PUNE, India, March 8, 2018 /PRNewswire/ --
According to the new market research report "Flight Data Monitoring Market by Solution Type (On Board, On Ground), Component (FDM Service, FDM System, FDM Software), End User (Fleet Operators, Drone Operators, FDM Service Providers, Investigation Agencies), Region - Global Forecast to 2022", published by MarketsandMarkets™, the flight data monitoring market is projected to grow from USD 3.71 Billion in 2017 to USD 5.34 Billion by 2022, at a CAGR of 7.55% from 2017 to 2022.
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The growth of the aerospace industry has increased safety concerns due to number air accidents that have taken place in the past few years. This increase in the number of commercial flights implies that techniques and procedures used in-flight data monitoring match the referred growth, being necessary to update and improve this type of procedures to reduce the possibility of an incident.
Based on solution type, the on ground segment is projected to lead the flight data monitoring market during the forecast period.
Based on solution type, the on ground segment is expected to lead the flight data monitoring market during the forecast period. An aircraft operator uses a range of on ground (off the flight) Flight Data Services flight data analysis incorporating Flight Data Monitoring (FDM) and Flight Operations Quality Assurance (FOQA). These services provide a full analysis of day to day flight operations to aircraft operators. By selecting ground (off the flight) Flight Data Services to monitor the aircraft, maintenance and safety events can be identified and addressed without delay, minimizing risk and Aircraft on Ground (AOG) time while ensuring adherence to aviation regulatory norms.
Based on component, the FDM service segment of the flight data monitoring market is projected to witness the highest growth during the forecast period.
Based on component, the flight data monitoring market has been segmented into FDM service, FDM system, and FDM software. The service segment has been further divided into flight data analysis service, Flight Operations Quality Assurance (FOQA), helicopter FDM, FDR readouts, training and simulation, inspection, maintenance monitoring, condition monitoring, and FDM consulting. The FDM service component segment is expected to account for the largest share of the flight data monitoring market in 2017. This segment is projected to grow at the highest CAGR during the forecast period. Flight Data Monitoring (FDM) is the process of collecting flight data from aircraft, processing it on a computer, and carrying out the analysis of the generated results to take necessary actions and ensure aviation safety, which makes it an essential part of the overall FDM process in the aviation industry.
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North American is expected to lead the flight data monitoring market during the forecast period.
North America is expected to lead the flight data monitoring market during the forecast period. The increase in the disposable income of the population has contributed to the demand for air travel, which, in turn, has led to the increase in air passenger traffic. The rise in air passenger traffic has led to an increase in aircraft deliveries in North America, which has further propelled the demand for flight data monitoring in this region.
Major companies profiled in the flight data monitoring market report are Curtiss Wright (US), Safran (France), Teledyne Controls (US), and FYHT (Canada).
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