The most commonly known aerospace data recorders are flight data recorders and cockpit voice recorders. Majorly fuelling the global aerospace data recorders market is the pressing need for real-time data transmission during flight. The data transferred to and from cockpit and aircraft serve a crucial purpose in investigations. On account of this, they are being increasingly incorporated in commercial as well as military aircrafts.
Acting as a restraint to the global aerospace data recorder market is the expensiveness of next generation flight recorders. A growing aerospace industry worldwide is stoking demand for cutting-edge technologies to amass accurate and precise data from an aircraft. In response to that, aerospace data recorder manufacturers are developing technologies using sophisticated and expensive electronics and sensors, which in turn is upping the price of the final product, thereby crimping their demand to an extent.
To overcome such challenges, savvy players in the global aerospace data recorder market are emphasizing on research for the transmission of real-time data directly to cloud.
A report by Transparency Market Research projects the global aerospace data recorder market to expand at a lackluster CAGR of 4.6% from 2017 to 2025. At this pace, the market will likely attain a value of US$2.086 mn by 2025 from US$1.422 million in 2016.
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One of the key growth challenges to the aerospace data recorder market is the high price factor of next-gen flight recorders. With the exponential growth of the aerospace industry globally, aircraft component manufacturers are leveraging cutting-edge technologies to gather accurate information from an aircraft. Manufacturers of aerospace data recorders are employing sophisticated electronics and sensors, which in turn is upping the price of the final product. This is negatively impacting the demand for aerospace data recorders to some extent.
Global Aerospace Data Recorder Market: Geographical Analysis
The worldwide market for aerospace data recorder currently witnesses the supremacy of North America holding the leading market share. Serving to boost the growth of North America aerospace data recorder market is proliferation of commercial airlines and rising volume of air traffic in the past couple of years. This has necessitated deployment of modern equipment that helps in investigation in the event of an untoward eventuality. The U.S. is pumping in vast amounts of money for the modernization of conventional systems deployed in defense aircrafts. Manufacturers are thus developing robust technologies to serve the demand of the Department of Defense in the U.S.