Market Research Report
Global Air Traffic Management Market - Technologies, Market share and Industry Forecast to 2024
|Published by||Occams Business Research & Consulting Pvt. Ltd.||Product code||668149|
|Published||Content info||240 Pages
Delivery time: Inquiry
|Global Air Traffic Management Market - Technologies, Market share and Industry Forecast to 2024|
|Published: June 11, 2018||Content info: 240 Pages||
Air traffic management is a service incorporating all systems that provides assistance to aircraft to depart from an airdrome, fly airspace, and finally land at the destination airdrome. OBRC analysis estimates, global air traffic management market is expected to grow at a CAGR of 11.53% over the forecast period 2017-2024. Rising airspace congestion, modernizing air traffic management infrastructure and development of new airports Infrastructure are some of the major factors driving air traffic management market across the globe. However, high cost of implementation of air traffic management devices works as a major restraint to the market. Also, probability of cyber threats and failure of air traffic system during peak hours works as a major challenge to the global air traffic management market.
Rising airspace traffic is the major factor compelling airports to install modern devices to effectively control air traffic. As per International Air Transport Association (IATA), global number of air travelers was assessed at 3.8 billion in 2016, and is expected to reach 7.2 billion by 2035. Furthermore, adoption of air traffic management system has helped in reducing fuel consumption, aviation emissions, efficiently controlling the air traffic and reducing the travel time and delays. Decreasing air fuel price and cost of travel is further fueling up adoption of air mode of communication. As per IATA (U.S.), airline fuel cost (scheduled carriers) has been reduced from about $118 per barrel to $83 per barrel over the period of 2011-2017.
North America accounts the largest market share in global air traffic management market owing to the initiatives taken by Federal Aviation Administration (FAA) to increase the efficiency of air traffic control systems and lessen the aviation emissions and technology advancements occurred in air traffic control devices. For instance, in 2017, Nav Canada Corporation announced to invest $170 million in improvement of air traffic management technology, modernizing communication devices, surveillance infrastructure and new business systems. However, Asia Pacific is expected to grow at highest market rate owing to increase in adoption of technology to enhance the security and efficiency of the air traffic control system.
Raytheon Company (U.S.), Thales Group (France), Indra Sistemas, S.A. (Spain), Harris Corporation (U.S.), Saab AB (Sweden), Honeywell International, Inc. (U.S.) and others are some of major market players of the global air traffic management market. Companies in global air traffic management market use various strategies such as merger & acquisition, research and development, collaboration, expansion, agreement, partnership launches to maintain their position in global air traffic management market.