Wednesday, March 23, 2016
Commercial Avionics Market to Grow to $22 Billion in 2020
|The commercial avionics market will grow to $22 billion in the next five years. Photo: Avionics for NextGen|
[Avionics Today 03-23-2016] The commercial avionics systems market will likely grow from $16 billion in 2015 to $22 billion by 2020, according to a new report released by Research and Markets. The implementation of avionics systems for next-generation aircraft is driving 6 percent Compound Annual Growth Rate (CAGR) alongside an increase in aircraft orders and deliveries, growth in developing economies, and implementation of avionics systems for next-generation aircraft.
The narrow body aircraft market is anticipated to grow at a high CAGR during the forecast period. North America dominates the commercial avionics systems market but Asia-Pacific region is projected to grow at the highest CAGR from 2015 to 2020. This is mainly attributed to the growth of the aviation sector in the Asia-Pacific region, thereby propelling the demand for commercial avionics systems.