ID: MRFR/A&D/5572-HCR | 100 Pages | Published By Swapnil Palwe on March 2023
Air Traffic Control Equipment Market Size Valued at USD 13.1 Billion, market Grow at a CAGR Of 5% by 2020 -2030
$13.1 Billion
5%
North American
2020-2030
Air Traffic Control Equipment Market Overview
Air Traffic Control Equipment Market Size Valued at USD 13.1 Billion, market Grow at a CAGR Of 5% by 2020 -2030
The air traffic control equipment market will grow at a CAGR of 6% by during the focrecast period. Compared to all other kinds of transportation, air travel is regarded as the safest. Moreover, as the world's population grows, the requirement for more airports to support air transportation is expected to rise, propelling the air traffic control industry. Air traffic control equipment is used to regulate airspace traffic; ground-based air traffic controllers supervise pilots to manage the airline or aircraft and assure its safety.
Passenger traffic at airports is extremely high, and it continues to rise year after year. More than 70% of the world's aviation passenger traffic passes through large and medium-sized airports. As a result, the money generated by airports is directly proportionate to the number of passengers handled. During the projected period, the expansion of the air traffic control equipment market would be aided by rising passenger traffic and the need for new aircraft. Because of the rising number of air passengers, governments in both developed and developing countries attempt to improve technology in several airports.
COVID19 analysis
According to the Air Traffic Control Equipment Market Analysis, airports across the globe remain shut due to pandemics. Only a few airlines were allowed for the movement, which influenced the market's growth. The international travel remained shut, which led to less passenger travel in the air medium, severely impacting the air traffic control equipment market. The sudden drop in travel affected the ecosystem comprising of airports, airlines, manufacturers, and suppliers, which affected the market. COVID 19 affects the air traffic control equipment market negatively. Chief variables existing in the market
Key market drivers
The increasing travel in each country over the past few years is expected to drive the market's growth. As the air traffic increases, the demand for air traffic control equipment also increases, driving the market in the forecast period. The increasing safety in aircraft and government orders for airport modernization and improvement of technologies in the air travels enhance the market's growth. It is expected the drives would improve the Market Share in the forecast period. Several authorities are improving the use of aircraft surveillance in the aviation industry to increase the market's growth.
Market challenge
Air traffic control equipment is a new and innovative technology that requires high-quality materials and a skilled workforce. The cost of the equipment is high as the growing demand for less cost equipment is increasing. It becomes a challenge for the market to make it cost-effective. Improving the air traffic control equipment due to the threat of cyber security becomes a challenge for the market. The impact of Air Traffic Control Equipment Market value is based on the market challenges.
Opportunities in the global market
New product development in remote and digital towers needs artificial intelligence in the military and navy sectors. Developing a satellite-based air traffic control system would open opportunities for the market in the forecast period. For the new market players, the improvisation of the airports and the need for new aircraft would open new opportunities for the market's revenue.
Restrains
Recently with the growing technology in different sectors like the use of information and communication technology in air traffic management and the use of different control systems in the aircraft improves the threat of cyber security, which leads to loss of sensitive data and becomes a market restrain for the air traffic control equipment market. The high cost of traffic control equipment would significantly decrease market growth. The lack of skilled professionals is also a restrain for the market.
Cumulative evaluation of the market
According to Air Traffic Control Equipment Market trends, the market will enhance in the forecast period. Cumulative evaluation of the market shows the market's growth in the forecast period with the market growth factors. The air traffic control equipment is a tremendous product for aircraft and airspace management, improving aircraft security and reducing the aircraft's collision. With the growing traffic for air travel, it becomes important to use air traffic control equipment. Different market drivers and opportunities will improve the market growth and open up new opportunities for the market. Restrains and challenges may negatively impact the air traffic control equipment market.
Overview of the main market segments
Based on type, the air traffic control equipment is segmented into communications equipment, navigation equipment, and surveillance equipment. The surveillance segment held the largest market share in 2017 due to the growing technology in aircraft. The continuous increase of passenger traffic needs surveillance for aircraft safety, which increases the segment's growth. It is expected that the communication equipment segment will register the highest market share in the forecast period. As the number of aircraft increases, it becomes important for aircraft to maintain better communication facilities for the smooth run of aircraft.
The segment end-user of the air traffic control equipment market is divided into commercial and military. With the growing number of passengers in commercial airlines, the commercial sector would witness the highest market share in the forecast period. The commercial segment also held the highest CAGR in 2017. The military segment is expected to witness growth in the forecast period.
The air traffic control equipment market has been spread in North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America. The dominance of major players like harris corporation, Raytheon company, etc., in the North American region, improves the overall market growth.
In 2017 North America held the largest market share due to the growing development in Canada and USA. By 2035, it is expected that approximately 10,000 new aircraft will be in service in the region. With the growing passenger traffic, the regions India and China is planning to improve the airport infrastructure to make it better for the passenger, due to which it is expected that the Asia Pacific region will surpass every region and increase the air traffic control equipment market in the forecast period. Air Traffic Control Equipment Market forecast shows each region will improve in market size shortly.
Competitive intensity in the market
The competitive intensity of the market shows the competition of different market players in the air traffic control equipment market. There are several market players in every region driving the market's growth. The key market players would improve the market's growth rate in the forecast period. According to Air Traffic Control Equipment Market Outlook, the prominent market players are
Recent Development
Market overview
The air traffic control equipment market is increasing with a high growth rate and passenger traffic in several airports. There has been the development of infrastructure in each region's new and old airports, which improves the market value.
The report suggests information fetched with proper research and keeping each factor in mind. The report provides a clear view of the air traffic control equipment market based on every segment mentioned in the report. The report consists of a market overview, covid 19 analysis, different key segments, drivers, opportunities, challenges, restraints, regional analysis, competitive intensity, and recent market developments that positively and negatively affect the market. Different market players interested in investing in the market should keep all the factors in mind.
Key industrial segments
The global air traffic control equipment market share is being risen by some of the top key players such as Thales Group, Searidge Technologies, and Aquila Air Traffic Management Services.
At 6% CAGR, the global air traffic control equipment market would witness its optimum growth in future.
The air traffic control equipment market will be rapid growth during the forecast period 2018 to 2023.
The major factors driving the growth of the air traffic control equipment market are increasing requirement of new aircraft by airlines and rise in passenger traffic with successive demand for new aircraft from existing and new airlines.
Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America are the regions acquired the most shares of the air traffic control equipment market.