Market Trends of Flight Data Monitoring Industry
This section covers the major market trends shaping the Flight Data Monitoring Market according to our research experts:
On-board Segment Dominates the Market in terms of Share
The on-board segment currently dominates the market ,and it is expected to continue its dominance during the forecast period. This is majorly due to the increasing procurement of new aircraft in commercial and military sectors. As of April 2020, Airbus had 7,645 aircraft on the backlog, with more than 80% of these orders for A320 Family aircraft. A350XWBs and A220s account for approximately 14% of the order backlog. The planned aircraft deliveries of new aircraft programs like Boeing 777X, COMAC C919, and MC-21 in the coming years is anticipated to further propel the demand for commercial aircraft flight data monitoring systems. Also, the increasing demand for commercial helicopters for various applications like search and rescue operations and private transport among others are generating demand for rotary-wing FDM systems. Military aircraft like Eurofighter Typhoon, Lockheed Martin F-35 Lightning II, A-400M, etc., also have planned deliveries in Europe, Asia-Pacific, and Middle-East and Africa regions in the coming years, which are expected to accelerate the demand for on-board FDM during the forecast period.
Asia-Pacific is Expected to Generate the Highest Growth Rate During the Forecast Period
The Asia-Pacific region is anticipated to register the highest CAGR during the forecast period, mainly due to new aircraft deliveries to airlines as well as to the armed forces of major countries, like China, India, Japan, and South Korea, among others, during the forecast period. Also, according to the Boeing forecast, Asia-Pacific will account for about 40% of the new aircraft deliveries over the next two decades. This will simultaneously increase the demand for flight data monitoring systems. Also, the increasing fleet of aircraft is generating the demand for flight data monitoring services. Earlier in 2015, AirAsia signed an agreement with FLYHT for installing original hardware and service on additional 100 aircraft. AirAsia is one of the largest customers of FLYHT Aerospace Solutions Ltd. The aforementioned factors are anticipated to propel the growth of the market in the region.
