According to the latest research report titled “Flight Data Monitoring Systems Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 5,987.90 million by 2027, registering a CAGR of 7.2% during 2020–2027.
Increasing Air Traffic Volume to Drive Market Growth
Flight data monitoring system is vital to enhance operational safety of aircraft fleet. Over the past couple of years, several fleet operators have been procuring the flight data monitoring systems and software. This FDM systems collect the occurrence data of the flight for fleet operators to help them identify and assess the risk. The commercial airports are witnessing enormous growth in the number of international flights. To manage the rising number of aircraft fleet efficiently, fleet operators are deploying flight data monitoring systems. The FDM systems are benefiting operators in managing operations, fuel efficiency, risk management, and adherence to standard operating procedures. Countries such as the US, China, the UK, and France are strongly expanding their aviation industry, which is creating strong growth opportunities for the flight data monitoring systems market players.
Advancements in helicopter flight data monitoring (HFDM) systems are offering lucrative opportunities for the market players to enhance offering for rotary-wing aircraft. Flight data monitoring systems is witnessing strong demand from helicopter fleet operators to improve operational safety and prevent fatal rotorcraft accidents. On the other side, flight data monitoring services are experiencing significant demand from developing nations to enhance their aircraft fleet performance.
Flight data monitoring services are an affordable solution for the small airline or fleet operators. Flight data monitoring services are helping the fleet operators to save their valuable time and expenses. Also, skilled resources are offered by service providers to enhance flight performance and operations. Therefore, the demand for FDM services is increasing, which is driving the growth of the flight data monitoring systems market. However, there is still a need for lots of advancements in service offering to utilize it for smallest airlines or fleet operations. Textron Aviation, Safran Electronics & Defense, and L3Harris Technologies, Inc., are among the forerunners in offering flight data monitoring services.
Key Findings of Study:
• Countries from the different regions are forming partnerships to develop advanced flight data monitoring systems. The increasing number of aircraft fleet is increasing the demand for flight data monitoring systems. For instance, Applied Informatics and Research Inc (AIRINC)., one of the leaders in flight data recorders, collaborated with AIR CANADA to offer flight data monitoring (FDM/FDA/FOQA) services to the airline.
• As per Boeing's Current Market Outlook, APAC region is expected to receive ~17,390 aircraft deliveries by 2038. Thus, growing number of aircraft deliveries and rising aviation industry in APAC would propel the demand for flight data monitoring systems in the coming years. Singapore Airlines, Air China, Air India, Japan Airlines, and Korean Air are among major airlines operating in the region. Singapore Airlines operates a safety program, which helps raise awareness about safety practices on the ground, mitigate ramp accidents, and measure safety performance standards for continual improvement.
• As per the European Union Aviation Safety Agency (EASA), the FDM system is highly required for massive aircraft with ~27,000 kg take-off mass. Further, the International Civil Aviation Organization (ICAO) has established various standards and recommendation practices associated with flight data monitoring for commercial air transport fleet operators. For instance, as per ICAO recommendation, a fleet operator of an aircraft with 20,000 kg to 27,000 kg take-off mass should maintain a flight data analysis program as part of its safety management system.