SELBYVILLE, Del., Jan. 21, 2021 /PRNewswire/ -- 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
3.2 Industry segmentation
3.3 Impact of COVID-19 on air traffic management industry landscape
3.3.1 Global outlook
3.3.2 Regional impact
220.127.116.11 North America
18.104.22.168 Asia Pacific
22.214.171.124 Latin America
3.3.3 Impact on industry value chain
126.96.36.199 Air traffic management providers
188.8.131.52 Marketing and distribution channel
3.3.4 Competitive landscape
184.108.40.206 Distribution network
220.127.116.11 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
18.104.22.168 Federal Aviation Administration (FAA)
22.214.171.124.1 AC 90-66B
126.96.36.199.2 AC 90-80C
3.7.3 Asia Pacific
188.8.131.52 Director General of Civil Aviation
184.108.40.206 ICAO Framework
3.7.4 Latin America
220.127.116.11 Saudi Arabia
3.8 Industry impact forces
3.8.1 Growth drivers
18.104.22.168 Supportive regulations for air traffic management in North America
22.214.171.124 A need for air traffic management system upgrades
126.96.36.199 Government initiatives in Europe - Single European Sky Air Traffic Management Research
188.8.131.52 Technological advancements and implementation of the latest systems
184.108.40.206 Increasing number of air passengers in Asia Pacific
220.127.116.11 Rise in investments and airspace co-ordination
18.104.22.168 Development in aviation and aerospace infrastructure in Latin America
22.214.171.124 Increasing investments in the MEA for better air traffic control
3.8.2 Industry pitfalls & challenges
126.96.36.199 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
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Air Traffic Management Market size worth around $10 Bn by 2027
Air Traffic Management (ATM) Market size is set to be over USD 10 billion by 2027, according to a new research report by Global Market Insights, Inc.
SOURCE Global Market Insights, Inc.