efforts on the research and development of smart and unique strategies to sustain the growth of the market. These strategies include product launches, mergers and acquisitions, collaborations, partnerships, and refurbishing of existing technology. Some of the recent developments of the market are as follows:
In December 2022, Airbus, a global pioneer in the aerospace sector, acquired MTM Robotics, an industrial automation company. This step reflects the dedication of Airbus’ in the expansion of advanced robotics competences within its industrial processes. The motif behind this acquisition was to leverage the benefits of using robotics in the manufacturing process of commercial aircraft.
In April 2021, Elbit Systems Ltd, an Israel-based international defense electronics company, announced that its U.S. subsidiary, Elbit Systems of America, LLC, completed the acquisition of Sparton Corporation from an affiliate of Cerberus Capital Management, L.P. Sparton is a premier producer, developer, and supplier of systems helping Undersea Warfare for the U.S. Navy and allied military forces. This acquisition is aimed at the enhancement of Elbit Systems’ portfolio by the addition of the technological strength of Sparton to the long-term strategy of the company.
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In August 2021, Boeing, the largest aerospace company in the world, entered into a strategic partnership with AE Industrial Partners (AEI), a private equity firm specializing in aerospace, defense & government services, space, power generation, to manage and expand its HorizonX venture capital arm. The aim behind this partnership is to multiply Boeing’s venture capital investing in space and connectivity, mobility, industrial tech, and enterprise digital solutions, with a greater focus on sustainability.
In August 2021, Northrop Grumman Corporation, an America-based global aerospace and defense technology company, provided the Arrays at Commercial Timescales Integration and Validation (ACT-IV) system to the Air Force Research Laboratory (AFRL) and Defense Advanced Research Projects Agency (DARPA). The system is based on a cutting-edge automatically scanned array (AESA) that completed numerous successful demonstrations and acceptance testing at the test facilities of Northrop Grumman.
Forecast Analysis of the Global Market
The key players of the global Aerospace Avionics market are focusing on remodeling and redefining their business structure and strategy to cope with changing scenario of the industry. Implementation of advanced technologies such as Internet of Things (IoT) will create many opportunities for the market in the post pandemic period. Conversely, the high cost involved in manufacturing & operations and maintenance of Aerospace Avionics systems are expected to hamper the market growth in the projected timeframe.
The significant rise in the passenger traffic especially in the commercial aviation and the growing demand for commercial & military aircrafts from the developing countries across the globe are the significant factors and Aerospace Avionics market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global Aerospace Avionics market is expected to garner $110,605.5 million during the forecast period (2022-2030). Regionally, the Asia-Pacific Aerospace Avionics market is estimated to observe fastest growth by 2030, owing to the commercial aviation expansion and an upsurge in the military aviation modernization programmes by countries, such as India, China, and Japan.
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