Published: May-2021 | Format: PDF | Market Research Store | Number of pages: 160 | Code: MRS - 828591
The aerospace data recorders market is set for rapid growth over the forecast period. In terms of revenue, the global aerospace data recorders market accounted for USD 1.730.0 Million in 2020 and is anticipated to reach around USD 2,570 Million by 2026, growing at a CAGR of 5.8%.
Global Aerospace Data Recorders Market: Overview
The aerospace data recorder is an electronic instrument that records or collects all electronic signals transmitted to the aircraft, as well as conversations with the pilots, onboard crews, and the air traffic controller. At any aircraft crash or incident, these instruments are used by aircraft accident investigating authorities and aircraft operators. In recent years, the aerospace industry has seen a rapid increase in air traffic all over the world. To meet the growing demand for air travel, airlines are placing orders for more aircraft equipped with cutting-edge technology. In the current situation, this development is projected to expand the demand for aerospace data recorders.
Global Aerospace Data Recorders Market: Growth Factors
In comparison with general and military aviation, aerospace data recorders have seen strong demand in the commercial sector. The increase in living standards in developed countries is also driving the use of aerospace data recorders. As a result of population growth, air travel demand is rising with demand for passenger aircraft in developing regions. Military aviation has developed as a result of the transportation of military forces, freight, and ammunition, among other things. The demand for aerospace data recorders is expected to expand as a result of these factors. Manufacturing companies are becoming more involved in incorporating durable data recorders as aircraft become more modern. The advantages of flight recorders may assist airlines and law enforcement authorities in determining and detecting the cause of a crash or incident. Manufacturers are purchasing data recorders in large quantities to satisfy the rising demand for aircraft modernization, which is allowing the aerospace data recorder industry to expand over time. The high cost of next-generation data and voice recorders is impeding demand development. Integration of high-end sensors and other technology into recorders raises the price of the finished goods, putting the development of the Aerospace data recorders industry in jeopardy to some extent.
Global Aerospace Data Recorders Market: COVID-19 Impact
The pandemic cessation of passenger air traffic has harmed the global aviation industry. In order to mitigate COVID-19's effect on the aviation industry, the United States, the United Kingdom, Italy, India, and China have implemented reward programs. Manufacturers of aerospace tape are experiencing operating problems, resulting in lower material demand. COVID-19 is having a negative effect on the aerospace data recorder industry's development. As airline companies fight to stay solvent, aircraft orders and repairs have been put on hold indefinitely. Aerospace data recorder suppliers will develop technologies based on the rate of recovery after containment. The COVID-19 has had a significant effect on global economic development, forcing organizations, individuals, businesses, and policymakers to adapt to the challenges posed by the crises. Air traffic restrictions in various countries have resulted in idle fleets on both domestic and international routes all around the world. The COVID-19 pandemic has had a major impact on the aerospace data recorder market, as it has on many others. The global economy and business condition in major sectors around the world have been affected by COVID-19's Coronavirus outbreak in 2020. The pandemic scenario has hampered demand volatility, trade policies, industrial processes, and other instances of global lockdown. The rest of the aircraft industry has been halted due to the COVID-19 epidemic. A supply-demand mismatch created by available inventory supplies in the OEM and MRO markets, as well as production units, has slowed the growth of the aerospace data recorders industry. The aerospace data recorders industry encountered a supply and demand gap during COVID-19 lockdowns. Unless effective preventative steps are taken, COVID-19 pathogens will spread across the workforce. The aerospace data recorders industry could be especially vulnerable because the bulk of the manufacturing staff operates in on-site positions that cannot be done remotely. In addition, considering the market's demands, firms can need to investigate ways to provide social separation in crowded workplaces. The aerospace data recorders industry is expected to be affected by trade restrictions, price volatility, supply chain instability, volatile demand, and workforce shortages.
Global Aerospace Data Recorders Market: Segmentation
The global aerospace data recorders market is segmented as type, Technology, application, and region. By type, the global market is bifurcated into flight data recorders, cockpit data recorders, quick access recorder, and data logger. By Technology, the global market is bifurcated into the flash card, cloud computing, and solid-state. By application, the global market is bifurcated into commercial aircraft, defense aircraft, and private aircraft. Geographically, the global aerospace data recorders market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Global Aerospace Data Recorders Market: Regional Analysis
The aerospace data recorders industry in North America is the largest, followed by Europe and the Asia Pacific. North American region dominated the global aerospace data recorders market in 2019 and is anticipated to continue its dominance in the upcoming years Because of the vast number of existing and new players in the industry, North America led the aerospace data recorder market with the highest market share. Furthermore, the US Department of Defense spends a considerable amount of money on research and the advancement of robust systems to improve the technical aspects of military and commercial aircraft. The Asia Pacific market is also expected to expand enormously, in the forecast period. Europe has many opportunities for business expansion. That is attributed to several factors, including the presence and growth in commercial flights due to increased tourism by leading business leaders in the sector. Countries such as China, India, and Australia, among others, are experiencing rapid growth in air traffic, necessitating the addition of more planes in the area. In terms of combat aircraft, major security powers are spending heavily on the development and procurement of sophisticated data and voice recorders in order to provide their aircraft with cutting-edge technology.
Global Aerospace Data Recorders Market: Competitive Players
Some of the key players in the aerospace data recorders market are Honeywell International, Danelec Marine, L-3 Communications Aviation Recorders, HR Smith Group, Acr Electronics, Teledyne Technologies, Phoenix International Holdings, Flyht Aerospace Solutions, AstroNova Inc., Universal Avionics Systems, Leonardo DRS, Curitss-Wright Defense Solutions, RUAG AG, MadgeTech Inc., Raytheon Company, DAC International, Inc., Captec Ltd., Consilium Ab, SLN Technologies, and Telemar Norge As among others.
Global Aerospace Data Recorders Market: Regional Segment Analysis
Aerospace Data Recorders Market
Aerospace Data Recorders Market