The flight data monitoring systems market in North America is expected to grow from US$ 1,311. 56 million in 2020 to US$ 2,012. 23 million by 2027; it is estimated to grow at a CAGR of 6. 9% from 2020 to 2027.
New York, April 26, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "North America Flight Data Monitoring Systems Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component, Solution Type, and End User" - https://www.reportlinker.com/p06065009/?utm_source=GNW
The North America aviation sector is experiencing significant growth in air traffic volume in terms of passenger count and aircraft fleet. This is mainly due to increase in business and leisure travel because of higher disposable income. In addition to passenger air travel, the cargo air fleet volume is consistently rising in developed countries. The constantly growing aircraft fleet volume year-on-year has been leading the aircraft operators to invest in in-flight data monitoring systems. The fleet operators are increasingly accelerating the procurement of flight data monitoring systems and software. FDM systems collect the occurrence data of the flight for fleet operators that helps identify and assess the risk. The collected information is benefiting operators in managing operations, fuel efficiency, risk management, and adherence to standard operating procedures. The quality assurance personnel and maintenance technicians are using the FDM to enhance safety and operational efficiency while managing the fleet. Ensuring safety in flight has utmost importance in the aviation industry owing to which the demand for FDM is surging with increasing aircraft deliveries. The FDM market growth can be attributed to increasing air traffic in developing economies, rising production of commercial aircraft, and increasing use of data analytics in flight operations. The biggest giants in the aerospace industry, such as Airbus and Boeing, are substantially involved in the production of commercial aircraft. They design, manufacture, and sell commercial aircraft along with fleet support services, primarily to the commercial airline industry worldwide. Rising inclination toward flight safety operations, increasing number of flight data monitoring system and service providers, and surging aircraft fleet volumes are the key factors boosting the growth of the North America flight data monitoring systems market. Additionally, rising demand for light safety solutions is among the other factors expected to fuel the demand for flight data monitoring systems in North America.
Based on component, the hardware segment led the North America flight data monitoring systems market in 2020.From the past decade, the establishment of flight data monitoring programs in major airlines of several countries has enabled flight data as the primary resources of line operations performance management.
It serves as a crucial component of the Safety Management System (SMS) in commercial airlines.The flight data comprises various parameters, which offer flight performance data during all phases of flight.
The parameters are then recorded by hardware deployed on-board.
The modern-day aircraft fleet are integrated with various hardware, such as flight data recorder and flight data acquisition unit.To record flight data, the fleet operators, drone operators, and investigation agencies require the flight data recorder, which includes rugged mission recorder, cockpit video recorder, engine-monitoring recorder, and quick access data recorders.
Several data recorders offer swift and easy access to a removable medium and can record ~2,000 parameters, which is precise and accessible for ground analysis.
The ongoing COVID-19 is having a very devastating impact across North America.The North American market suffered the huge economic loss in the first half of 2020 owing to the high number of COVID-19 cases, specifically in the US.
The economic growth has lowered that 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 country is witnessing lower export revenue.
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 country.
The low demand for aircraft created severe impact on the aircraft manufacturing companies. For instance, Boeing company expected lower demand from market than their previous prediction amid COVID-19. In new report, the company predicted 11% drop in demand from its forecast a year ago. Such lowering demand and sale of aircraft has direct negative impact on the adoption of flight data monitoring systems and services, which hinders the growth of the flight data monitoring systems market in North America.
The overall North America flight data monitoring systems market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the North America flight data monitoring systems market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America flight data monitoring systems market. Appareo, Curtiss-Wright Corporation, FLYHT Aerospace Solutions Ltd., Guardian Mobility, Honeywell International Inc., L3Harris Technologies Inc., Safran Electronics & Defense, Scaled Analytics Inc., Skytrac Systems Ltd., and Teledyne Controls LLC are among the key players operating in the market.
Read the full report: https://www.reportlinker.com/p06065009/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: firstname.lastname@example.org US: (339)-368-6001 Intl: +1 339-368-6001