Military Aircraft Avionics Market - Industry Analysis and Market Forecast (2018-2023)
Military Aircraft Avionics Market
The Global Military Aircraft Avionics Market is expected to grow at a CAGR of 5.68% to reach $ X.XX billion by the year 2022. Avionics is a term derived from "Aviation" and "Electronics” and is defined as the electromechanical and solid-state components and systems installed in the cockpit and the electronics compartments, which aid pilots in the safe and efficient operation of an aircraft.
The global military aircraft market is undergoing a major period of transition. United States of America which is by far the biggest spender on military aircraft is now reducing its defense expenditure and plans to reduce its defense budget by up to 20% in the next decade. USA will still be the leader in the market, but its market share will reduce significantly. The share will mostly be taken up by the Asia Pacific region. Middle East and Africa on the back of increased defense spending. Saudi Arabia will remain the largest military avionics market in the forecast period, as the escalating neighborhood conflicts and the rising power of ISIS will force the country to keep up its spending on military aircraft despite the steep fall in the crude prices.
Africa currently is a very small player in the avionics market, but growing economic prosperity and importance of the region will result in increased spending on defense equipment and expansion of the defense market, which will make the fastest growing region post 2020. Automatic Flight Control Systems will be the fastest growing segment in the general aircraft avionics segment in the forecast period.
Rockwell Collins, Thales Group, GE Aviation are some of the important players in the Global Military Avionics Market. The market has been segmented by type (General Aircraft Avionics and Mission Specific Avionics), by Aircraft (Fixed Wing and Rotary Wing), and by Geography (North America, South America, Europe, Middle East & Africa and Asia Pacific)