(MENAFN- PR Newswire) Increase in air traffic across the world, modernization of air traffic management infrastructure, and greater need for improved air safety drive the growth of the global air traffic management market.
PORTLAND, Ore., Nov. 25, 2022 /PRNewswire/ --
Allied Market Research published a report, titled,
'air traffic management market by System (Air Traffic Services, Air Traffic Flow Management, Others), by Application (Communication, Navigation, Surveillance, Automation and Simulation), by Offering (Hardware, Software and Services), by End Use (Commercial, Military, Others): Global Opportunity Analysis and Industry Forecast, 2021- 2031'. According to the report, the global air traffic management
industry generated $8.8 billion in 2021, and is anticipated to generate $17.7 billion by 2031, witnessing a CAGR of 7.5% from 2022 to 2031.
Download Free Sample Report -
Prime determinants of growth
Increase in air traffic across the world, modernization of air traffic management infrastructure, and greater need for improved air safety drive the growth of the global air traffic management market. However,
potential risks associated with cyber threats and high cost of traffic management infrastructure restrict the market growth. Moreover, technological advancements and greater demand for air traffic solutions from emerging nations present new opportunities in the coming years.
Covid-19 Scenario
The outbreak of the Covid-19 pandemic had a negative impact on the global air traffic management market, owing to implementation of the global lockdown. With relaxation of restrictions and reduction in cases in the post-pandemic, there has been increased focus in modern digital ATM solutions to improve efficiency and environmental sustainability in aviation. In June 2022, the Canadian government announced contribution of up to $39.2 million to enhance safety, & performance of Canada's air transportation system. Canadian government will contribute up to $34.5 million to implement technology to enhance air traffic management. In addition, the Canadian government will also contribute up to $31.2 million to enhance infrastructure & technology at four airports such as Montreal-Trudeau International Airport, Toronto Pearson International Airport, Calgary International Airport, and Vancouver International Airport.
The air traffic services segment to maintain its leadership status throughout the forecast period
Based on system, the air traffic services
segment held the highest market share in 2021, accounting for more than two-thirds of the global air traffic management market, and is estimated to maintain its leadership status throughout the forecast period. Air
traffic
services are utilized to efficiently regulate the flow of
aircrafts in real-time to ensure their safe operations, which drives the segment.
The report also discusses segments including air traffic flow management, and others.
Interested to Procure the Research Report? Inquire Before Buying -
The communication segment to maintain its leadership status throughout the forecast period
Based on application, the communication
segment held the highest market share in 2021, accounting for around two-fifths of the global air traffic management market, and is estimated to maintain its leadership status throughout the forecast period. Numerous countries across the globe are focusing on improving communication systems of the
airports in their region to enhance
airport operations, which fuels the growth of the segment.
However, the automation and simulation
segment is projected to manifest the highest CAGR of 9.5% from 2022 to 2031. It is because several companies provide numerous types of
air
traffic
control (ATC) simulation and training systems for training purposes.
The hardware segment to maintain its lead position during the forecast period
Based on distribution channel, the hardware segment accounted for the largest share in 2021, contributing to more than two-thirds of the global air traffic management market, and is projected to maintain its lead position during the forecast period. This is owing to wide usage of hardware components such as secondary surveillance radar (SSR), display systems, primary surveillance radar (PSR), control tower simulator (CTS), radio modems & transceivers, meteorological sensors, flight data information display equipment, holographic radar, surface movement radar, and others. However, the software & services segment is expected to portray the largest CAGR of 10.8% from 2022 to 2031.
Numerous companies operating in
air
traffic
management
market
are receiving contracts to develop software which can implement
air
traffic
management
system concepts. This factor boosts the growth of this segment.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for around one-third of the global air traffic management market, and is likely to dominate the market during the forecast period. In addition, the same region is expected to witness the fastest CAGR of 8.5% from 2022 to 2031, owing to factors such as rise in passenger
traffic, and construction of new
airports. Other regions discussed in the report include North America, Europe, and LAMEA.
Leading Market Players: -
Indra Sistemas, S.A. Saab AB Thales Honeywell International Inc. Raytheon Technologies Corporation, Lockheed Martin Corporation Northrop Grumman Corporation Advanced Navigation and Positioning Corporation BAE Systems plc L3Harris Technologies, Inc.
Procure The Research Report -
Similar Reports We Have on Aviation Industry :
air traffic control market size
To Reach $11.50 billion, at 4.1% CAGR During 2022-2027
air traffic management hardware market
Research Report 2022-2030
air traffic management software market
Research Report 2022-2030
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of 'market research reports ' and 'Business Intelligence Solutions.' AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa5933 NE Win Sivers Drive#205, Portland, OR 97220United States USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022 UK:
+44-845-528-1300 Hong Kong:
+852-301-84916 India (Pune):
+91-20-66346060 Fax:
+1(855)550-5975[email protected] Web:
Follow Our Blog:
Logo:
SOURCE Allied Market Research