Air Traffic Management & Consulting Market Growth Status in 2021, Industry Size, Share and Trends | Regional Forecast by 2027
The global air
traffic control market size is predicted to reach USD 9.45
billion by 2027, exhibiting a CAGR of 6.96% during the forecast period. The
growing cybersecurity threats in air traffic management will impel the adoption
of ATC systems, which in turn, will boost the market growth. The modernization
of airline fleet in different parts around the world will spur opportunities
for the market during the forecast period, states Fortune Business Insights in
a report, titled “Air Traffic Control Market Size, Share and Industry
Analysis, by Point of Sale (Hardware, Software, and Services), By Airspace (Air
Route Traffic Control Centers (ARTCC), Terminal Radar Approach Control
(TRACON), Air Traffic Control Tower (ATCT), and Remote Tower (RT)), By
Application (Communication, Navigation, Surveillance, and Automation), By
Airport Size (Small, Medium, and Large), and Regional Forecast, 2020- 2027” the
market size stood at USD 8.90 billion in 2019
Market Driver:
Surge in Air Passenger Traffic to Promote ATC Employment
The development of cost-effective domestic flights by airlines to
better serve the snowballing travelers will subsequently foster the growth of
the market. The prospering aviation industry will create lucrative business
openings for the market in the forthcoming years. The rising passenger
preference for air travel will support the growth of the market. Moreover, the
increasing government funding for robust air transportation in the emerging
nations will contribute positively to the growth of the market. According to
the International Air Transport Association, an additional 44% of air passenger
traffic is expected to come from China and India in the next ten years. The
upgradation of existing ATC equipment systems to advanced automatic ATC systems
with an aim to enhance the overall efficacy of flight travels and diminish
ground-based accidents. This factor is likely to aid the air traffic control
market growth in the foreseeable future. In addition, the implementation of
artificial intelligence (AI) to increase operational efficiency and
productivity in ATC systems will further encourage the growth of the market.
Key Development:
April 2019: Thales Group announced the
acquisition of Gemalto, a leader in international digital security services.
The new development of the company will strengthen the digital identity and
security of Thales Group besides, improving its position in the industry.
Browse Summary of This Research Report with Detailed Table of
Content: https://www.fortunebusinessinsights.com/industry-reports/air-traffic-management-market-101813
List of the key companies operating in the Air Traffic Control
Market are:
- BAE Systems (The
U.S.)
- Cyrrus Limited
(The U.K)
- Indra Sistemas,
S.A. (Japan)
- Honeywell
International Inc. (The U.S.)
- L3Harris
Technologies Inc. (The U.S.)
- Raytheon
Technologies (The U.S.)
- Saab AB (Sweden)
- Leonardo S.p.A
(Italy)
- Thales Group
(France)
- Westminister
Group Plc. (The U.K)
Regional Analysis:
Presence of Well-known Companies to Augment Growth in North
America
The market in North America stood at USD 3.15 billion in 2019 and
is expected to remain dominant during the forecast period owing to the presence
of major companies such as Raytheon Technologies, Honeywell International Inc.,
Northrop Grumman Corporation, and others. The increasing partnerships and
acquisitions of key players can be another vital factor in boosting the market
in North America. For instance, in April 2020, the merger between Raytheon
Company and United Technologies Corporation to deliver advanced technologies to
the airports and defense authorities. Europe is predicted to hold the largest
share in the market during the forecast period due to the growing investment in
the modernization of conventional ATC systems with technologically advanced
real-time ATC systems. The escalating focus on smart and green airports will
accelerate the market in Europe. Asia Pacific is predicted to grow rapidly
during the forecast period owing to the rising air passenger traffic at
domestic airports and international airports in countries such as India and
China.
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