Flight Data Monitoring Systems Market is expected to reach US$ 5,987.90 million by 2027

North America to Hold Largest Share in Flight Data Monitoring Systems Market during 2020–2027

According to our latest market study on “Flight Data Monitoring Systems Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Hardware, Software, and Services), Solution Type (On Board and Ground), and End User (Fleet Operators, Drone Operators, and Investigation Agencies),” the market was valued at US$ 3,848.38 million in 2019 and is projected to reach US$ 5,987.90 million by 2027; it is expected to grow at a CAGR of 7.2% from 2020 to 2027. The report highlights the key factors driving the market growth and prominent players with their developments in the market.

The growth of the flight data monitoring systems market is mainly attributed to increasing investments in the aviation industry in developed and developing nations. The flight data monitoring systems is used in aircraft to enhance flight operational safety. Thus, its adoption in commercial aircraft fleet is rising. With the immense growth in the aircraft fleet, each country is witnessing an increased demand for flight data monitoring systems. Further, growing importance of data analytics in flight operations to enhance flight performance and safety is mounting the demand for flight data monitoring solutions.  

Flight operators are demanding flight data monitoring systems for aircraft to improve operational safety and flight efficiency, and reduce maintenance cost. Therefore, market players are developing advanced flight data monitoring systems to improve flight performance with data analysis. The COVID-19 pandemic is hindering the market growth as decline in international flights in several countries due to unstable economy. Moreover, the growing demand for flight data monitoring systems services from developed and developing countries is compelling service providers to improve their offerings with modern solutions. The companies in market adopt various marketing strategies, such as new product developments, partnerships, and acquisitions, to optimize their existing offerings and expand their portfolio to meet continuous demands from a significant number of customers. For instance, in February 2019, Curtiss-Wright Corporation formed a partnership with Honeywell to develop a new solution to monitor and analyze flight data. Both the companies are developing the next generation of mandate-compliant voice and data recorders.  

Surge in Demand for Data Analytics Solutions Offers Great Opportunities to Market Players

The aircraft industry is growing at a faster rate in Asia Pacific, North America, and Europe with an advent modern data analytics software and hardware for aircraft. China, India, the US, Germany, and the UK are among the countries that are strongly adopting flight data monitoring systems in commercial aircraft. Further, rising airline services in Asian countries are strongly supporting the growth of the flight data monitoring systems market. In addition, governments of Asian countries is also playing vital role to support aviation industry even in pandemic situation emerged due to the COVID-19 outbreak. For instance, government of South Korea has announced the financial support of up to US$269 million for smaller local air carriers.  

Flight Data Monitoring Systems Market: Regional Growth, 2020–2027

The report segments the global flight data monitoring systems market as follows:

By Component

• Hardware
• Software
• Services

By Solution Type

• On Board
• Ground

By End User

• Fleet Operators
• Drone Operators
• Investigation Agencies

By Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of APAC
• Middle East and Africa (MEA)
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA
• South America (SAM)
  • Brazil
  • Argentina
  • Rest of SAM