Aerospace Data Recorder Market 2024: Trends, Insights, and Growth Forecast

The Business Research Company recently released a comprehensive report on the Global Aerospace 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 aerospace data recorder market size has grown strongly in recent years. It will grow from $1.74 billion in 2023 to $1.84 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to lessons from accident investigations, standardization of data recording formats, introduction of flight data recorders (fdrs), cockpit voice recorder (cvr) mandates, evolution of solid-state recorders..

The aerospace data recorder market size is expected to see strong growth in the next few years. It will grow to $2.33 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to expansion in commercial aerospace, regulatory compliance upgrades, development of next-generation recorders, focus on cybersecurity measures, growing adoption of cloud solutions.. Major trends in the forecast period include enhanced data storage capacity, advancements in data encryption, integration of flight data analysis, miniaturization and weight reduction, compliance with regulatory standards..

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Market Drivers and Trends:

The growing air traffic is expected to propel the aerospace data recorder market going forward. Air traffic refers to the overall number of passengers utilizing the airport, including those boarding and using the air medium for the transport of goods and services. The increased air traffic will necessitate the use of advanced technologies in aircraft design for improving safety, including recording flight data and cockpit voice for better flight performance. For instance, according to the International Air Transport Association (IATA), a Canada-based trade association of the world's airlines, international air traffic increased by 229.5% in 2022 compared to 2021, while total air traffic increased by 76.2% in 2022. Therefore, the growing air traffic is driving the demand for the aerospace data recorder market.

Product innovations are a key trend gaining popularity in the aerospace data recorder market. Major companies operating in the aerospace data recorder market are focused on developing new technological solutions to strengthen their position. For instance, in July 2022, L3 Harris Technologies, Inc., a US-based provider of information technology services and national security solutions, launched xLDR, a new extra-lightweight data recorder to address the growing light eVTOL and unmanned aircraft systems market. It is uniquely designed with an integrated web server that enables identifying the root causes of incidents and providing strategic analysis to reduce risk and improve safety. It is a 50% lighter version of the current LDR family for the growing light eVTOL and unmanned aircraft systems market. The recorder is expected to increase the collection rate, pilot-control capabilities, and auto-recording.

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Major Key Players of the Market:

L3 Technologies Inc.; Teledyne Technologies LLC; RUAG International Holding AG; Curtiss-Wright Corporation; AstroNova Inc.; Universal Avionics Systems Corporation; FLYHT Aerospace Solutions Ltd.; Leonardo DRS; Honeywell International Inc.; Flight Data Systems Pty. Ltd.; HR Smith Group; Danelec Marine A/S; ACR Electronics Inc.; Phoenix International Holdings; MadgeTech Inc.; Airbus SAS; Safran S A; SLN Technologies Pvt. Ltd.; DAC International Inc.; Raytheon Company; Consilium AB; Captec Ltd.; Telemar Norge AS; Advent of Advanced Technologies; Modern Features; Northrop Grumman; Clearpath Robotics; Robotnik Automation; ReconRobotics; RTX Corporation

Aerospace Data Recorder Market 2024 Key Insights:

• The aerospace data recorder market will grow to $2.33 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Surge In Air Traffic Fuels Demand For Aerospace Data Recorders
• Innovation Redefining Aerospace Data Recorders For Light Evtol And Unmanned Aircraft Systems
• North America was the largest region in the aerospace data recorder market in 2023

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