The global avionics market size is projected to reach USD 75.81 billion by the end of 2027. The increasing product applications will provide the platform for growth for the companies operating in the market. The increasing investments in the research and development of efficient products will have a direct impact on the growth of the market in recent years. According to a report published by Fortune Business Insights, titled “Avionics Market Size, Share & Industry Analysis, By System (Hardware and Software), Platform (Commercial, Military, Business Jets, General Aviation), End-Use (OEM and Aftermarket), and Regional Forecast, 2020-2027,” the market was worth USD 48 billion in 2019 and will exhibit a CAGR of 9.25% during the forecast period, 2020-2027.
The avionics market refers to the technological systems and equipment used in the aviation industry for communication, navigation, flight management, and other critical operations. It is a rapidly growing market that is driven by factors such as increasing air traffic, rising demand for automation and digitalization in the aviation sector, and the need for more efficient and safe aircraft.
List of companies profiled in the report:
Covid-19 Pandemic to Present Serious Challenges to the Avionics Industry
The recent coronavirus outbreak has created a sense of panic across the world. The rapid spread of the disease has had an adverse effect on several businesses across diverse industries. The efforts taken by governments across several countries to curb the spread of the diseases have forced businesses to shut down completely. It has been a similar scenario in the avionics industry and the past few months have presented several challenges to the businesses in this sector. The rising cases of coronavirus have put people in a state of panic and hesitancy; a primary factor behind the economic downfall in the past few months.
Browse In-depth Summary of This Research Insight:
https://www.fortunebusinessinsights.com/industry-reports/avionics-market-101819