Aerospace Electronics Market
Aerospace Electronics Market Forecasts to 2030 - Global Analysis By Component (Radar Systems, Avionics, Electronic Warfare (EW) Systems, Communication, Navigation, And Surveillance (CNS) Systems, Space Electronics and Other Components), Application (Military, Commercial Aviation and Other Applications) and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $115 BN |
|
Projected Year Value (2030) |
US $206 BN |
|
CAGR (2023 - 2030) |
8.7% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Aerospace Electronics Market is accounted for $115 billion in 2023 and is expected to reach $206 billion by 2030 growing at a CAGR of 8.7% during the forecast period. The aerospace electronics market encompasses the design, development, manufacturing, and distribution of electronic components, systems, and equipment specifically tailored for aerospace applications. This dynamic sector focuses on providing advanced technologies to support various aerospace functions, including navigation, communication, surveillance, guidance, and control systems for aircraft, spacecraft, and unmanned aerial vehicles (UAVs).
Market Dynamics:
Driver:
Rise of unmanned aerial vehicles (UAVs)
UAVs, also known as drones, are increasingly utilized across various sectors, including military, commercial, and civilian applications. These unmanned platforms rely heavily on advanced aerospace electronics for their operation and functionality. The expanding scope of UAV applications, ranging from surveillance and reconnaissance to package delivery and aerial photography, drives the demand for specialized aerospace electronics tailored to meet the unique requirements of unmanned platforms. Moreover, advancements in UAV technology, such as increased endurance, payload capacity, and autonomous capabilities, further underscore the importance of continuous innovation and development within the aerospace electronics market to support the evolving needs of the UAV industry.
Restraint:
High development costs
The intricate nature of aerospace electronics systems demands extensive research, development, and testing to ensure compliance with stringent safety standards and regulations. These processes incur substantial expenses, including investments in specialized equipment, skilled personnel, and prototype iterations. The need for thorough certification procedures further adds to the cost and time required to bring aerospace electronics products to market. However, for smaller companies and startups, these high development costs can pose a significant barrier to entry, limiting competition and innovation within the industry.
Opportunity:
Technological advancements
Continuous innovation in electronics, such as advancements in semiconductor technology, miniaturization, and enhanced processing power, enables the development of increasingly sophisticated aerospace electronic systems. These advancements not only enhance the performance and reliability of existing systems but also pave the way for the creation of entirely new capabilities and functionalities. For instance, advancements in sensors and communication technologies enable more precise navigation, enhanced situational awareness, and seamless connectivity in aircraft and spacecraft.
Threat:
Vulnerability to cybersecurity threats
With the increasing interconnectedness and digitization of aerospace systems, the potential for cybersecurity breaches, including hacking, malware, and data theft, poses significant risks to aircraft safety, operational integrity, and passenger security. The complexity and criticality of aerospace electronics make them attractive targets for malicious actors seeking to exploit vulnerabilities for various purposes, including espionage, sabotage, or financial gain. However, addressing cybersecurity concerns requires substantial investments in robust security measures, protocols, and technologies to safeguard aerospace electronics systems against evolving threats.
Covid-19 Impact:
With widespread travel restrictions, reduced air travel demand, and disruptions to global supply chains, the aerospace industry experienced a significant downturn. Aircraft manufacturers faced production slowdowns and cancellations, leading to decreased demand for aerospace electronics systems. Disruptions, including factory closures, transportation restrictions, and shortages of critical components, can lead to delays in production schedules and impact the availability of aerospace electronics systems. These disruptions not only affect manufacturers but also ripple through the entire supply chain, impacting subcontractors, suppliers, and ultimately end-users.
The radar systems segment is expected to be the largest during the forecast period
Radar Systems segment is expected to hold the largest share during the projection period. Advancements in radar technology have led to the development of more sophisticated and capable radar systems, offering improved detection, tracking, and surveillance capabilities for aircraft and other aerospace platforms. These advancements have fueled demand from both military and civilian sectors for radar systems with enhanced performance and reliability. Additionally, the increasing emphasis on airspace security, border surveillance, and maritime patrol has driven investments in radar systems for defense and security applications.
