DUBLIN, July 30, 2021--(BUSINESS WIRE)--The "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), Geography" report has been added to ResearchAndMarkets.com's offering.
The global flight data monitoring systems market was valued at US$ 4,122.26 million in 2019 and is projected to reach US$ 5,987.90 million by 2027; it is expected to grow at a CAGR of 4.77% from 2019 to 2027.
North America has one of the largest aerospace industries in the world with numerous commercial and defense aircraft manufactures and maintenance, repair, and overhaul (MRO) service providers. In the region, the aerospace sector has grown to an influential position due to the positive outlook toward adopting new technologies, favourable economic policies, skilled workforce, and high gross domestic product (GDP) per capita. Major aircraft manufacturers in the region are Airbus, Boeing, Lockheed Martin, Northrop Grumman, GE Aviation, and Raytheon Technologies. Aircraft of these manufacturers are highly integrated with flight data monitoring systems. Commercial aviation has surged in the region due to increase in international and domestic air travel passengers, substantial growth in GDP, technological advancements, and rise in tourism; thus, it is propelling the demand for commercial aircraft. Major airlines in the region include Delta Airlines, Southwest Airlines, and United Airlines, which procure flight data monitoring systems by vendors to avoid any potential risks. The system has been broadly credited for mitigating accident and incident rates of airlines and aircraft operators, where it has been adopted.
Southwest Airlines has procured a flight efficiency analytics solution by GE Aviation to support its fleet of ~700 Boeing 737 aircraft. GE Aviation added analytics for efficient service with huge operational efficiency. It offers Flight Operational Quality Assurance (eFOQA) analytics and crew recovery solutions to manage airline optimization challenges across the business. The solution allows enhancing the reliability and efficiency of its operations. Uber has collaborated with GE Aviation to offer the flight data monitoring program for its planned air taxis fleet. Uber plans to roll out the flight data monitoring service using electric vertical take-off and landing (eVTOL) aircraft by 2023. Thus, by procuring GE's service, Uber would optimize its air safety in the coming years. The National Aeronautics and Space Administration (NASA) partnered with airlines and FOQA providers in a project called Aviation Performance Measuring System (APMS).
The major aim of the project was to design innovative concepts and software for flight data analysis to prevent any further risks. Thus, such a huge focus on offering flight data monitoring systems to detect higher-risk phases of flight and potential precursors of incidents and accidents is compelling the market growth in the region. Loss of control in-flight (LOC-I) is considered a substantial contributor to accidents. The accidents happen due to aircraft system malfunctions and environmental threats or pilot errors. To avoid any potential LOC-I accidents, it is highly recommended that pilots must receive proper training for malfunction recognition. Another major factor in reducing LOC-I accidents is collecting flight data to detect threats ahead of time and reduce accidents. IATA urges operators to generate standardized flight data monitoring safety measures and precursors related to potential LOC-I accidents. With standardized flight data monitoring, operators can monitor aircraft parameters and identify factors leading to LOC-I events. Thus, the advantages of flight data monitoring help operators, pilots, and manufacturers in the region to reduce the serious consequences of LOC-I.
The flight data monitoring systems market in North America suffered huge economic loss in the first half of 2020 owing to the high number of COVID-19 positive cases, specifically in the US. The economic growth has lowered, which delayed the ongoing projects of commercial and defense upgradation. The US is one of the major exporters of aircraft but owing to disrupted supply chain and lowering economic conditions of importing countries, the export revenue is lowered. Enhancing trade relation to support international supply post lockdown helped market to regain its position. The limiting strength of workforce due to physical distancing model hampered the production activities in the US. The demand for aircraft is lowered, which created severe impact on the aircraft manufacturing companies. For instance, Boeing company expected lower demand from market than their previous prediction amid COVID-19 outbreak.
Increasing Demand for Flight Safety Solutions
Rising Volume of Aircraft Deliveries
High Cost of Flight Data Monitoring Systems and Availability of Substitute Solutions
Growing Demand for Helicopter Flight Data Monitoring (HFDM) Systems
Rise in Offering of Flight Data Monitoring Services
L3Harris Technologies Inc.
FLYHT Aerospace Solutions Ltd.
Honeywell International Inc.
Safran Electronics & Defense
Scaled Analytics Inc.
Skytrac Systems Ltd.
Teledyne Controls LLC
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