Globally, air transportation is a vast industry for movement of both goods and passengers, with its demand curve rising steeply. In 2017, about 4.1 billion passengers traveled in aircrafts and the number is projected to reach 4.4 billion by 2018. Consequently, advancements in the air transportation industry coupled with associated risk factors are strategically influencing opportunities to detect the post-accident scenarios. Air transport-associated risks which include the unsafe means of transport that can forfeit the goods, crew, and passengers are boosting the demand for aerospace data recorders market in the avionics. In the aviation sector, flight data recorders, commonly known as “black boxes”, are the primary sources for collecting and analyzing large amounts of data on air traffic. Today, the interconnectivity of tools and systems used in the avionics industry is rapidly optimizing data transfer rates in the aerospace data recorders market. Analysis of this humongous amount of data generated exceeds the analyzing abilities of humans, and is being automated with the help of artificial intelligence technologies. The data mining process is being performed through machine learning, a branch of artificial intelligence, which is contributing to the discovery of critical conditions within the aviation industry. Furthermore, large and small commercial aircrafts, corporate and private airplanes are equipped with the black box and are progressing towards data mining activities. These data mining activities has the ability to address and reconstruct the events which already happened and led to the plane crash. Therefore, these AI advancements are amplifying the aerospace data recorder market size, as a result of increased demand.
The Aerospace Data Recorder Market attained a value of $1.61 billion in 2018, and is anticipated to grow at a CAGR of 4.5% during the forecast period 2019-2025.
Increasing Reliability on Digital Tools Is Reinforcing Cybersecurity in the Aerospace Data Recorder Market
Digital data is driving the aviation industry, owing to its ability to provide increased convenience, speed and efficiency. Digital tools and cockpit voice recorders used by flight department and data recorders along with the supporting software are gaining traction recently. These tools increase business operations which are triggering physical and cyber risk. Recent cybersecurity violations have increased pressure from the public concerning the security and safety of digital systems. In 2015, Dyre malware was detected on the Federal Aviation Administration (FAA) infrastructure. To mitigate the possibility of such scenarios, cybersecurity has become vital along the entire aerospace supply chain. The likelihood of these scenarios is also encouraging investments from aircraft manufacturers and noteworthy organizations in the cybersecurity and networking market. Furthermore, next-generation crash recorders have become an integral part of the aerospace supply chain. The need to increase cybersecurity measures among avionic systems is driving demand from manufacturers to develop and upgrade to advanced cybersecurity technologies. The data is captured, recorded, and analyzed through aerospace data loggers to identify the potential sources of security attacks using advanced cybersecurity measures. This, in turn, boosts trust from passengers and increases sales of airline tickets. As a result, advanced cybersecurity equipped avionics systems is boosting the aerospace data recorders market demand.
Strategic Initiatives Propelling Demand for Aerospace Data Recorders Market in Europe
Europe is a dominant region in the global aerospace data recorder market, and accounted for a share of 34.82% in 2018. The European Union Aviation Safety Agency (EASA) strategic priorities for General Aviation (GA), which have been captured in the GA Roadmap, are aimed towards ensuring a safer, better and cheaper aviation industry. These principles are promoting the safety and awareness of accidents in the aerospace sector. This policy also makes it easier to introduce new technologies and equipment into GA aircrafts. Furthermore, these regulatory requirements are facilitating platforms to enhance safety in the new models. In cooperation and coordination with the EASA, other associations and manufacturers, the development of innovative technologies which enable real-time data monitoring in the cockpit are set to boost advancements in the aerospace data recorders market. Initiatives as such are influencing the manufacturers to build sustainable products used for harsh environments of airways. Latest update of GA Roadmap 2.0 is continuing these initiatives in order to decrease complexity and promote safety. These kinds of activities are reflecting among the EU countries such as the U.K. and France. Furthermore, air traffic management and aircraft delays are being addressed through modernization and reformation of Europe’s airspace industry. The region will experience a substantial economic boost of $272 billion a year, starting from 2035, with aerospace industry reaping huge profits. As a result, the aerospace data recorder market is burgeoning in Europe.
Rising demand for Commercial Aircrafts Driving the Aerospace Data Recorder Market Growth
The commercial aircrafts segment in the global aerospace data recorder market is experiencing lucrative opportunities during the forecast period, estimated to grow at a CAGR of 4.98%. Devices such as flight data recorders and cockpit voice recorders are crucial for crash investigations to record accidental damage such as impacts and fires. The global commercial airlines sector comprised 41.9 million scheduled commercial flights as of 2017, and experienced a revenue uptick from $755 billion in 2017 to $812 billion in 2018. Furthermore, around $15 billion is spent each year by aerospace companies on R&D activities to enhance the efficiency of aircraft technology. Such endeavors are expected to propel the aerospace data recorder market’s commercial aircraft segment during the forecast period.
Key Players in the Global Aerospace Data Recorder Industry
Companies such as L3Harris Technologies, Inc., The HR Smith Group, The Raytheon Company, Universal Avionics Systems Corporation, DAC International, Inc., The Curtiss-Wright Corporation, Leonardo DRS, RUAG AG, Honeywell International Inc., FLYHT Aerospace Solutions Ltd., Teledyne Technologies, Inc., and AstroNova, Inc. accounted for a major portion of the global aerospace data recorder market share. Few of the latest developments in the global aerospace data recorder industry include:
Collaboration – In February 2019, two global leaders in the aviation sector, namely Honeywell and Curtiss-Wright came together to develop a new way to monitor and analyze flight data in aircrafts. Using real-time connectivity, the companies set to reinvent the black box, to enhance the equipment which helps in accident investigations for the cargo, commercial, and business jet industries. As part of this agreement, Curtiss-Wright will be a sole supplier of recorders for Honeywell Corporation. The two companies will manufacture the hardware for the new black boxes while Honeywell will enhance the software to enable easier access of real-time data. Furthermore, this innovation benefits the manufacturers, oeprators, and aricraft owners in reducing downtime of aircraft with predictive maintenance. Cloud-upload capabilities and remote retrieval of data by the software helps the management during crash investigation.
Product Launch – In April 2019, L3 Commercial Aviation, a leading company in offering intelligence, surveillance and reconnaissance, control and communications to aerospace, navigation, and instrumentation, has launched SRVIVR25. This next-generation cockpit voice and data recorders provide at least 50 hours of flight data recordings along with 25 hours of cockpit voice recording which is the longest duration of flight and voice recording ever available for operators. The new line of SRVIVR25 models offer the most technologically advanced solutions. These solutions can understand workload scenarios in adverse conditions and provide real-time pilot situational awareness.
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