SELBYVILLE, Del. - January 21, 2021 - (Newswire.com)
Global Market Insights, Inc. has recently added a new report on the air traffic management market which estimates the market valuation for air traffic management will cross US $10 billion by 2027. The growing tourism sector across the globe is anticipated to fuel the industry demand. Airliners are increasing their destinations and flight routes, augmenting global market revenue.
The air traffic management industry is facing numerous challenges due to the escalating spread of the COVID-19 pandemic around the world. Government restrictions on domestic and international travel have led to a gradual decline in the revenues of airports. However, the market size is expected to witness a steady growth by late 2021 owing to the gradual leniency in lockdown and travel restrictions imposed by various governments.
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The surveillance segment is attributed to display a strong growth potential due to the growing requirements for better management of traffic at airports. Industry players are focusing on joint ventures and agreements to install air traffic surveillance systems at airports. For instance, in July 2019, the Airport Authority of India signed a contract with Aireon LLC to install air traffic surveillance systems in Mumbai, Kolkata, and Chennai ocean airspaces to cover an area of over six million square kilometers.
Airport authorities are also focusing on installing new and technologically upgraded systems to reduce traffic congestion and promote hassle-free travel to passengers. For instance, in January 2019, NATS installed an AI-powered digital control tower at Heathrow Airport. This was done to understand if Artificial Intelligence (AI) could help in reducing flight delays.
The Middle East and Africa air traffic management market will witness significant growth during the forecast period owing to the rapid increase in airport construction activities in economies including the UAE, Saudi Arabia, Rwanda, and Tanzania. Government authorities are focusing on upgrading the facilities at the airports for smooth passenger transits. For instance, in November 2016, the Dubai government announced its plan to invest USD 3 billion to support the expansion of two airports in the country. The projects are estimated to be completed by 2025 and will be able to serve 146 million passengers in a year.
Major players operating in the air traffic management market are Leonardo S.p.A., BAE Systems, Northrop Grumman Corporation, Honeywell International, Inc., Lockheed Martin Corporation, L3Harris Corporation, and Thales Group. These players are focusing on strategic collaborations and partnerships to enhance their business operations. For instance, in June 2018, Honeywell collaborated with the Airport Authority of India (AAI) to upgrade the air traffic management system with a new voice recognition software across the region.
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Some major findings in the air traffic management market report include:
- Growing demand for systematic air traffic management systems to minimize the risk of accidents in airports is driving the industry size growth.
- Hardware components required for air traffic management will witness a steady growth rate owing to increasing investments by governments and airport authorities in the development of airports.
- The presence of several leading market players coupled with the increasing adoption of these systems at the airports is driving the air traffic management market share in North America and Europe.
- Key players operating in the air traffic management market include BAE Systems, Leonardo S.p.A., Lockheed Martin Corporation, Northrop Grumman Corporation,Raytheon Company, Thales Group and Honeywell International, Inc.
- Major strategies adopted by market players include R&D investments and strategic partnerships with other industry players to enhance their market share.
Partial chapters of report table of contents (TOC):
Chapter 3 Air Traffic Management Industry Insights
3.1 Introduction
3.2 Industry segmentation
3.3 Impact of COVID-19 on air traffic management industry landscape
3.3.1 Global outlook
3.3.2 Regional impact
3.3.2.1 North America
3.3.2.2 Europe
3.3.2.3 Asia Pacific
3.3.2.4 Latin America
3.3.2.5 MEA
3.3.3 Impact on industry value chain
3.3.3.1 Air traffic management providers
3.3.3.2 Marketing and distribution channel
3.3.4 Competitive landscape
3.3.4.1 Strategy
3.3.4.2 Distribution network
3.3.4.3 Business growth
3.4 Evolution of air traffic management technology
3.5 Industry ecosystem analysis
3.5.1 Technology Suppliers
3.5.2 Service providers
3.5.3 Profit margin analysis
3.5.4 End users
3.6 Technological & innovation landscape
3.6.1 Remote Air Traffic Management System
3.6.2 Time Based Separation (TBS)
3.6.3 Flight Data Processing System
3.6.4 System Wide Information Management (SWIM)
3.6.5 Introduction of unmanned aerial vehicles in air traffic management system
3.6.6 Introduction of Artificial Intelligence
3.6.7 Ground-based Augmentation System
3.7 Regulatory landscape
3.7.1 North America
3.7.1.1 Federal Aviation Administration (FAA)
3.7.1.1.1 AC 90-66B
3.7.1.1.2 AC 90-80C
3.7.2 Europe
3.7.3 Asia Pacific
3.7.3.1 Director General of Civil Aviation
3.7.3.2 ICAO Framework
3.7.4 Latin America
3.7.5 MEA
3.7.5.1 Saudi Arabia
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Supportive regulations for air traffic management in North America
3.8.1.2 A need for air traffic management system upgrades
3.8.1.3 Government initiatives in Europe - Single European Sky Air Traffic Management Research
3.8.1.4 Technological advancements and implementation of the latest systems
3.8.1.5 Increasing number of air passengers in Asia Pacific
3.8.1.6 Rise in investments and airspace co-ordination
3.8.1.7 Development in aviation and aerospace infrastructure in Latin America
3.8.1.8 Increasing investments in the MEA for better air traffic control
3.8.2 Industry pitfalls & challenges
3.8.2.1 Radio frequency restrictions and issues of the aviation industry
3.9 Porter's analysis
3.9.1 Supplier power
3.9.2 Buyer power
3.9.3 Threat of new entrants
3.9.4 Threat of substitutes
3.9.5 Internal rivalry
3.10 PESTEL analysis
3.11 Growth potential analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Original Source: Air Traffic Management Market to Hit $10 Bn by 2027; Global Market Insights, Inc.