The commercial aviation segment is expected to have the highest CAGR during the forecast period
Commercial Aviation segment is estimated to witness the highest CAGR throughout the forecast period, due to the rapid expansion of the global commercial aviation sector which has led to increased demand for advanced avionics, communication systems, and navigation equipment to support the safe and efficient operation of commercial aircraft. Airlines are continually seeking to upgrade their fleets with state-of-the-art technology to enhance passenger comfort, improve fuel efficiency, and meet stringent safety regulations. Moreover, the increasing adoption of automation and digitalization in commercial aviation, including technologies like flight management systems and automated landing systems, further drives demand for aerospace electronics.
Region with largest share:
Asia Pacific region is expected to dominate the largest share of the Aerospace Electronics Market throughout the extrapolated period. Rapid economic development, urbanization, and rising disposable incomes have led to an unprecedented surge in air travel demand, resulting in increased investments in aviation infrastructure and fleet expansion by airlines. This burgeoning air traffic necessitates advanced aerospace electronics systems to ensure safe and efficient operations. Airlines are increasingly investing in modern avionics, communication systems, and navigation equipment to enhance flight safety, optimize routes, and improve operational efficiency.
Region with highest CAGR:
Asia Pacific region is estimated to witness the profitable growth over the overcast period. As governments in the region prioritize safety, security, and efficiency in aviation, they implement stringent regulations and standards for aircraft systems and components. These regulations mandate the use of advanced aerospace electronics systems, such as avionics, flight control systems, and communication equipment that comply with international safety standards. Additionally, governments are increasingly investing in modernizing their defense capabilities, leading to higher procurement of aerospace electronics for military aircraft and UAVs. Furthermore, initiatives aimed at promoting aerospace research and development, along with incentives for aerospace manufacturers, are fostering innovations in the region.
Key players in the market
Some of the key players in Aerospace Electronics market include Astronics Corporation, BAE Systems, Cobham plc, Flexfab, LLC, General Electric Company, Honeywell Aerospace Technologies, L3Harris Technologies, Inc, Northrop Grumman Corporation, Raytheon Technologies Corporation, Safran Electronics & Defense and Thales Group.
Key Developments:
In August 2023, Astronics Corporation, a leading provider of advanced technologies for global aerospace, defense, and other mission critical industries, announced it has initiated an at-the-market (“ATM”) equity offering program for the sale from time to time of shares of the Company’s common stock (the “Common Stock”) having an aggregate sales price of up to $30.0 million.
In June 2023, Astronics Corporation launched the EmPower® UltraLite G2 Power System, it has received commitments from more than a dozen airlines to install the system on over 1,100 narrow body aircraft. As the industry’s most powerful and intelligent cabin power system for charging passenger electronic devices, the EmPower Ultralite G2 was launched at the2022 Aircraft Interiors show in Hamburg. Installations are planned for the next three years and commitments received to date include options for several hundred more aircraft.
Components Covered:
• Radar Systems
• Avionics
• Electronic Warfare (EW) Systems
• Communication, Navigation, And Surveillance (CNS) Systems
• Space Electronics
• Other Components
Applications Covered:
• Military
• Commercial Aviation
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Aerospace Electronics Market, By Component
5.1 Introduction
5.2 Radar Systems
5.3 Avionics
5.4 Electronic Warfare (EW) Systems
