The avionics market - which deals with electronic systems that are used on aircraft, artificial satellites and spacecraft - is projected to grow from the equivalent of R818.88 billion in 2016 to R1 222.00 billion by 2022, at a compound annual growth rate (CAGR) of 6.90% over the 2016-2022 period, according to ASDReports.
An increase in the number of aircraft deliveries and a rise in military aircraft spending by emerging economies are expected to drive the avionics market in the coming years.
On the other hand, a regulatory framework, related to avionics subsystems, acts as one of the major restraints.
The flight control and management system segment dominated the avionics market in 2016. This is mainly due to the increased demand for modernisation of avionics components.
