The Aircraft Flight Recorder Market size is expected to grow from USD 107.04 million in 2023 to USD 135.25 million by 2028, at a CAGR of 4.79% during the forecast period (2023-2028).
The aircraft flight recorder market primarily depends on the demand for new aircraft. The COVID-19 pandemic severely affected the commercial aviation industry. The decreased demand from airlines resulted in reduced orders for new aircraft in the past years. Disruptions in supply chains witnessed in the second and third quarters of 2020 around the world have posed challenges to players in the market. The aviation industry is recovering, and procurement of new aircraft is being done on a large scale across regions. This is likely to generate demand for the entire aircraft supply chain, including the aircraft flight recorder.
The amendments in regulations for installing new flight recorders (underwater locating devices and aircraft localization) are being implemented by regulatory bodies like EASA and ICAO. As a result, several airlines are complying with new regulations. This is expected to propel investments by companies in new products aligning with these regulations and demand for new recorders from aircraft OEMs and operators.
The aircraft flight recorder market is consolidated in nature, with few players holding significant shares in the market. Some prominent market players are L3Harris Technologies, Inc., Curtiss-Wright Corporation, Elbit Systems Limited, Safran, and Leonardo S.p.A, amongst others. The key players in the market are focusing on the development of advanced aircraft flight recorder systems.
Moreover, various manufacturers are now using advanced materials to develop aircraft flight recorder systems such that these systems can survive in extreme situations. Growing expenditure on research and development and the introduction of new materials in the development of advanced aircraft flight recorders will lead to the creation of better opportunities in the coming years.
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