5.5 Communication, Navigation, And Surveillance (CNS) Systems
5.6 Space Electronics
5.7 Other Components
6 Global Aerospace Electronics Market, By Application
6.1 Introduction
6.2 Military
6.3 Commercial Aviation
6.4 Other Applications
7 Global Aerospace Electronics Market, By Geography
7.1 Introduction
7.2 North America
7.2.1 US
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 UK
7.3.3 Italy
7.3.4 France
7.3.5 Spain
7.3.6 Rest of Europe
7.4 Asia Pacific
7.4.1 Japan
7.4.2 China
7.4.3 India
7.4.4 Australia
7.4.5 New Zealand
7.4.6 South Korea
7.4.7 Rest of Asia Pacific
7.5 South America
7.5.1 Argentina
7.5.2 Brazil
7.5.3 Chile
7.5.4 Rest of South America
7.6 Middle East & Africa
7.6.1 Saudi Arabia
7.6.2 UAE
7.6.3 Qatar
7.6.4 South Africa
7.6.5 Rest of Middle East & Africa
8 Key Developments
8.1 Agreements, Partnerships, Collaborations and Joint Ventures
8.2 Acquisitions & Mergers
8.3 New Product Launch
8.4 Expansions
8.5 Other Key Strategies
9 Company Profiling
9.1 Astronics Corporation
9.2 BAE Systems
9.3 Cobham plc
9.4 Flexfab, LLC
9.5 General Electric Company
9.6 Honeywell Aerospace Technologies
9.7 L3Harris Technologies, Inc
9.8 Northrop Grumman Corporation
9.9 Raytheon Technologies Corporation
9.10 Safran Electronics & Defense
9.11 Thales Group
List of Tables
1 Global Aerospace Electronics Market Outlook, By Region (2021-2030) ($MN)
2 Global Aerospace Electronics Market Outlook, By Component (2021-2030) ($MN)
3 Global Aerospace Electronics Market Outlook, By Radar Systems (2021-2030) ($MN)
4 Global Aerospace Electronics Market Outlook, By Avionics (2021-2030) ($MN)
5 Global Aerospace Electronics Market Outlook, By Electronic Warfare (EW) Systems (2021-2030) ($MN)
6 Global Aerospace Electronics Market Outlook, By Communication, Navigation, And Surveillance (CNS) Systems (2021-2030) ($MN)
7 Global Aerospace Electronics Market Outlook, By Space Electronics (2021-2030) ($MN)
8 Global Aerospace Electronics Market Outlook, By Other Components (2021-2030) ($MN)
9 Global Aerospace Electronics Market Outlook, By Application (2021-2030) ($MN)
10 Global Aerospace Electronics Market Outlook, By Military (2021-2030) ($MN)
11 Global Aerospace Electronics Market Outlook, By Commercial Aviation (2021-2030) ($MN)
12 Global Aerospace Electronics Market Outlook, By Other Applications (2021-2030) ($MN)
13 North America Aerospace Electronics Market Outlook, By Country (2021-2030) ($MN)
14 North America Aerospace Electronics Market Outlook, By Component (2021-2030) ($MN)
15 North America Aerospace Electronics Market Outlook, By Radar Systems (2021-2030) ($MN)
16 North America Aerospace Electronics Market Outlook, By Avionics (2021-2030) ($MN)
17 North America Aerospace Electronics Market Outlook, By Electronic Warfare (EW) Systems (2021-2030) ($MN)
18 North America Aerospace Electronics Market Outlook, By Communication, Navigation, And Surveillance (CNS) Systems (2021-2030) ($MN)
19 North America Aerospace Electronics Market Outlook, By Space Electronics (2021-2030) ($MN)
20 North America Aerospace Electronics Market Outlook, By Other Components (2021-2030) ($MN)
21 North America Aerospace Electronics Market Outlook, By Application (2021-2030) ($MN)
22 North America Aerospace Electronics Market Outlook, By Military (2021-2030) ($MN)
23 North America Aerospace Electronics Market Outlook, By Commercial Aviation (2021-2030) ($MN)
24 North America Aerospace Electronics Market Outlook, By Other Applications (2021-2030) ($MN)
25 Europe Aerospace Electronics Market Outlook, By Country (2021-2030) ($MN)
26 Europe Aerospace Electronics Market Outlook, By Component (2021-2030) ($MN)
27 Europe Aerospace Electronics Market Outlook, By Radar Systems (2021-2030) ($MN)
28 Europe Aerospace Electronics Market Outlook, By Avionics (2021-2030) ($MN)
29 Europe Aerospace Electronics Market Outlook, By Electronic Warfare (EW) Systems (2021-2030) ($MN)
30 Europe Aerospace Electronics Market Outlook, By Communication, Navigation, And Surveillance (CNS) Systems (2021-2030) ($MN)
