Global Commercial Avionics Systems Market: Introduction
The vendor landscape in the global commercial avionics systems market is dynamic in nature with the presence of quite a few market players, observes Transparency Market Research (TMR). The primary factor that has been driving the global commercial avionics systems market is the increasing requirement for systems that can make precise and correct calculation of real time data for the aviation industry. It has been forecasted that the overall effect of this requirement would be very high in the years to come and is expected to influence and shape the market in a specific way.
Global commercial avionics system is anticipated to become more competitive in the next few years to come. Noted market players are estimated to put more focus on technologically advanced systems and innovation. It is also expected that there will be low cost entry in the global commercial avionics system market in the next few years which is lead to the foray of a number of new entrants.
As per a market research report by Transparency Market Research, it has been forecasted that the global commercial avionics systems market is expected to expand at a CAGR of 3.5% over the forecast period of 2019 – 2027. Expanding at such a growth rate, it is expected that the global commercial avionics systems market will reach a market value of US$ 34.44 bn by the end of the forecast period.
Evolution of Aviation Industry to Stimulate Market Growth
Rapid evolution of the aviation industry, especially in developed economies such as North America and Europe is another factor that is driving the global commercial avionics systems market. Substantial opportunity for development and improvement are being offered to the market players of the global commercial avionics systems.
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Global commercial avionics systems market is also believed to have benefitted from various technological innovations and advancements that are taking place in the aviation industry. Technological developments such as better in-flight entertainment systems and modern glass cockpits are benefitting the global market for commercial avionics system.
However, unwillingness of the market players to participate in larger activities owing to high system maintenance costs is restricting the growth of the global market for commercial avionics systems. Furthermore, aviation vehicles have become more vulnerable to online hacks due to the usage of modern commercial avionics system.
North America to Lead the Market throughout the Forecast Period
The market research study delves into the global market for commercial avionics systems market and its performance in the major regions of the North America, Europe, Asia Pacific, and rest of the World. The report makes an effort to comprehend the regional dynamics that are at play in the global commercial avionics systems market. It is forecasted that in terms of revenue generation and market demand, North America is likely to remain the market leader for the global commercial avionics systems market in the forthcoming years. Amongst all of these regions, North America dominated the global market for commercial avionics systems with around 42.4% of the total market share in the year 2019. The region is expected to continue with its regional supremacy over the timeframe of forecast too.