PUNE, India, June 10, 2020
Key companies profiled are Thales Group, Raytheon Company, Indra Sistemas, S.A., Harris Corporation, Northrop Grumman Corporation, Honeywell International, Inc., BAE Systems PLC, Saab AB, Lockheed Martin Corporation, Honeywell International, among others
PUNE, India, June 10, 2020 /PRNewswire/ -- The global air traffic management & consulting market is set to gain momentum from the increasing investment by public & private companies in the aviation industry. This information is given by Fortune Business Insights™ in a recently published report, titled, "Air Traffic Management & Consulting Market Size, Share and Covid-19 Impact Analysis, by System (Air Traffic Services, Airspace Management, Air traffic Flow Management, Aeronautical Information Management), By Component (Hardware, Software), By End Use (Commercial, Tactical), and Regional Forecast, 2020- 2027." The report further states that the air traffic management & consulting market size was USD 13.30 billion in 2019 and is projected to reach USD 16.53 billion by 2027, thereby exhibiting a CAGR of 5.58% during the forecast period.
Browse Summary of This Research Report with Detailed Table of Content:
COVID-19 Impact Analysis:
The recent coronavirus outbreak has had an adverse impact on majority of the businesses across the world. Accounting to the strict measures taken by governments of major countries, it has become increasingly difficult to carry out business operations. The report will include the impact of the Covid-19 pandemic on the global. It will also include the strategies that major companies are adopting to overcome the downfalls during this pandemic.
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Drivers & Restraints-
Rising Adoption of AI Technology to Drive Growth
The officials of a large number of prominent agencies, such as Council of International Civil Aviation Organization (ICAO) and Civil Air Navigation Services Organization (CANSO) are expressing their concerns regarding the high air traffic by air taxi services and unmanned aircraft. These regulatory bodies are apprehensive about the security and safety of air congestion that is occurring because of the rising usage of such services. Many of these agencies are gradually shifting towards artificial intelligence (AI) to improve the communication process. It would also help in enhancing the exchange of information between the air traffic control (ATC) authority and the aircraft in real-time. It is set to thereby boost the air traffic management & consulting market growth in the coming years.
How Will the Outbreak of Covid-19 Pandemic Affect the Market?
Aeronautical Information Management Segment to Grow Rapidly Owing to Rising Operation of Flights
Based on system, the market is segregated into aeronautical information management, air traffic flow management, airspace management, and air traffic services. Amongst these, the air traffic flow management segment generated 21% air traffic control equipment market share in 2019. The aeronautical information management segment is expected to grow at a fast pace in the coming years backed by its ability to perform the most vital tasks efficiently. The increasing operation of numerous flights across the globe would also augment growth.
Rising Investment in Tourism Sector to Bolster Growth in the Middle East
In 2019, North America procured USD 4.30 billion in terms of revenue stoked by the increasing number of air traffic management & consulting system manufacturers in this region. Europe would lead the market owing to the presence of industry giants, such as Saab AB, Indra Sistemas, BAE System, and Thales Group. In Asia Pacific, the market would exhibit rapid growth fueled by the rising number of airports in various countries. Airport authorities are therefore planning to upgrade and modernize the existing air traffic management & consulting systems. In addition to this, developing countries, such as China and India possess several planned airport construction projects. In the Middle East, the presence of international airports would accelerate growth. The region is likely to exhibit high CAGR backed by the growing investment in the tourism sector.
Key Players Focus on Introducing Innovative Air Traffic Control Equipment
The market houses various companies that are mainly following the organic or inorganic strategies of signing long-term contracts with the airport authorities, launching state-of-the-art air traffic management & consulting systems, and acquiring other start-ups companies. Below are two of the latest industry developments:
Fortune Business Insights™ lists out the names of all the organizations providing air traffic management & consulting. They are as follows:
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