[Avionics Today 09-10-2015] The commercial avionics systems market was estimated at $15.74 Billion in 2014 and is projected to register a Compound Annual Growth Rate (CAGR) of 7 percent to reach $23.71 Billion by 2020, according to a new report by Research and Markets.
The increase in aircraft orders and deliveries and the need for real-time data are major drivers of the commercial avionics systems market, according to the report. However, there are several challenges ahead including pilot training and the time it takes to develop, certify and bring a new technology to market.
The report also found that, while North America and Europe are currently dominating the avionics market, the Asia Pacific market is expected to grow at the highest CAGR by 2020.