31 Europe Aerospace Electronics Market Outlook, By Space Electronics (2021-2030) ($MN)
32 Europe Aerospace Electronics Market Outlook, By Other Components (2021-2030) ($MN)
33 Europe Aerospace Electronics Market Outlook, By Application (2021-2030) ($MN)
34 Europe Aerospace Electronics Market Outlook, By Military (2021-2030) ($MN)
35 Europe Aerospace Electronics Market Outlook, By Commercial Aviation (2021-2030) ($MN)
36 Europe Aerospace Electronics Market Outlook, By Other Applications (2021-2030) ($MN)
37 Asia Pacific Aerospace Electronics Market Outlook, By Country (2021-2030) ($MN)
38 Asia Pacific Aerospace Electronics Market Outlook, By Component (2021-2030) ($MN)
39 Asia Pacific Aerospace Electronics Market Outlook, By Radar Systems (2021-2030) ($MN)
40 Asia Pacific Aerospace Electronics Market Outlook, By Avionics (2021-2030) ($MN)
41 Asia Pacific Aerospace Electronics Market Outlook, By Electronic Warfare (EW) Systems (2021-2030) ($MN)
42 Asia Pacific Aerospace Electronics Market Outlook, By Communication, Navigation, And Surveillance (CNS) Systems (2021-2030) ($MN)
43 Asia Pacific Aerospace Electronics Market Outlook, By Space Electronics (2021-2030) ($MN)
44 Asia Pacific Aerospace Electronics Market Outlook, By Other Components (2021-2030) ($MN)
45 Asia Pacific Aerospace Electronics Market Outlook, By Application (2021-2030) ($MN)
46 Asia Pacific Aerospace Electronics Market Outlook, By Military (2021-2030) ($MN)
47 Asia Pacific Aerospace Electronics Market Outlook, By Commercial Aviation (2021-2030) ($MN)
48 Asia Pacific Aerospace Electronics Market Outlook, By Other Applications (2021-2030) ($MN)
49 South America Aerospace Electronics Market Outlook, By Country (2021-2030) ($MN)
50 South America Aerospace Electronics Market Outlook, By Component (2021-2030) ($MN)
51 South America Aerospace Electronics Market Outlook, By Radar Systems (2021-2030) ($MN)
52 South America Aerospace Electronics Market Outlook, By Avionics (2021-2030) ($MN)
53 South America Aerospace Electronics Market Outlook, By Electronic Warfare (EW) Systems (2021-2030) ($MN)
54 South America Aerospace Electronics Market Outlook, By Communication, Navigation, And Surveillance (CNS) Systems (2021-2030) ($MN)
55 South America Aerospace Electronics Market Outlook, By Space Electronics (2021-2030) ($MN)
56 South America Aerospace Electronics Market Outlook, By Other Components (2021-2030) ($MN)
57 South America Aerospace Electronics Market Outlook, By Application (2021-2030) ($MN)
58 South America Aerospace Electronics Market Outlook, By Military (2021-2030) ($MN)
59 South America Aerospace Electronics Market Outlook, By Commercial Aviation (2021-2030) ($MN)
60 South America Aerospace Electronics Market Outlook, By Other Applications (2021-2030) ($MN)
61 Middle East & Africa Aerospace Electronics Market Outlook, By Country (2021-2030) ($MN)
62 Middle East & Africa Aerospace Electronics Market Outlook, By Component (2021-2030) ($MN)
63 Middle East & Africa Aerospace Electronics Market Outlook, By Radar Systems (2021-2030) ($MN)
64 Middle East & Africa Aerospace Electronics Market Outlook, By Avionics (2021-2030) ($MN)
65 Middle East & Africa Aerospace Electronics Market Outlook, By Electronic Warfare (EW) Systems (2021-2030) ($MN)
66 Middle East & Africa Aerospace Electronics Market Outlook, By Communication, Navigation, And Surveillance (CNS) Systems (2021-2030) ($MN)
67 Middle East & Africa Aerospace Electronics Market Outlook, By Space Electronics (2021-2030) ($MN)
68 Middle East & Africa Aerospace Electronics Market Outlook, By Other Components (2021-2030) ($MN)
69 Middle East & Africa Aerospace Electronics Market Outlook, By Application (2021-2030) ($MN)
70 Middle East & Africa Aerospace Electronics Market Outlook, By Military (2021-2030) ($MN)
71 Middle East & Africa Aerospace Electronics Market Outlook, By Commercial Aviation (2021-2030) ($MN)
72 Middle East & Africa Aerospace Electronics Market Outlook, By Other Applications (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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