USD 16.6 Billion
by
2030
, growing at a CAGR of
12.8%
during the forecast period. This growth is attributed to several factors, including increasing air traffic, growing focus on safety and security, and the adoption of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML).
The
Flight Data Monitoring market
can be segmented based on various parameters such as component, application, and region. The component segment includes hardware, software, and services. The hardware segment is further divided into Flight Data Recorders (FDR) and Quick Access Recorder (QAR). The software segment includes data analysis tools, reporting and visualization tools, and predictive maintenance tools. The services segment offers installation, configuration, integration, and support services.
Based on application, the Flight Data Monitoring market can be segmented into engine health monitoring, flight operations optimization, safety management, and others. Engine health monitoring is further divided into turbofan engines and turboprop engines. The flight operations optimization segment includes fuel management, navigation, and air traffic control. The safety management segment focuses on accident prevention and reduction of operational risks.
Geographically, the Flight Data Monitoring market can be segmented into North America, Europe, Asia Pacific, and Rest of the World. North America is expected to dominate the market due to early adoption of advanced technologies and stringent safety regulations. Europe follows closely with a significant share due to increasing air traffic and growing focus on safety and security. Asia Pacific is expected to witness the highest growth during the forecast period due to increasing air traffic, expanding aviation industry, and increasing focus on safety and efficiency.