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Aerospace Data Recorder Market to Undertake Strapping Growth During 2025
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As per a report by Transparency Market Research, the global aerospace data recorder market will likely register a lackluster CAGR of 4.6% during the period between 2017 and 2025 to reach a value of US$2.086 mn by 2025 from US$1.422 million in 2016.
Increasing Commercial Airlines Catapults North America Market
Depending upon the different types of components, the global aerospace data recorder market can be classified into flight data recorder, cockpit voice recorder, quick access recorder, and data recorder. Among them, the cockpit voice recorder and flight data recorder together accounted for over 50.0% of the total revenue grossed in 2016. The cockpit voice recorder, further, is slated to grow at a healthy clip in the years to come.
Based on geography again, the market for aerospace data recorder market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. At present, North America holds the leading share in the market and is trailed by Europe. Serving to boost the market in the region is the proliferation of commercial airlines and swift expansion of air traffic in the last couple of years. This has necessitated better technologies such as flight recorders that help in better investigation in case of any untoward eventuality. Further, the U.S is ploughing large amounts in modernization of conventional systems embedded in defense aircrafts. This has resulted in manufacturers developing robust technologies in meet the demand of the U.S Department of Defense.
Need for Real-time Data Transfer during Flight Boosts Market
Aerospace data recorders, better known as flight recorders, are electronic devices that mostly help in carrying out investigations of the aircrafts. Flight data recorders and cockpit voice recorders are the most commonly used aerospace data recorders. Serving to generate demand in the global aerospace data recorders market is the demand for real-time data transmission during flight. Explains the lead analyst of the TMR report, “The data transmitted to and from cockpit and aircraft, are crucial during an investigation, and because of this, the global aerospace industry are demanding real-time data transmission systems to be incorporated in to the commercial as well as military aircrafts. The surging requirement for real-time data transmission is driving the growth of market for aerospace data recorder.”
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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