Press release
Soaring Demand Set to Propel Aerospace Data Recorder Market to $2.39 Billion by 2029
Aerospace Data Recorder
What Is the Expected CAGR for the Aerospace Data Recorder Market Through 2025?
The market size for aerospace data recorders has seen substantial growth lately. The market is set to expand from $1.81 billion in 2024 to $1.91 billion in 2025, marking a compound annual growth rate (CAGR) of 5.9%. The historical growth is mainly due to insights derived from accident inquiries, standardization in data recording formats, the debut of flight data recorders (FDRs), regulations for cockpit voice recorder (CVR), and the development of solid-state recorders.
What's the Projected Size of the Global Aerospace Data Recorder Market by 2029?
Predictions for the aerospace data recorder market size forecast a robust growth in the coming years, expanding to a value of $2.4 billion by 2029 with a compound annual growth rate (CAGR) of 5.8%. This projected growth over the forecast period can be credited to the proliferation of commercial aerospace, the necessity for regulatory compliance upgrades, the creation of next-generation recorders, emphasis on cybersecurity provisions, and an increasing tendency towards cloud solutions. Upcoming trends within this period encompass improved data storage capabilities, progress in data encryption, the incorporation of flight data analysis, miniaturization and weight loss, and adherence to regulatory norms.
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Top Growth Drivers in the Aerospace Data Recorder Industry: What's Accelerating the Market?
The upward trend in air traffic is projected to boost the future growth of the aerospace data recorder market. The term 'air traffic' entails the comprehensive count of passengers accessing the airport, inclusive of those embarking and employing the aerial route for the transportation of goods and commodities. The surge in air traffic necessitates the incorporation of cutting-edge technologies in the architecture of aircraft to enhance safety measures, such as keeping a track of flight data and cockpit conversations to optimize flight performance. For example, as per the International Air Transport Association (IATA), a trade union for the globe's airlines headquartered in Canada, the global air traffic witnessed a surge of 229.5% in 2022 in comparison to 2021, while the cumulative air traffic saw an uprise of 76.2% in 2022. Hence, the escalating air traffic is trigger the demand growth for the aerospace data recorder market.
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What Trends Will Shape the Aerospace Data Recorder Market Through 2029 and Beyond?
The trend of product innovations is becoming increasingly prevalent in the aerospace data recorder marketplace. Major entities in this market are concentrating on the creation of novel technological solutions to consolidate their market standing. For example, L3 Harris Technologies, Inc., a company based in the US specialising in information technology services and national security solutions, unveiled xLDR, an additional lightweight data recorder in July 2022. This was intended to satisfy the rising demand within the light eVTOL and unmanned aircraft systems market. The xLDR, which is 50% lighter than the existing LDR range, boasts an integral web server that aids in pinpointing the precise reasons for events and delivering strategic analysis to enhance safety and minimize risk. The recorder is predicted to enhance data collection frequencies, pilot-control abilities, and auto-recording, specifically tailored for the expanding light eVTOL and unmanned aircraft systems market.
What Are the Main Segments in the Aerospace Data Recorder Market?
The aerospace data recorder market covered in this report is segmented -
1) By Product: Cockpit Voice Recorder, Flight Data Recorder, Quick Access Recorder, Data Logger
2) By Aircraft Type: Wide Body, Narrow Body, Turboprop, General Aviation And Business Jets, Rotorcrafts
3) By Application: Commercial, Defense
Subsegments:
1) By Cockpit Voice Recorder: Digital Cockpit Voice Recorders, Analog Cockpit Voice Recorders, Integrated Voice Recorders
2) By Flight Data Recorder: Solid-State Flight Data Recorders, Analog Flight Data Recorders, Next-Generation Flight Data Recorders
3) By Quick Access Recorder: Data Retrieval Systems, Interface Systems For Flight Data, Ruggedized Quick Access Recorders
4) By Data Logger: Aircraft Performance Data Loggers, Environmental Data Loggers, Maintenance Data Loggers
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Which Top Companies are Driving Growth in the Aerospace Data Recorder Market?
Major companies operating in the aerospace data recorder market include 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, RTX Corporation
Which Regions Will Dominate the Aerospace Data Recorder Market Through 2029?
North America was the largest region in the aerospace data recorder market in 2024. The regions covered in the aerospace data recorder market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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