The Global Aviation Digital Storage market is projected to grow at a CAGR of around 2.5% during the forecast period of 2022-27, says MarkNtel Advisors in their recent research report. The substantial growth in the Global Aviation Digital Storage market occurred between 2017 & 2019 as a result of mandatory installations of flight data recorders, cockpit voice recorders, etc., in order to facilitate accident investigations. North America, Asia-Pacific, and the Middle East have been the top spenders across the globe. As a result, digital storage devices have become widely popular across the globe due to the increase in military aircraft orders.
Furthermore, as a result of the COVID-19 pandemic, aircraft orders and fleets were delayed and canceled in 2020, resulting in a market decline. However, the demand for flight data recorders remained consistent by military aircraft such as fighter jets, combat helicopters, attack helicopters, and so on, globally, owing to the burgeoning defense expenditure on military aircraft by countries such as India, China, the US, Spain, Germany, etc.
Additionally, several companies reduced aircraft demand due to the implementation of travel restrictions. Furthermore, a growing number of countries have also increased their military aircraft purchases due to rapidly changing geopolitics, security concerns, and the need for combat, transport, and surveillance aircraft. Hence, favorably impacts the growth of the Global Aviation Digital Storage market, further states the research report, "Global Aviation Digital Storage Market Analysis, 2027."
Military Aircraft to Emerge as a Dominant Performer in the Global Aviation Digital Storage Market
Based on the Aircraft Type, the market bifurcates into Commercial Aircrafts & Military Aircrafts. Of them, Military Aircraft held the majority of the Aviation Digital Storage market share in the historical years. There are a number of factors affecting the exponential growth of the segment, including the increasing need for the replacement of obsolete fighter jets with technologically advanced fighter aircraft, as well as the increasing defense budgets of governments, which have resulted in a proliferation of new aircraft procurement requirements. For instance, according to SIPRI, the US government released a USD731.75 billion defense budget in 2019, which was 7.22% higher than the previous year.
In response to the rising defense budget, various countries such as the US, Canada, India, Finland, etc., have procured more aircraft and strengthened their military fleets. Hence, these dynamics are further impacting the market for digital aviation storage for capturing flight data that could be used for investigative purposes during an accident.
North America to Experience Profound Growth Due to Growing Technological Advancements
Geographically, North America witnessed substantial growth in the Aviation Digital Storage market during 2017-21. The growing technological advancements, such as the deployment of next-generation navigation systems, radar, and others, in both military & commercial aircraft, as a means of providing better communication between on-ground stations & off-ground aircraft, are attributed to market growth. As a result, there is a greater need for aircraft to be equipped with advanced data storage systems to manage the recorded data derived from voice recordings & other information loads, as well as to provide greater processing & recording power & security.
Furthermore, as the number of aircraft incidents increased across the world, there is a greater demand for advanced digital storage equipment to be installed in passenger aircraft to assist regulatory bodies of investigation, hence anticipated to positively affect the Aviation Digital Storage market growth during the forecast period, reveals MarkNtel Advisors in their research report, "Global Aviation Digital Storage Market Analysis, 2027 Analysis, 2027."
According to MarkNtel Advisors, the leading players in the Global Aviation Digital Storage Market are Curtiss-Wright Corporation, Collins Aerospace, L3Harris Technologies, Inc., Honeywell International Inc., Leonardo DRS, GE Aviation, Elbit Systems, Safran S.A., Niron Systems & Projects, ACR Electronics Inc., Aviatech LLC, and Others.
Key Questions Answered in the Study