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Global Avionics Market to Double Valuation by 2034

DALLAS — According to a report by Future Market Insights (FMI), the avionics market is projected to reach US$54.9 billion by 2024 and US$117.0 billion by 2034, with a steady growth trajectory at a compound annual growth rate (CAGR) of 7.9% during this period.

This growth is attributed to increased demand for commercial aircraft, particularly in emerging economies, and technological advancements that enhance safety and efficiency.

The United States and the United Kingdom lead in avionics innovation, supported by robust aerospace industries and strategic collaborations. On the other hand, emerging markets like China and South Korea present opportunities for expansion.

Photo: Lorenzo Giacobbo/Airways

Avionics, Flight Safety, Security

The FMI report has found that investment in advanced systems to enhance situational awareness and communication capabilities is driving the market's growth. Defense organizations globally are also modernizing their fleets with advanced avionics systems to bolster operational capabilities.

The rising demand for unmanned aerial vehicles (UAVs) further propels the need for avionics tailored for these platforms. However, the market growth may face challenges such as stringent regulations, high development costs, and cybersecurity risks.

Retrofitting has emerged as a cost-effective solution for operators to upgrade existing aircraft with the latest avionics technology, addressing the challenge of fleet modernization.

Photo: Joao Pedro Santoro/Airways

Key Takeaways

  • Flight management systems dominate the avionics market with a 7.7% CAGR through 2034.
  • Retrofit leads in the avionics industry, accounting for 7.5% of CAGR.  
  • The avionics in Japan is projected to inflate at a CAGR of 9.3% through 2034.
  • The avionics market in South Korea has the potential to increase at 10.0% CAGR through 2034.
  • Avionics in the United Kingdom are predicted to rise by 9.0% CAGR through 2034.
  • The avionics in China is anticipated to develop at a CAGR of 8.5% through 2034.
  • The avionics in the United States is estimated to rise at 8.0% CAGR through 2034.
Photo: Joao Pdero Santoro/Airways

Key Companies Operating in the Market

  • L3Harris Technologies Inc.
  • Honeywell International Inc.
  • Curtiss-Wright Corporation
  • Safran SA
  • BAE Systems PLC
  • General Electric Company
  • Raytheon Technologies
  • Meggitt PLC
  • Garmin Limited
  • Astronautics Corporation of America

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