The market research report, entitled Avionics and Radio Test Market shows good possibilities in the Avionics and Radio Test Marketduring the next five-year period and ensures more information regarding market trends. The following summary will give an overview of the drivers, challenges and key players in the market.
Global Avionics and Radio Test Market Forecast:
The demand for test and measurement equipment in the aerospace industry has been vigorous over the past few years whose credit goes to the excellent organic growth of both civil as well as military aviation coupled with ongoing advancements in technologies, necessitating the importance to equipment. The aerospace & defense industry has been one of the biggest users of test and measurement equipment in which avionics and test equipment play the major role. It is estimated that the market for avionics and radio test is forecasted to grow at an impressive rate over the next five years to reach an estimated value of US$ 2.1 billion in 2025.
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Key Players
The following are some of the key players in the Avionics and Radio Test Market:
COVID-19 Impact on Global Avionics and Radio Test Market
The COVID-19 pandemic is likely to favourably impact market growth. To curb the spread of the virus, countries worldwide are imposing restrictions and are promoting social distancing measures. Strict restrictions on the movement of people are further expected to negatively impact land-based casino operations.
Avionics and Radio Test Market Segmentation:
The report segments based upon demographics, geographics, benefits and volume etc, has different driving factors and identifies the most-attractive segments and sub-segments. Avionics and Radio Test and other resources but also allows companies to learn about their target audience so that they can tailor campaigns and increase market share and revenue.
Based on the platform type, the market is segmented into commercial aircraft and defense and security. Commercial aircraft is expected to remain the larger segment of the market during the forecast period. Increasing deliveries of commercial and regional aircraft to support rising air passenger traffic, growing demand for fuel-efficient aircraft, and expanding aircraft fleet size are the key growth drivers of the segment’s market. A320neo family, B787, and A350XWB would remain the growth engines of the market.
Boeing anticipated that there would be total deliveries of 44,040 commercial aircraft worth US$ 6.8 trillion in the global marketplace during 2019-2038. Asia-Pacific and North America would be the biggest demand generators with a combined share of 60.2% of the total commercial aircraft deliveries during 2019-2038. An expected healthy CAGR of 4.8% in air passenger traffic during 2019-2038 will chiefly drive the demand for commercial aircraft. This factor will create a sustainable demand for avionics and radio test equipment during the foreseen period.
Defense & Security is also estimated to generate a sizeable demand for test equipment in the coming five years. Increasing tension in different parts of the world, especially between the USA and China, is pushing countries to increase their defense budget to further solidify their defense capabilities. The USA, the world’s largest military expenditure country, has been raising its military expenditure for the last two years after several years of decline. Other major economies including China, India, and South Korea are also raising their defense budget, which is positively imprinting the demand for test and measurement equipment.
Based on the product type, the market is segmented into avionics test, radio test, and synthetic test. Radio test is expected to remain the dominant segment during the forecast period. Radio test systems are majorly used to test military radio and private mobile radio in commercial aircraft. However, recent developments in the areas of synthetic test are likely to transform the present market scenario. It is expected that synthetic test systems will be used to test various applications of avionics and radio systems used in aircraft and helicopters.
In terms of region, North America is projected to remain the largest market for avionics and radio tests during the forecast period. The USA is the growth engine of the region’s market and has one of the largest fleets of commercial and military aircraft in the world. Increasing defense budget from the past three years (2016-2018) coupled with increasing demand for F-35 and KC-46 Pegasus aircraft is the pith behind the growing demand for test and measurement equipment in the country. Mexico, a diminutive market in front of giant USA, is also estimated to grow at a healthy pace in the coming five years, propelled by higher proximities of the country to the USA. Aerospace companies are opening their plants in the country to leverage the country’s business-friendly policies, high proximity to the USA, and low-cost labor.
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