Study: Global military avionics market will reach nearly $38 billion by 2025
AMSTERDAM. The global market for military avionics, estimated at approximately $32.77 billion in 2018, is expected to grow to $37.90 billion by 2025, a combined annual growth rate of 2 percent during the forecast period, according to a research report from Market Forecast titled “Global Military Avionics Market to 2025.”
According to the report, demand for military avionics is driven by ongoing global conflicts and increased defense budgets in upcoming economies. Also driving the market are mid-life equipment upgrades -- which the forecast sees in the U.S. and European markets -- and new asset procurement, which is the primary driver for Asian markets. The report expects that the mission-systems segment will account for nearly 30 percent of the total cumulative military avionics market during the period studied.
The forecast also discusses challenges in the global market for military avionics, including those in the area of systems integration, certification, and project cost overruns; the report cites such cost-overrun examples as the Joint Strike Fighter program and the A400 M multinational military transport aircraft.
For additional information on the global military avionics market forecast, please visit the Market Forecast website.