The global flight tracking system market accounted for US$ 342.0Mn in 2018 and is expected to grow at a CAGR of 5.6% over the forecast period 2019-2027, to account for US$ 549.7 Mn by 2027
NEW YORK, March 12, 2019 /PRNewswire/ -- The global flight tracking system market accounted for US$ 342.0Mn in 2018 and is expected to grow at a CAGR of 5.6% over the forecast period 2019-2027, to account for US$ 549.7 Mn by 2027. The demand for flight tracking system is largely influenced by the rise in the deployments by the commercial sector across the globe. The rising number of incidences where planes have got off-radar have proliferated the demands for installations of tracking systems and drive the flight tracking system market.
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The normal flight tracking SARPs were applicable in late 2018, these SARPs established the duties of an air operator in regards to the tracking of its aircraft across its zone of operation.Whereas the SARP associated with tracking of aircraft in distress is anticipated to be implied in January 2021.
These SARPs focus on the requirements for automatically tracking the flight in distress with respect to its position updates once or more in a minute.Furthermore, as the ICAO integrated the amendment 39 and annex 6 of normal aircraft tracking in their guidance, they aren't inevitably the same in airspace mandate employed by a civil aviation regulatory agency.
The mandate was implacable only by the individual civil aviation agencies having regulatory authority on their corresponding FIRs (Flight Information Regions), just as the CASA (Civil Aviation Safety Authority) in Australia and FAA in the United States are some of the agencies who can enact these mandates. Such mandates augur in the favor of growth of the flight tracking system market.
The exponentially burgeoning working group in the developing region has resulted in increased disposable income and freight traffic.Majority of the rising middle class was witnessed in China and India (as described by the United Nations).
Furthermore, as the world continues to recover from previous economic contractions, the demand for air travel is projected to vary widely.The rise in air travel demand has subsequently resulted in increased production of commercial aircraft, which in response have significantly contributed to the growth of flight tracking system market which would have a significant impact on the flight tracking system market.
In addition, the rising trade in South America, Asia, and Africa have also significantly driven the need for enhanced connectivity, owing to this the IATA estimated production of nearly 6,250 new jets valued at US $ 300 Bn to be delivered in coming 20 years. This factor is anticipated to drive the flight tracking system market.
The overall flight tracking system market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the flight tracking system market.
It also provides the overview and forecast for the global flight tracking system market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the flight tracking system industry. Some of the players present in the flight tracking system market are Honeywell International Inc., Aireon LLC, Rockwell Collins (United Technology Corporation), Garmin, Ltd., Flyht Aerospace Solutions Ltd., Spider Tracks Limited, Skytrac Systems Ltd., and Blue Sky Network. among others.
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Highlights key business priorities in order to assist companies to realign their business strategies.
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- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
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