[Avionics Today 08-06-2014] The Europe aviation test equipment market is expected to jump from $1.44 billion in 2014 to $1.78 billion by 2020, according to a report released by MicroMarket Monitor. The attempt to align legacy systems with upcoming technology in the Line-Replaceable Units (LRU) space is driving the market, resulting in a predicted Compound Annual Growth Rate (CAGR) of 3.6 percent from the year 2014 to 2020.
With increased budget cuts and program delays, the military is increasingly focusing on upgrading and extending the life of its existing aircraft, which is driving the test equipment market. This is in addition to new regulation standards that push to improve the quality of commercial and military avionics products, such as the Future Airborne Capability Environment (FACE) Consortium, which incorporates around 40 avionics manufacturers and military organizations, among others.
Similar reports indicate that the North American aviation test equipment market is also predicted to grow rapidly, at a CAGR of 3.68 percent while the Asia-Pacific market trails close behind at CAGR of 3.66 percent.