Pune, Aug. 14, 2020 (GLOBE NEWSWIRE) — 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 & COVID-19 Impact 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.
Browse Detailed Research Insights:
Avionics is the development and production of electronic instruments that are used in aviation or astronautics. It involves all products that are associated with spacecraft, satellites, and other types of aircraft. Technological advancements will play a huge role in the growth of the overall market in the coming years.
Variations in product offerings and the flexibility enabled through the integration of advanced concepts have led to a wider product adoption in recent years. The increasing product applications have contributed to the increasing demand or products across this industry across the world. The increasing investments in avionics are consequential to the rising applications. Additionally, the presence of several large scale companies will bode well for the growth of the market in the foreseeable future.
Get a Sample PDF Brochure with Impact of COVID19 Analysis:
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 this 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.
Company Mergers are an Increasing Trend Among Major Businesses across the World
The report encompasses several factors that have contributed to the growth of the overall avionics market in recent years. Among all factors, the increasing number of company mergers and acquisitions as well as collaborations among major …
Full story available on Benzinga.com