The Aerospace Data Recorder by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aerospace Data Recorder, The aerospace data recorder market size has grown strongly in recent years. It will grow from $1.74 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to lessons from accident investigations, standardization of data recording formats, introduction of flight data recorders (fdrs), cockpit voice recorder (cvr) mandates, evolution of solid-state recorders.
The aerospace data recorder market size is expected to see strong growth in the next few years. It will grow to $2.33 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to expansion in commercial aerospace, regulatory compliance upgrades, development of next-generation recorders, focus on cybersecurity measures, growing adoption of cloud solutions. Major trends in the forecast period include enhanced data storage capacity, advancements in data encryption, integration of flight data analysis, miniaturization and weight reduction, compliance with regulatory standards.
The growing air traffic is expected to propel the aerospace data recorder market going forward. Air traffic refers to the overall number of passengers utilizing the airport, including those boarding and using the air medium for the transport of goods and services. The increased air traffic will necessitate the use of advanced technologies in aircraft design for improving safety, including recording flight data and cockpit voice for better flight performance. For instance, according to the International Air Transport Association (IATA), a Canada-based trade association of the world’s airlines, international air traffic increased by 229.5% in 2022 compared to 2021, while total air traffic increased by 76.2% in 2022. Therefore, the growing air traffic is driving the demand for the aerospace data recorder market.
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The aerospace data recorder market covered in this report is segmented –
1) By Product: Cockpit Voice Recorder, Flight Data Recorder, Quick Access Recorder, Data Logger
2) By Aircraft Type: Wide Body, Narrow Body, Turboprop, General Aviation and Business Jets, Rotorcrafts
3) By Application: Commercial, Defense
Product innovations are a key trend gaining popularity in the aerospace data recorder market. Major companies operating in the aerospace data recorder market are focused on developing new technological solutions to strengthen their position. For instance, in July 2022, L3 Harris Technologies, Inc., a US-based provider of information technology services and national security solutions, launched xLDR, a new extra-lightweight data recorder to address the growing light eVTOL and unmanned aircraft systems market. It is uniquely designed with an integrated web server that enables identifying the root causes of incidents and providing strategic analysis to reduce risk and improve safety. It is a 50% lighter version of the current LDR family for the growing light eVTOL and unmanned aircraft systems market. The recorder is expected to increase the collection rate, pilot-control capabilities, and auto-recording.
The aerospace data recorder market report table of contents includes:
1. Executive Summary
2. Aerospace Data Recorder Market Characteristics
3. Aerospace Data Recorder Market Trends And Strategies
4. Aerospace Data Recorder Market – Macro Economic Scenario
5. Global Aerospace Data Recorder Market Size and Growth
………………..
31. Global Aerospace Data Recorder Market Competitive Benchmarking
32. Global Aerospace Data Recorder Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Aerospace Data Recorder Market
34. Aerospace Data Recorder Market Future Outlook and Potential Analysis
35. Appendix
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