Global Commercial Avionics Market Report, published by Variant Market Research, forecast that the global market is expected to reach $27 billion by 2024 from $20 billion in 2016; growing at a CAGR of 4.1% from 2016 to 2024. The global commercial avionics market is majorly driven by advanced navigation system, next-generation aircrafts. Additionally, emergency of new players driven by low barriers to entry and necessity of real time data has also supplemented the growth of the market.
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Aircraft type, systems type and geography are the major segments of the global commercial avionics market. By aircraft type, fixed wing aircraft accounted for the largest market share in 2016. By systems type, flight control, emergency system held the highest market share in the year 2016.
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North America, Europe, Asia-Pacific and rest of the world are the geographical segments of global commercial avionics market. Asia-Pacific is estimated to be the fastest growing region over the forecast period, owing to increasing financing in the advancement of new airports, which would open an enormous opportunity for the aircraft business. North America accounted for the largest share of the market with 42.1% in the year 2016.
The major market players in the global Commercial Avionics Market include Honeywell Aerospace, Universal Avionics System Corporation, Rockwell Collins, General Electronics, L-3 Communications, United Technologies Corporation, Astronautics Corporation of America, Diehl Aerospace GmbH and Curtiss-Wright Corporation. For example, in October 2016, Panasonic Avionics Corporation introduced ZeroTouch service, an exclusive and advanced service that instantaneously gives airlines real-time visibility conduct into realization and improves the productivity of its maintenance operations.
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