ALBANY, New York, July 11, 2017 /PRNewswire/ --
As per a report by Transparency Market Research, the global aerospace data recorder market will likely register a lackluster CAGR of 4.6% during the period between 2017 and 2025 to reach a value of US$2.086 mn by 2025 from US$1.422 million in 2016.
The top ten names operating 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.
Increasing Commercial Airlines Catapults North America Market
Depending upon the different types of components, the global aerospace data recorder market can be classified into flight data recorder, cockpit voice recorder, quick access recorder, and data recorder. Among them, the cockpit voice recorder and flight data recorder together accounted for over 50.0% of the total revenue grossed in 2016. The cockpit voice recorder, further, is slated to grow at a healthy clip in the years to come.
Based on geography again, the market for aerospace data recorder market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. At present, North America holds the leading share in the market and is trailed by Europe. Serving to boost the market in the region is the proliferation of commercial airlines and swift expansion of air traffic in the last couple of years. This has necessitated better technologies such as flight recorders that help in better investigation in case of any untoward eventuality. Further, the U.S is ploughing large amounts in modernization of conventional systems embedded in defense aircrafts. This has resulted in manufacturers developing robust technologies in meet the demand of the U.S Department of Defense.
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Need for Real-time Data Transfer during Flight Boosts Market
Aerospace data recorders, better known as flight recorders, are electronic devices that mostly help in carrying out investigations of the aircrafts. Flight data recorders and cockpit voice recorders are the most commonly used aerospace data recorders. Serving to generate demand in the global aerospace data recorders market is the demand for real-time data transmission during flight. Explains the lead analyst of the TMR report, "The data transmitted to and from cockpit and aircraft, are crucial during an investigation, and because of this, the global aerospace industry are demanding real-time data transmission systems to be incorporated in to the commercial as well as military aircrafts. The surging requirement for real-time data transmission is driving the growth of market for aerospace data recorder."
Steep Cost of Next Generation Flight Recorders Hampers Market
One of the main restraints in the global aerospace data recorder market is the expensiveness of next generation flight recorders. With the aerospace industry making gigantic strides globally, aircraft and component manufacturers are coming up with or leveraging cutting-edge technologies to gather accurate and precise data from an aircraft. Aerospace data recorder manufacturers are developing technologies leveraging sophisticated and expensive electronics and sensors, which in turn is upping the price of the final product, thereby crimping their demand to an extent.
In order to overcome such challenges, there is ongoing research for the transmission of real-time data directly to cloud.
This review is based on the findings of a TMR report, titled, "Aerospace Data Recorder Market (Components - Cockpit Voice Recorder Market, Flight Data Recorder, Quick Access Recorder, and Data Loggers; Application - Commercial and Defense) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
Global Aerospace Data Recorder Market, by Components
- Cockpit Voice Recorder
- Flight Data Recorder
- Quick Access Recorder
- Data Logger
Global Aerospace Data Recorder Market, by Application
Global Aerospace Data Recorder Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- Saudi Arabia
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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SOURCE Transparency Market Research