Market study: Avionics market to be worth $92.85 billion worldwide by 2022
VANCOUVER, Wash. The global avionics market is projected to grow from $62.22 billion in 2016 to $92.85 billion by 2022, at a combined annual growth rate (CAGR) of 6.90 percent over that time frame, according to a report from MarketsandMarkets.
The report -- titled "Avionics Market by Sub-System (CNS, FCS, FMS, IFE, Monitoring/ Glass Cockpit System, Military & Tactical System, Electrical & Emergency System), Fit (Line-Fit, Retrofit), Platform (Commercial, Defense, UAV) and Region - Global Forecast to 2022" -- projects that the increase in the number of aircraft deliveries and the rise in military-aircraft spending by emerging economies will likely drive the avionics market in the coming years.
Based on platform, says the market report, the defense segment dominated the avionics market in 2016; this preeminent position is attributed mostly to the increase in the number of aircraft and defense deals across such regions as Asia-Pacific and Europe. Additionally, increases in budget allocations for defense equipment has boosted growth in the military segment of the avionics market.
In terms of regions, the market study finds that North America dominated the avionics market in 2016; this market -- dominated by the U.S. and Canada -- is expected to grow at a rapid pace over the period 2016-2022 due to the increase in aircraft deliveries and the rise in air passenger traffic. The U.S. is expected to drive the North American avionics market.
For more information on the MarketsandMarkets avionics report, please visit ASDReports.