Global Flight Data Monitoring Market Size Forecast 2024 - 2033
23 Dec, 2024
What Is The Scope Of The Global Flight Data Monitoring Market?
Flight data monitoring (FDM), also known as flight operational quality assurance (FOQA), is a safety management tool used in the aviation industry for capturing, analyzing, and visualizing data generated by an aircraft as it travels from one location to another. This procedure requires collecting flight data to develop solutions to improve flight safety and operational efficiency in the aviation sector.
Flight Data Monitoring Global Market Report 2024 provides data on the global flight data monitoring market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The flight data monitoring market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Flight Data Monitoring Market?
The flight data monitoring market has expanded significantly, growing from $5.50 billion in 2023 to $6.01 billion in 2024, reflecting a CAGR of 9.3%. Key drivers include increased air travel, enhanced safety standards, and regulatory compliance. The market is expected to reach $8.65 billion by 2028 at a CAGR of 9.5%, driven by rising demand for real-time monitoring, efficient maintenance, and technological advancements in data analytics and AI.
What Are The Core Factors Supporting Growth In The Flight Data Monitoring Market?
The increased activity in air transportation is expected to drive the growth of the flight data monitoring market. Air transportation is essential for economic growth, connectivity, tourism, and infrastructure development. Flight data monitoring systems are crucial for airlines to ensure regulatory compliance and safety by capturing, analyzing, and reporting flight data. For instance, the Bureau of Transportation Statistics reported in March 2023 that U.S. airlines transported 853 million passengers in 2022, a 30% increase from 2021. Therefore, the rising air transportation activity is contributing to the growth of the flight data monitoring market.
Get Your Free Sample of the Global Flight Data Monitoring Market ReportWhat Are The Major Segments Within The Global Flight Data Monitoring Market?
The flight data monitoring market covered in this report is segmented –
1) By Component: Flight Data Monitoring (FDM) Service, Flight Data Monitoring (FDM) Software, Flight Data Monitoring (FDM) System
2) By Solution: Onboard, On-Ground
3) By End-User: Fleet Operators, Drone Operators, Flight Data Monitoring (FDM) Service Providers, Investigating Agencies
Which Trends Are Expected To Transform The Flight Data Monitoring Market?
Companies in the flight data monitoring industry are developing advanced solutions like flight data acquisition interface units (FDAIU) to improve data acquisition and ensure compatibility with modern aviation recording systems. FDAIU is essential for collecting, sampling, and digitizing analog signals from aircraft systems. For example, in March 2022, Flight Data Systems Pty. Ltd., a US-based company, launched an FDAIU to upgrade outdated flight data recorders with its SENTRY series of recorders. This retrofit solution modernizes data recording systems, offering a cost-effective way to improve data collection and analysis in the flight data monitoring field.
What Is The Fastest Growing Region In The Flight Data Monitoring Market?
North America was the largest region in the flight data monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the flight data monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.