The Insight Partners the Aerospace Data Recorders Market to 2025 – Global Analysis and Forecast by Types and Application. Aerospace Data Recorders market is expected to grow to US$ 2379.5 million by 2025 from US$ 1460.9 million in 2016. The aircraft manufacturers across the globe are experiencing a huge demand for modernization of aircrafts from commercial aviation as well as defense forces.
The increasing demand for new technologies in the commercial aircrafts, is leading the commercial airlines to integrate the aircrafts with robust technologies in order to meet the demand of rising passenger traffic. Moreover, the increasing air accidents are also increasing the demand for advanced data and voice recorders which facilitates in easy investigation during any accident or incident of an aircraft.
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Owing to the fact that, the global air traffic is growing exponentially, the fixed wing aircraft manufactures and rotary wing manufacturers, are demanding for cutting edge technology in order to gather accurate information and from the aircraft. This led the aerospace data recorder manufacturers to integrate the data recorders with enhanced sensors, advanced technologies and sophisticated electronics, to meet the demand of aircraft manufacturers. The integration of such technologies increases the cost of final product, which in turn is hindering the growth of the market.
Rising Number of Commercial Aircrafts Across the Globe is Estimated to Boost the Market for Aerospace Data Recorders in the future.
The major factor boosting the market growth accounted for rapid growth of commercial aircrafts worldwide. As the demand for air transportation is increasing exponentially, the number of aircraft orders and deliveries are also increasing rapidly. In order to meet the demand of escalating air traffic, the airlines and defense forces are procuring aircrafts integrated with latest technologies. This factor is helping the aerospace data recorder manufacturers to invest substantial amounts in the research and development to develop advanced aerospace data recorders and deliver the same to the aircraft manufacturers. In 2016, the commercial passenger traffic across the globe rose by 6.5% as compared to 2015 and it is estimated by International Air Transport Association that, the commercial aviation sector will further grow in future.
On the other hand, defense forces across the globe are strengthening their forces in order to combat any situations. Similarly, the forces are also conducting modernization practices of their aircrafts with advanced technologies in order to equip their aircrafts with enhanced systems and technologies. The modernization of military aircrafts includes upgrading or retrofitting of data recorders and voice recorders, which facilitates in gathering information regarding the aircrafts and also during any aircraft accident.
Currently, the aerospace data recorder market is witnessing a steep growth rate which is expected to become sluggish in the future. This is due to fact that, the global air traffic has increased exponentially over the past decades, and various commercial airlines and defense forces are conducting aircraft modernization practices in order to equip their aircrafts with latest technologies. The manufacturers of aerospace data recorders are partnering with aircraft manufacturers to deliver them the newly developed data and voice recorders, which is helping the market to grow over the years. Moreover, the data and voice recorder manufacturers are proposing their products to the commercial airlines and defense forces so as to upgrade the traditional data and voice recorders with the new ones or to retrofit them. This factor is also influencing the market for aerospace data recorders to surge during the forecast period.
The global aerospace data recorders market by geography is segmented into five regions including North America, Europe, Asia Pacific, Middle East & Africa and South America. North America region held the largest market share in the global aerospace data recorders market in 2016, followed by Europe. US being key investor in North American region led the aerospace data recorders market in 2016 and is also estimated to retain its dominance during the forecast period from 2017 to 2025. The key players profiled in the report are L-3 Technologies Inc., RUAG AG, AstroNova Inc., Universal Avionics Systems Corporation, Honeywell International Inc., Curtiss-Wright Defense Solutions, MadgeTech Inc., Leonardo DRS, Teledyne Technologies Inc., and FLYHT Aerospace Solutions among others.
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