Flight Data Recorder Market 2024 - Industry Size, Business Segments, Innovative Strategies And Outlook by 2033

The Business Research Company recently released a comprehensive report on the Global Flight Data Recorder Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The flight data recorder market size has grown strongly in recent years. It will grow from $1.33 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to regulatory mandates, increased awareness of the importance of flight safety, the transition from analog to digital recording systems, global air traffic growth, and industry standardization

The flight data recorder market size is expected to see strong growth in the next few years. It will grow to $1.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to the growth of emerging aviation markets, focus on data analytics, cybersecurity concerns, increasing demand for real-time monitoring, and demand from defense and military applications. Major trends in the forecast period include integration with next-generation aircraft, remote data access and analysis, integration with aircraft systems, miniaturization, and weight reduction.

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Market Drivers and Trends:

The upsurge in air traffic is expected to drive the growth of the flight data recorder market going forward. Air traffic refers to aircraft movement within a specific area or along a particular route. There is increasing air traffic due to the construction of new airports, the expansion of existing facilities, and the improvement of air traffic management systems that have facilitated the growth of air travel capacity. Flight data recorders are critical in air traffic for capturing and analyzing essential flight parameters to enhance safety and investigate incidents. For instance, in January 2024, according to the International Air Transport Association (IATA), a Switzerland-based airline and aviation association, Middle Eastern airlines witnessed a 33.3% surge in traffic in 2023 compared to 2022, accompanied by a 26.0% rise in capacity and a load factor of 80.1%. During the same period, North American carriers noted a 28.3% year-on-year traffic boost, with a capacity increase of 22.4% and a load factor reaching 84.6%. Therefore, the upsurge in air traffic is driving the growth of the flight data recorder market.

Major companies operating in the flight data recorder market are developing innovative and lightweight solutions for eVTOLs, helicopters, and unmanned aircraft to better serve customers with advanced features and gain a competitive edge in the market. A lightweight flight data recorder (xLDR) is a high-capacity voice and flight data recorder designed with advanced materials and engineering methods to reduce weight while maintaining or enhancing structural integrity and performance. For instance, in July 2022, L3Harris Technologies, a US-based information technology services and national security solutions provider, announced the launch of the Extra Light Data Recorder (xLDR), designed specifically for the growing light eVTOL and unmanned aircraft systems market. This new recorder is 50% lighter than the current LDR family, providing crash protection while capturing audio, flight data, video, and GPS parameters. It exceeds global mandates for crash-protected flight recorders on smaller aircraft, offering features including increased data collection rate, auto-recording, and pilot-control capabilities.

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Major Key Players of the Market:

Raytheon Technologies Corporation, Lockheed Martin Corporation, Northrop Grumman Corporation, Safran SA, Thales Group, L3Harris Technologies Inc., Leonardo S.p.A., Spirit AeroSystems Holdings Inc., Garmin Ltd., Saab AB, Honeywell International Inc., Bell Textron Inc., General Dynamics Corporation, Curtiss-Wright Corporation, CAE Inc., Meggitt PLC, FLIR Systems Inc., RUAG Group, Cobham plc, ASELSAN A.S., Universal Avionics Systems Corporation, ACR Electronics Inc., FLYHT Aerospace Solutions Ltd., SLN Technologies Pvt. Ltd., AstroNova Inc.

Flight Data Recorder Market 2024 Key Insights:

• The flight data recorder market size is expected to see strong growth in the next few years. It will grow to $1.73 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• Increased Air Traffic Drives The Flight Data Recorder
• Innovative Lightweight Flight Data Recorders Revolutionize Aerospace Safety
• North America was the largest region in the flight data recorder market in 2023

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