11-May-2021 | Market Research Store
Findings from the report “Aerospace Data Recorders Market By Type (Flight Data Recorders, Cockpit Data Recorders, Quick Access Recorder, and Data Logger), By Technology (Flash Card, Cloud Computing, and Solid State), and By Application (Commercial Aircraft, Defense Aircraft, and Private Aircraft): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2021–2026” states that the global demand for aerospace data recorders market in 2020 was approximately USD 1,730 Million. The market is expected to grow at a CAGR of 5.8% and is anticipated to reach around USD 2,570 Million by 2026.
Aerospace data recorders are electronic devices that record and monitor all flight data, as well as on-flight information including communication, altitude, location, and speed. This collected data or information aids in the evaluation of an aircraft incident or accident.
The aerospace data recorders market is anticipated to propel in the upcoming years due to the growing demand for lightweight aerospace data recorders attributed to the increasing emphasis on the reduction of aircraft weight. In the aerospace industry, one of the most important considerations of structural design is weight reduction. With a substantial boost in fuel efficiency, lightweight materials provide a strong effect on airline profitability. As a result, lightweight products are becoming increasingly popular in the aerospace industry to help with weight reduction. The growing air traffic is expected to drive the global aerospace data recorders market. Due to advancements in airport facilities as well as growing consumer demand, there has been a rise in air traffic passengers globally in the last few years. The increase in disposable income coupled with the increasing middle class has also contributed significantly to the growing demand. Globally, the commercial aircraft fleet is constantly expanding, particularly in the Asia-Pacific region, to meet rising demand. Furthermore, airlines are renewing their older aircraft fleets and replacing them with new facilities and technology, as the refreshed fleet would operate for almost the next 30 years.
COVID-19 is putting a lot of strain on the aviation industry. Governments all over the world had halted air traffic to prevent the transmission of the novel coronavirus. When combined with the high operating expenses that airlines face on a daily basis, this ensures there is no money flowing in. COVID-19 has wreaked havoc on the aviation industry. Repatriation policies are another aspect that puts pressure on aviation industry players. Airlines had been commissioned by their governments to accommodate stranded residents in order to return them to their homes. Another part of aviation that would be harmed by COVID-19 is airport maintenance and routine activities. Airport officials are running out of cash reserves due to a loss of sales from concessions, parking, and duty-free. The United States recently passed a bill to provide financial assistance to keep airports operational. Pharmaceuticals, safety gear such as face masks, and medical supplies are transported via commercial routes. The majority of businesses are nearing the end of their cash balances, which would have a significant effect on recovery rates after COVID-19.
The global aerospace data recorders market is bifurcated into its type, technology, application, and regions. Based on the type, the global market is divided into cockpit data recorders, data logger, flight data recorders, and quick access recorder. Based on technology, the market is bifurcated into solid state, cloud computing, and flash card. Based on the application, the global market is divided into private aircraft, defense aircraft, and commercial aircraft. Geographically, the global aerospace data recorders market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
Browse the full “Aerospace Data Recorders Market By Type (Flight Data Recorders, Cockpit Data Recorders, Quick Access Recorder, and Data Logger), By Technology (Flash Card, Cloud Computing, and Solid State), By Application (Commercial Aircraft, Defense Aircraft, and Private Aircraft): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2026.” Report at https://www.marketresearchstore.com/market-insights/aerospace-data-recorders-market-828591
Military aircraft account for a sizable portion of the aerospace data recorder market, while defense forces around the world spend heavily in developing or procuring technologically sophisticated, smaller and lighter, crash-resistant, and deployable voice and data recorders. The implementation of new recorders into military planes, fighter jets, or military cargo planes is needed for understanding the situation of the planes when they are in the air. In addition, various defense forces are conducting aircraft modernization exercises in order to update or retrofit voice and data recorders. As a result, the military aircraft segment is also contributing to the growth of the aerospace data recorders industry over time.
North America region dominated the global aerospace data recorders market in 2019 and is anticipated to continue its dominance in the upcoming years. This is due to the growing defense and commercial aviation industry in the country, which has the largest demand for aerospace and defense aircraft in the world. Furthermore, due to small profit margins and increasing fuel costs, the area is anticipated to see growing demands for fuel-efficient aircraft over the forecast period. The mature North America industry is being driven by a high replacement rate, mostly for regional aircraft. The need to upgrade or substitute obsolete planes with fuel-efficient planes is expected to boost the market growth in this region.
Asia Pacific aerospace data recorders market is expected to expand at a significant rate in the forecast period. The increased focus on the development of aircraft manufacturing facilities in the Asia Pacific region has contributed to the region's development. Government policies that encourage investment and the rising defense budget of developing countries are fueling the market's development. The market growth is projected to be fueled by the region's expanded commercial and military aircraft demand and acquisition programmes. The Boeing Company and the Commercial Aircraft Corporation of China, for example, formed a joint venture in December 2018 to develop the first 737 aircraft in China.
Europe aerospace data recorders market trailed that of North America in 2019, and it is predicted to expand at a healthy rate in the coming years. A professional workforce with experience in the design and construction of complex aerospace structures is needed by the industry. The engineering experience of European countries is projected to fuel regional demand growth over the forecast period. Furthermore, due to the high concentration of aerospace OEMs and related product manufacturers in the area, demand for aerospace data recorders has increased. Latest aircraft manufacturing developments, such as lightweight devices and 90 days underwater beacons are anticipated to propel the market growth in the region.
Some of the key players in the aerospace data recorders market are Honeywell International, L-3 Communications Aviation Recorders, Acr Electronics, Phoenix International Holdings, AstroNova Inc., Leonardo DRS, RUAG AG, Raytheon Company, Captec Ltd., SLN Technologies, Danelec Marine, HR Smith Group, Teledyne Technologies, Flyht Aerospace Solutions, Universal Avionics Systems, Curitss-Wright Defense Solutions, MadgeTech Inc., DAC International, Inc., Consilium Ab, and Telemar Norge As among others.
This report segments the aerospace data recorders market as follows:
Global Aerospace Data Recorders Market: By Type Segmentation Analysis
Global Aerospace Data Recorders Market: By Technology Segmentation Analysis
Global Aerospace Data Recorders Market: By Application Segmentation Analysis
Global Aerospace Data Recorders Market: Regional Segmentation Analysis
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