The flight data monitoring systems market size is projected to reach US$ 8.12 billion by 2031 from US$ 4.7 billion in 2023. The market is expected to register a CAGR of 7.1% in 2023–2031. Rising investment towards the expansion of aviation fleets across the globe by key aircraft operators and government initiatives towards the expansion of airport infrastructure are among the key trends driving the flight data monitoring systems market.
The global aviation industry is experiencing significant growth due to the increased number of international and domestic flights. This, in turn, is propelling the growth of the flight data monitoring market. An increasing number of aircraft generates the demand for advanced flight data monitoring (FDM) systems and services to improve the operational safety of an aircraft. The importance of flight data monitoring is growing as modern aircraft come with connected systems, which require data-collecting tools. The growing importance of data analytics in flight operations to enhance flight performance and safety is mounting the demand for flight data monitoring solutions. Flight data monitoring ensures operational safety by collecting the flight data during or post-flight. Further, increased safety standards and improved guidelines for aircraft fleet operators are enhancing the importance of flight data monitoring systems.
The flight data monitoring systems market has been displaying a growing trend for the past 10 years, and it is projected to reflect a similar trend during the forecast period. Significant investments in data analytics technologies in the aviation industry majorly drive the growth of the market. The growth rate of technological transformation in the aviation industry has been outstanding, which has stimulated the demand for various products and services. There is an increase in the adoption of flight data monitoring solutions in commercial aircraft owing to a rise in demand for operational safety and data analysis to improve flight efficiency. An increasing number of fatal accidents recorded by the US Helicopter Safety Team (USHST) highlighted the importance of flight data monitoring solutions. Moreover, advancements in flight data monitoring systems are helping in mitigating the risk of accidents and improve operational safety.
The aviation industry is witnessing a huge adoption of data analysis owing to the rising integration of blockchain, the Internet of Things (IoT), automation, artificial intelligence (AI), and big data analytics. The advanced software integration in aircraft systems is boosting aircraft performance and safety and reducing maintenance costs. The predictive analysis performed using flight data is helping aircraft operators to improve the safety of flight operations. The enhanced storage capacity of the hardware and integration of advanced software tools are boosting the flight data monitoring (FDM) systems performance. The insightful data achieved through flight monitoring devices helps aircraft operators improve operational efficiency and safety and reduce maintenance costs. The data would allow the operators to identify areas of operational risk by highlighting occurrences of non-standard, unusual, or unsafe circumstances. Thus, with the help of this data, preventive actions can be taken to mitigate the risk of unsafe events.
The demand for operational safety is surging in the rotary-wing aircraft sector, specifically for helicopters used in public and private services. To meet this emerging demand, market players are introducing advanced helicopter flight data monitoring (HFDM) systems and services. Further, the increasing ratio of fatal accidents registered by the USHST is supporting the adoption of HFDM systems to improve operational safety. For instance, the USHST strongly recommends HFDM in order to prevent fatal rotorcraft accidents triggered due to unintended instruments, meteorological conditions, loss of control in flight, and low altitude. According to the USHST, the FDM solution benefits helicopter operators by improving safety by collecting data on normal and off-nominal operations. Responding to the need for operational safety, leading market players are introducing advanced HFDM solutions for helicopter fleet operators. For instance, in January 2021, Bell Textron Inc.—a company of Textron Inc.—introduced a new supplemental type certificate for a newly developed device, QuantiFLY. This new aircraft device is a lightweight and fully automatic flight data monitoring solution designed for Bell 407GXi and Bell 429 aircraft. This smart helicopter solution offers actionable data to enhance flight experience and greater visibility into flight operations for safety drives.
Key segments that contributed to the derivation of the flight data monitoring systems market analysis are component, solution type, and end user.
The geographic scope of the flight data monitoring systems market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East and Africa, and South America.
North America will dominate the flight data monitoring systems market in 2023. The North America region includes the US, Canada, and Mexico. This is owing to the presence of major aircraft manufacturers in the region which include 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 an increase in international and domestic air travel passengers, substantial growth in GDP, technological advancements, and a 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 from 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.
Furthermore, the US has the largest aerospace industry across the globe. Based on the FAA, the total commercial aircraft fleet is projected to reach 8,270 by 2037. The strong exports of aircraft components to countries such as China, France, and Germany, along with strong consumer spending in the country, have been propelling the manufacturing activities in the country's aerospace industry, which in turn is anticipated to boost the market for flight data monitoring systems.
The regional trends and factors influencing the Flight Data Monitoring Systems Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Flight Data Monitoring Systems Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 4.7 Billion |
| Market Size by 2031 | US$ 8.12 Billion |
| Global CAGR (2023 - 2031) | 7.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Flight Data Monitoring Systems Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Flight Data Monitoring Systems Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The flight data monitoring systems market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for flight data monitoring systems market and strategies:
The “Flight Data Monitoring Systems Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: