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Flight Data Monitoring Market to Reach $8.65 Billion by 2028, Growing at 9.5% CAGR

05-20-2024 01:17 PM CET | Aerospace & Defense

Press release from: The Business Research Company

Flight Data Monitoring Market Report

Flight Data Monitoring Market Report

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Flight Data Monitoring Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $8.65 Bn In 2028 At A CAGR Of 9.5%:

The flight data monitoring market size has grown strongly in recent years. It will grow from $5.50 billion in 2023 to $6.01 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to increasing air passenger traffic and subsequent, increase in the number of aircraft, increasing safety standards, regulatory norms by government bodies, growing requirement for aviation safety, rising volume of data generated by the aviation industry.

The flight data monitoring market size is expected to see strong growth in the next few years. It will grow to $8.65 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to increased air transportation activity, growing importance of safety in the aviation industry, rising demand for efficient aircraft maintenance, increasing demand for real-time data, increasing demand for cost-effective flight data analysis. Major trends in the forecast period include adoption of artificial intelligence and machine learning, advancing commercial aircraft industry, growing need for real-time monitoring, integration of data analytics, technological advancements in data analytics.

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Flight Data Monitoring Market Major Segments
The flight data monitoring market covered in this report is segmented -

1) By Component: Flight Data Monitoring (FDM) Service, Flight Data Monitoring (FDM) Software, Flight Data Monitoring (FDM) System
2) By Solution: Onboard, On-Ground
3) By End-User: Fleet Operators, Drone Operators, Flight Data Monitoring (FDM) Service Providers, Investigating Agencies

Key Driver - Rising Air Transportation Activity Fuels Flight Data Monitoring Market Growth

The increased air transportation activity is expected to propel the growth of the flight data monitoring market going forward. The air transportation activity increases due to its pivotal role in economic growth, connectivity, job creation, tourism promotion, and infrastructural development at national and international levels. Flight data monitoring systems help airlines demonstrate compliance with regulatory requirements and industry standards by capturing, analyzing, and reporting flight data as mandated by aviation authorities. This ensures adherence to safety regulations, facilitates regulatory audits, and promotes transparency and accountability in air transportation activities. For instance, in March 2023, according to the Bureau of Transportation Statistics Report, a US-based government office that collects, analyses, and publishes information on the nation's transportation systems, in 2022, US airlines transported 853 million passengers (unadjusted), up from 658 million in 2021 and 388 million in 2020, a 30% increase year on year. Therefore, the increased air transportation activity is driving the growth of the flight data monitoring market.

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Prominent Trend - Flight Data Systems Launches Innovative FDAIU Retrofit Solution, Revolutionizing Aviation Data Acquisition

Major companies operating in the flight data monitoring market are developing advanced solutions such as flight data acquisition interface units (FDAIU) to enhance data acquisition capabilities and ensure compatibility with modern recording systems in the aviation industry. FDAIU plays a crucial role in collecting, sampling, conditioning, and digitizing analog signals representing aircraft functions to enhance data acquisition capabilities within the aviation industry. For instance, in March 2022, Flight Data Systems Pty. Ltd., a US-based company that provides flight data solutions, launched the flight data acquisition interface unit (FDAIU). This innovative solution enables operators to upgrade outdated FDRs with Flight Data Systems' SENTRY series of recorders, efficiently modernizing flight data recording systems. This retrofit solution offers a cost-effective way for operators to modernize their flight data recording systems, contributing to enhanced data collection and analysis functionalities within the flight data monitoring sector.

Flight Data Monitoring Market Players
Major companies operating in the flight data monitoring market are Honeywell International Inc., Safran SA, L3 Harris Technology Inc., Leonardo S.p.A., Teledyne Technologies Incorporated, Curtiss-Wright Corporation, FlightSafety International Inc., NeST Aerospace Pvt. Ltd., NSE Groupe, SkyTrac Systems Ltd., Flight Data Systems Pty. Ltd., Metro Aviation Inc., Guardian Mobility Corporation, FLYHT Aerospace Solutions Ltd., AeroVision International LLC, Scaled Analytics Inc., Flight Data Services Ltd., Aerobytes Ltd., Flight Data People, Helinalysis Ltd., Hi-Fly Marketing, Aerosight Technologies Private Limited, Ergoss Logiciels Sàrl, Truth Data Insights (Holdings) Limited, SAGEM SA

View The Full Report Here - https://www.thebusinessresearchcompany.com/report/flight-data-monitoring-global-market-report

Largest And Fastest Growing Region In The Market
North America was the largest region in the flight data monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the flight data monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Flight Data Monitoring Market Report Structure
3. Flight Data Monitoring Market Trends And Strategies
4. Flight Data Monitoring Market - Macro Economic Scenario
5. Flight Data Monitoring Market Size And Growth
…..
27. Flight Data Monitoring Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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