Military aircraft avionics market to grow to $51 billion by 2030, report claimsNews
July 18, 2022
NEWARK, New Jersey. The global military aircraft avionics market will grow from $34.1 billion in 2021 to $51.2 billion by 2030 for a compound annual growth rate (CAGR) of 4.62%, according to a new report.
The report, produced by India-based research firm The Brainy Insights, claims that increasing demand is being driven by "expanding territorial conflicts among nations and a growing number of non-state terrorists and radical organizations having access to sophisticated military gear and missiles."
The report found that the fixed-wing combat segment of the market commanded the largest share at 36% with revenue of $12.3 billion, and that the flight control systems segment is expected to grow the fastest at a 5.72% CAGR.
The Asia-Pacific region is showing the largest expansion in this market, with China being the largest player. The North American region was the largest overall market, making up 38.3% of the market.
The report, "Military Aircraft Avionics Market Size ... Forecast 2022 to 2030," is available here.