WASHINGTON, D.C.—Management consulting firm Avascent forecasts the global market for commercial avionics equipment will hit $21 billion in 2015 and could grow at a rate of 4.8 per cent through 2019.
The firm made the estimate following the record-breaking $201 billion in commitments made by airlines and other customers during the 2014 Farnborough International Airshow.
Expectations are that $14.3 billion will be spent on original equipment, and the remaining $6.6 billion will be attributed to spares and repairs orders. Overall market growth is partly driven by increasing demand for avionics spares and repairs. Revenue from this market segment will continue to rise significantly at an annual rate of 10.5 per cent, driven primarily by ongoing maintenance and upgrade requirements for major existing legacy platforms like the Boeing 777 and Airbus A320 family.
Total original avionics equipment for commercial business jets, turboprop, and air transport aircraft will reach close to $90 billion over the next five years, growing steadily at a rate of 2 per cent.
These market forecasts are derived from the latest update to the Avascent Analytics Commercial Aircraft Systems toolkit. This data and analysis looks at the avionics market for fixed-wing commercial aircraft, as well as other aircraft components such as engines, cabin interiors, and airframe structures.