- Fewer but bigger opportunities exist in the market as aircraft OEMs prefer limited suppliers for large work packages
LONDON, Sept. 19, 2014 /PRNewswire/ -- New aircraft orders and deliveries as well as growing air traffic are fuelling the global commercial avionics market. As aircraft original equipment manufacturers (OEMs) with large delivery backlogs ramp up their production rates to cope with the strong demand for aircrafts, the need for line-fit avionics systems is intensifying and service opportunities are increasing.
New analysis from Frost & Sullivan, Global Commercial Avionics Market, finds that the market earned revenues of $7.78 billion in 2013 and estimates this to reach $10.27 billion in 2023. The study covers communication, navigation, surveillance and integrated systems.
"Mandates issued to improve air traffic management in an increasingly busy airspace are driving innovation and forcing airlines to replace out-dated avionics systems with newer technologies," said Frost & Sullivan Aerospace & Defence Consultant Thomas Saquer. "Besides, participating in international regulatory initiatives is essential if avionics system manufacturers wish to shape the future of the market, but they also need to bring innovative products to the market not just to comply with regulations but also to stand apart from the competition."
However, some airlines that have struggled to make robust profits due to the recent economic turmoil, rising fuel prices, and competitive pressures will have little incentive to invest in innovative avionics systems. They are also unlikely to retrofit their used aircrafts with optional avionics systems.
As aircraft OEMs prefer to deal with a few suppliers to handle large work packages, it is also important for avionics systems manufacturers globally to get recognised at the earliest stage of new programmes to win contracts.
For more information on this study, please email Edyta Grabowska, Corporate Communications, at firstname.lastname@example.org.
Global Commercial Avionics Market is part of the Aerospace (http://www.aerospace.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Global Airport IT Market, Global Military Unmanned Aerial Vehicles Systems and Sensors Market Assessment, Global Military Systems Support-in-Service Market Assessment, and US Department of Defence Night Vision Devices Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Global Commercial Avionics Market
Corporate Communications – Europe
SOURCE Frost & Sullivan