Aerospace Data Recorder Market: Snapshot
The most commonly known aerospace data recorders are flight data recorders and cockpit voice recorders. Majorly fuelling the global aerospace data recorders market is the pressing need for real-time data transmission during flight. The data transferred to and from cockpit and aircraft serve a crucial purpose in investigations. On account of this, they are being increasingly incorporated in commercial as well as military aircrafts.
Acting as a restraint to the global aerospace data recorder market is the expensiveness of next generation flight recorders. A growing aerospace industry worldwide is stoking demand for cutting-edge technologies to amass accurate and precise data from an aircraft. In response to that, aerospace data recorder manufacturers are developing technologies using sophisticated and expensive electronics and sensors, which in turn is upping the price of the final product, thereby crimping their demand to an extent.
To overcome such challenges, savvy players in the global aerospace data recorder market are emphasizing on research for the transmission of real-time data directly to cloud.
A report by Transparency Market Research projects the global aerospace data recorder market to expand at a lackluster CAGR of 4.6% from 2017 to 2025. At this pace, the market will likely attain a value of US$2.086 mn by 2025 from US$1.422 million in 2016.
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Cockpit Voice Recorder to Pip Other Components in Terms of Growth Rate
Component-wise, the global aerospace data recorder market can be divided into flight data recorder, cockpit voice recorder, quick access recorder, and data recorder. The flight data recorder, among them, leads the market and it contributed significantly to the market share in 2016. In the years ahead, the segment is expected to expand further. Vis-à-vis growth rate, the cockpit voice recorder is slated to outpace all other components in the aerospace data recorder market in the next couple of years.
Booming Air Traffic in China and Japan Makes Asia Pacific Key Market
From a geographical standpoint, North America is a leading market for aerospace data recorders that holds maximum share. Bolstering the market in the region is the growth of commercial airlines and swift expansion of air traffic, particularly in the last few years. This has also driven up demand for flight recorders. Further, the U.S is also funneling considerable amounts in modernization of conventional systems embedded in defense aircrafts. This has resulted in manufacturers developing robust technologies to meet the demand of the U.S Department of Defense.
Europe trails North America in terms of market share and is also expected to grow at a swift pace in the upcoming years. The region’s growth is mainly stoked by the ongoing modernization of commercial aircrafts and defense aircrafts which are resulting in investment in improved technologies. For example, aerospace data recorders manufacturers in Europe have developed a lightweight composite data recorder, capable of withstanding heat from intense fire and high speed impact. This has visibly impacted the aerospace data recorder market positively in Europe.
In terms of growth rate, Asia Pacific is slated to surpass all other regions in the global aerospace data recorder market mainly on the back of surging air traffic in the countries of India, China, Japan, Australia, and South Korea. China and Japan together generated over half of the revenue in the region in 2016, while, India is expected to emerge as the most attractive market in the foreseeable future.
The top ten companies in the global aerospace data recorder market are Honeywell International Inc., AstroNova Inc., Teledyne Technologies Inc., Curtiss-Wright Defense Solutions, FLYHT Aerospace Solutions Ltd., L-3 Technologies Inc., SLN Technologies, RUAG Group, Leonardo DRS, and Universal Avionics Systems Corporation.
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Advent of Advanced Technologies and Modern Features to Have Positive Impact on Growth of Aerospace Data Recorder Market
The aerospace data recorder market is prognosticated to observe promising growth across the assessment period of 2017-2025. The growing need for real-time data transmission during the flights is helping in increasing the growth rate of the aerospace data recorder market considerably. The escalating demand for aerospace data recorders in the military as well as commercial aircraft may bring great growth prospects for the aerospace data recorder market.
- The introduction of novel technologies in the aerospace data recorders sector may invite expansive growth opportunities. The utilization of high-quality electronics and sensors in aerospace data recorders for making them more convenient for the end-users is further acting as a growth booster for the aerospace data recorder market. High investments in research and development activities have led to the formulation of new technologies and discoveries that add good features to the aerospace data recorders.
- The modernization of commercial aircraft and the growing number of initiatives for increasing air traffic by the government of various countries may bring expansive growth prospects for the aerospace data recorder market. The UDAN scheme implemented by the Indian Government to fly domestically at affordable prices is a classic instance of such initiatives. These initiatives will lead to an increase in the number of aircraft, eventually increasing the growth rate of the aerospace data recorder market.
- The novel coronavirus pandemic resulted in immense losses across various sectors and businesses. The airline business has been severely affected by the pandemic. The border restrictions across various countries led to a decline in air travel. Production facilities and manufacturing units were also shut due to the stringent lockdown restrictions imposed by numerous countries. Thus, this aspect resulted in low production of aerospace data recorders. Therefore, a decline in both production and demand of aerospace data recorders led to a great loss.
- However, some restrictions have been lifted and many airlines are allowed operations. Gradually, everything is returning to normalcy and this aspect will help the aerospace data recorder market to revive lost growth.
