Global Flight Data Monitoring Market Grows Steadily at a CAGR of 5.31%

Flight data monitoring is a system that records flight data to enhance the safety of flight operations. Programs that monitor flight data assist in identifying, assessing, and resolving operational risks, identifying trends, and investigating emergencies. Monitoring flight data stores information that may be required for future investigations. Additionally, it routinely captures flight data to enhance the security of fleet operations. Market Dynamics Increasing Air Passenger Traffic and Subsequent Increase in the Number of Aircraft Drive the Global Market Over the past couple of years, aviation passenger traffic has increased considerably on a global scale. This growth has been impacted by decreasing airfares, rising per capita disposable incomes, particularly in developing nations, and improving living standards. By 2036, the International Aviation Transport Association (IATA) projects that global air traffic will have more than doubled. Airlines have outfitted their fleets with sophisticated flight monitoring systems to improve aircraft tracking and data retrieval. In addition, flight data monitoring enables appropriate action by assessing recorded data on flight performance, issues, and operations. Consequently, the expansion of the global flight data monitoring market would be driven over the forecast period by the increase in passenger traffic and the consequent need for new aircraft from established and rising airlines. Growing Need for Real-Time Monitoring Creates Tremendous Opportunities To prevent accidents, airplane manufacturers are enhancing aircraft security systems. Passengers are also provided with real-time flight information by airport officials. This real-time tracking technology plays a crucial role when a flight has an unanticipated system breakdown or malfunctions. By consulting with the airport's air traffic manager, the pilot has adequate time to remedy the situation during such an emergency. This real-time tracking device can assist the pilot in landing the aircraft at the closest airport to avert a catastrophic travel catastrophe. Due to the rising demand for real-time monitoring, there will be growth opportunities for firms operating in the global flight data monitoring market over the forecast period. Regional Analysis North America is the most significant shareholder in the global flight data monitoring market and is anticipated to grow at a CAGR of 4.16% during the forecast period. High product demand from players in the United States and Canada is the primary driver of regional market expansion. The industry's growth is expected to be helped by the rising profits of airlines with headquarters in the area. However, the ongoing COVID-19 epidemic is projected to impede regional market expansion. Due in part to the existence of well-known companies like Curtiss-Wright Corporation and L3Harris Technologies, Inc., the US market is booming. The US government will likely provide financial assistance to several airlines to mitigate the effects of the crisis, assure the continuation of essential aviation services, and save jobs. Asia-Pacific is expected to grow at a CAGR of 6.45% over the forecast period. Asia-Pacific is expected to become the world's largest air travel market as the region gains significance in the global aviation industry. Airbus SAS predicts that more than 16,000 aircraft will be delivered in Asia-Pacific by 2035, which would benefit the regional market's expansion. Moreover, according to IATA figures, China will soon surpass the United States and become the largest market for air passenger traffic. In addition, IATA predicts that by 2035, India's air passenger traffic will overtake that of the United Kingdom and become the third-highest in the world, with a total of 442 million passengers. Increasing domestic air passenger traffic is also anticipated to contribute to market expansion. In addition, the introduction of new international routes by domestic airlines and the modernization of airline services are expected to boost the flight data monitoring industry in the Asia-Pacific region. Key Highlights The global flight data monitoring market was valued at USD 4,540 million in 2022. It is estimated to reach USD 7,232 million by 2031, growing at a CAGR of 5.31% during the forecast period (2023–2031). By solution, the global flight data monitoring market is divided into onboard and on-ground. The onboard segment is the highest contributor to the market and is expected to grow at a CAGR of 4.81% during the forecast period. By end-user, the global flight data monitoring market is divided into fleet operators, drone operators, FDM service providers, and investigating agencies. The fleet operators segment owns the highest market share and is estimated to grow at a CAGR of 4.86% over the forecast period. By component, the global flight data monitoring market is divided into FDM service, FDM software, and FDM system. The FDM service segment is the highest contributor to the market and is anticipated to grow at a CAGR of 5.76% during the forecast period. North America is the most significant shareholder in the global flight data monitoring market and is anticipated to grow at a CAGR of 4.16% during the forecast period. Competitive Players The key players in the global flight data monitoring market are Safran Teledyne Controls LLC Curtiss-Wright Corporation Guardian Mobility Flight Data Systems Pty Ltd FLYHT Aerospace Solutions Ltd SkyTrac Systems Ltd Scaled Analytics Inc. L3Harris Technologies, Inc. Flight Data People Market News In September 2022, Safran Data Systems and Contec announced an agreement for the 2023 installation of an optical ground station in Western Australia. Safran Data Systems has been chosen to provide Contec with an optical ground station as part of this development. In October 2022, Safran said that the Swedish Space Corporation had chosen Safran Data Systems to expand its worldwide network of Lunar Exploration Ground Sites (LEGS) to meet the new needs of the space industry for communications on the moon. Global Flight Data Monitoring Market: Segmentation By Solution Onboard On-Ground By End-User Fleet Operators Drone Operators FDM Service Providers Investigating Agencies By Component FDM Service FDM Software FDM System By Regions North America Europe Asia-Pacific Latin America The Middle East and Africa