Flight Data Monitoring Market 2020 Global Trends, Demand, Segmentation and Opportunities Forecast To 2027
Market Overview
Global Flight Data Monitoring Market is expected to reach USD 5,393.86 Million by 2027 at a CAGR of 5.11% during the forecast period. In its report, Market Research Future (MRFR) offers an in-depth look into the market during the review period.
Factors such as the increasing air traffic and subsequent rise in the number of aircraft deliveries, focus on flight safety, need for constant aircraft monitoring, and rising adoption of ADS-B system are driving the growth of the global flight data monitoring market.
Regional Analysis
Flight Data Monitoring Market has been studied for five key regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
North America dominates the flight data monitoring market, accounting for a value of USD 1,247.82 million in 2019. The regional market value is projected to reach USD 1,595.22 million by 2027 at a 3.96% CAGR during the study period. North America comprises the US and Canada. The presence of key companies, such as Guardian Mobility and Curtiss-Wright Corporation, has resulted in the dominance of the regional market.
Asia-Pacific was the second-largest market with an estimated value of USD 1,092.36 million in 2019 and is expected to reach a projected value of USD 1,641.22 million by 2027, registering the fastest CAGR of 6.25% CAGR during the forecast period. The Asia-Pacific flight data monitoring market includes China, Japan, India, South Korea, and the rest of Asia-Pacific. Countries such as China and India are witnessing a considerable rise in the number of aircraft deliveries due to the growing air traffic, which, in turn, is propelling the growth of the region.
Europe accounted for the third-largest market share in 2019. It is anticipated to witness significant-growth for flight data monitoring during the review period. The European flight data monitoring market includes the UK, Germany, France, Italy, and the rest of Europe. European countries are witnessing a rise in the number of drone operators. Furthermore, the increasing focus on safety on flight operation is also attributing to regional growth. The regional flight data monitoring market is expected to reach USD 1,129.36 million by 2027
The market in the Middle East & Africa is expected to reach a valuation of USD 545.63 million by 2027. The growth of the Middle Eastern market can be attributed to the rising adoption of International Civil Aviation Organization (ICAO) norms in-flight safety by the Middle Eastern and African airlines.
The Latin American market is expected to reach a valuation of USD 482.44 million by 2027. The regional market growth is significantly driven by major countries, including Brazil and Mexico. The growth of the Latin American flight data monitoring market can be attributed to growing tourism in Brazil and other Latin American countries.
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Segmental Analysis
Extensive research has been conducted on the Global Flight Data Monitoring Market, which has been segmented by Solution, End User, and Component.
Based on solution, the global flight data monitoring market has been segmented into on board and on ground. The on board segment dominated the market with an estimated valuation of USD 2,381.23 million in 2019, and the segment is expected to register a CAGR of 4.61% during the forecast period. The on ground segment is expected to exhibit the higher CAGR of 5.87% during the forecast period.
By end user, the global flight data monitoring market has been classified into fleet operators, drone operators, FDM service providers, and investigation agencies. The drone operators segment is expected to exhibit the highest CAGR of 6.42% during the forecast period.
Based on component, the global flight data monitoring market has been classified into FDM service, FDM software, and FDM system. The FDM service segment held the major market share and was valued at USD 1,700.84 million in 2019.
Competitive Analysis
The Prominent Players profiled in the Global Flight Data Monitoring Market are Curtiss-Wright Corporation (US), Teledyne Controls LLC (US), Safran (France), Guardian Mobility (Canada), Flight Data Systems Pty. Ltd. (Australia), FLYHT Aerospace Solutions Ltd. (Canada), SKYTRAC SYSTEMS LTD. (Canada), Scaled Analytics, Inc. (Canada), Flight Data Services Ltd. (UK), and FlightDataPeople (UK). Mergers, acquisitions, and collaborations are some of the key growth strategies adopted by these companies to stay competitive in the market.
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