(MENAFN- EIN Presswire) The 'Aerospace Data Recorders Market Forecast to 2025' is a specialized and in-depth study with a special focus on the global market trend analysis.
NEW YORK, UNITED STATES, UNITED STATES, November 24, 2022 /einpresswire.com / -- According to The Insight Partners, Latest research report on“aerospace data recorders market Size, Revenue, Global Analysis and Forecast to 2025”, the market is expected to grow to US$ 2379.5 million by 2025 from US$ 1460.9 million in 2016. The growth rate of the Aerospace Data Recorders market is estimated to grow at a CAGR of 5.8% during 2017 to 2025.
Rapid rise in modernization of aircrafts, leading to increase in number of data and voice recorders orders from the aircraft manufacturers, results in growth of the market for aerospace data recorders. The scope of study involves understanding on the factors responsible for this growth of aerospace data recorders market along with the estimates and forecasts of the revenue and market share analysis and also lists the significant aerospace data recorders players in the market and their key developments.
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The key players profiled in the Aerospace Data Recorders Market report are L-3 Technologies Inc., RUAG AG, AstroNova Inc., Universal Avionics Systems Corporation, Honeywell International Inc., Curtiss-Wright Defense Solutions, MadgeTech Inc., Leonardo DRS, Teledyne Technologies Inc., and FLYHT Aerospace Solutions among others.
The aerospace data recorders market is segmented on basis of Types & Application. Based on Types, the aerospace data recorders market is segmented into Cockpit Voice Recorders, Flight Data Recorders, Data Loggers and Quick Access Recorders. Based on Application, the aerospace data recorders market is segmented into Commercial Aircrafts and Military Aircrafts.
The global aerospace data recorders market by geography is segmented into five regions including North America, Europe, Asia Pacific, Middle East & Africa and South America. North America region held the largest market share in the global aerospace data recorders market in 2016, followed by Europe. US being key investor in North American region led the aerospace data recorders market in 2016 and is also estimated to retain its dominance during the forecast period from 2017 to 2025.
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The major factor influencing the market growth is the rise in air traffic across the globe. The aviation industry is experiencing a huge growth in commercial aviation as well as military aviation as the demand for both has increased rapidly over the past decades. The increase in commercial aviation is attributed to the facts such as increase in disposable income in developed as well as few developing countries, decrease in flight tariffs, and demand for reduced travel time. The increase in military aviation is due to the transportation of military personnel, cargo, and ammunitions from one place to another among others. Owing to these factors, the market for aerospace data recorders is anticipated to grow, however, the high price of next generation data and voice recorders are hindering the market growth. The integration of high end sensors and other technologies into the recorders increases the price of the final products, which in turn jeopardizing the market growth to certain extend.
The aircraft manufacturers across the globe are experiencing a huge demand for modernization of aircrafts from commercial aviation as well as defense forces. The increasing demand for new technologies in the commercial aircrafts, is leading the commercial airlines to integrate the aircrafts with robust technologies in order to meet the demand of rising passenger traffic. Moreover, the increasing air accidents are also increasing the demand for advanced data and voice recorders which facilitates in easy investigation during any accident or incident of an aircraft.
On the other hand, defense forces across the globe are strengthening their forces in order to combat any situations. Similarly, the forces are also conducting modernization practices of their aircrafts with advanced technologies in order to equip their aircrafts with enhanced systems and technologies. The modernization of military aircrafts includes upgrading or retrofitting of data recorders and voice recorders, which facilitates in gathering information regarding the aircrafts and also during any aircraft accident.
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The overall market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, primary interview was conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the aerospace data recorders industry.
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