Air Traffic Management Market by Application
Air Traffic Management Market Size Valued at USD 17.15 Billion, market Grow at a CAGR Of 5.15% by 2020 -2030.
The market in North America is estimated to be the largest during the forecast period. The implementation of the latest ATM technologies to make air travel safer and efficient is driving Air Traffic Management market growth in the region. Initiatives such as the Next Generation Air Transportation System Program by the US FAA and Collaborative Initiatives for Emissions Reductions by Nav Canada are expected to lead to the modernization of airports with advanced ATM technologies, thereby driving the growth of the market in North America.
A focus on the modernization of airports in developing countries is primarily driving the growth of the market. Increased air traffic congestion and the development of new airports to cater to the rising number of air travellers are also contributing to Air Traffic Management Market Growth. However, a lack of a skilled workforce is a key restraint for market growth.
The market in Asia-Pacific is projected to be the fastest-growing during the forecast period due to the modernization of airports in the region. Additionally, the development of new airports and a growing number of air passengers will positively impact market growth. The leading country-level markets are China and India.
The major effect of the COVID-19 pandemic has been unprecedented and startling, with low demand for air traffic control and consultancy systems and services across all areas during the epidemic. In 2020, the global air traffic management and consulting market was valued at USD 11.30 billion. Within 2021-2028, the Air Traffic Management market is expected to increase at a CAGR of 4.93 percent, from USD 11.50 billion in 2021 to USD 16.11 billion in 2028. According to our calculations, the global market will shrink by -15.04 percent in 2020 compared to the typical year-on-year growth from 2017 to 2019. The abrupt drop in CAGR is due to this market's demand plus growth, which will recover to pre-pandemic rates once the pandemic is ended.
Air traffic management is primarily used to guarantee that air traffic flows disciplined and error-free. It manages the traffic flow daily. The major goal of this system is to alleviate airport congestion or maintain sufficient separation between planes to avoid collisions on the ground by recommending the best course of action during a flight.
Key Players
Following are the Air Traffic Management Market Players are Frequentism Consort GmbH (Germany), BAE Systems (UK), Saab AB (Sweden), Honeywell International Inc. (US), Northrop Grumman Corporation (US), Harris Corporation (US), Indra Sistema’s, SA (Spain), Raytheon Company (US), Thales Group (France), and ANPC (US)
Market Segmentation
The Air Traffic Management Market Is Segment into types, airport types, component types, and system types.
By type
Air traffic flow management, air traffic control, and aeronautical information management are all part of the Market type sector. Air traffic control accounts for the greatest share of the Air Traffic Management Market Share market amongst such segments. The air traffic control segment is growing because of increased air traffic with airspace congestion. Meanwhile, the Market is expected to grow at the fastest rate over the forecast period.
By Component
The Air Traffic Management Market Size is segmented into hardware and software divisions in the component sector. The hardware section is considered the greatest segment because total air traffic management relies on hardware deployment for gathering data, real-time information, transferring data, and ensuring an organized flow of air traffic.
By System
The Air Traffic Management Market is divided into communication, surveillance, navigation, and automation & simulation depending on the terminology segment. The communication sector of the Market has the biggest market share amongst some of the system segments. To direct aircraft, the communication section has played a critical role.
Regional Analysis
Furthermore, the Air Traffic Management Market Analysis' geographical data demonstrates the market's expansion in many areas throughout the world, including North America, Asia Pacific, Europe, the Middle East, Africa, and Latin America. Due to the sheer strict air safety laws in key regions like the United States and Canada, North America has become the largest market throughout recent years. Because of increased demand for Market systems for airport modernization, Asia Pacific is predicted to be the fastest expanding market, led by North America.
Industry news
Recent breakthroughs in communication technology with airport connectivity have been made. This technology aids airline authorities in providing passengers with a smooth and efficient travel experience. Furthermore, greater effort in this direction provides the best possible balance between supply and demand for aircraft in time and space. Performance, airport efficiency, flight safety, and overall flight delay have all improved due to this technology. These factors are expected to boost demand for air traffic control and consultancy systems throughout the forecast period.
Scope of the Report
This study provides an overview of the global air traffic management market, tracking four market segments across five regions. The report studies the key players, providing a five-year annual trend analysis that highlights market size, volume, and share in North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The report also provides a forecast, focusing on the market opportunities for the next five years in each region.
Air Traffic Management Market: Information by Type (ATC, ATFM, & AIM), Component (Hardware & Software), Airport Type (Greenfield & Brownfield), System (Communication, Navigation, Surveillance, & Automation & Simulation), & Region—Forecast till 2030
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