Pune, India, 03 Feb. 2022 (GLOBE NEWSWIRE) — The world Air traffic management and consulting market size is expected to reach USD 16.11 billion by 2028, from USD 11.50 billion in 2021, growing at a CAGR of 4.93% during the forecast period. Rising global air traffic is expected to drive the demand for advanced ATM solutions and drive market growth. Fortune Business InsightsMT published this information in its report entitled “Air Traffic Management and Consulting Market, 2021-2028”. The market size stood at USD 11.30 billion in 2020.
The increasing adoption of artificial intelligence in remote air traffic control towers to improve aircraft operations is expected to be a key trend that will drive the growth of the global air traffic management and consulting market in the coming years. to come.
List of Key Players of Global Air Traffic Management and Consulting Market:
- Thales Group (France)
- Raytheon Technologies Corporation (USA)
- Indra Sistemans SA (Spain)
- L3Harris Technologies Inc. (USA)
- Honeywell International Inc. (USA)
- BAE Systems PLC (UK)
- Saab AB (Sweden)
- Lockheed Martin Corporation (USA)
- Capgemini SE (France)
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Impact of COVID-19-
Strict restrictions including lockdowns and curfews put in place during the COVID-19 pandemic have significantly affected the market growth. The ban on air travel during the early days of the pandemic had a negative impact on the growth of the market. However, governments in several economies have allowed reduced air travel for vaccinated and unvaccinated people, which has helped the market. Nevertheless, several nations have accelerated their vaccination campaigns, and the air traffic management and consulting market is expected to experience strong growth in the coming years.
Based on the system, the market is segmented into Aeronautical Information Management, Airspace Management, Air Traffic Flow Management and Air Traffic Services. On the basis of airport type, the market is divided into international and domestic. On the basis of components, the market is divided into services, software and hardware. On the basis of end user, the market is fragmented into military and commercial. Geographically, the market is categorized into North America, Europe, Asia-Pacific, and Rest of the World.
- The report provides insight into the political and economic scenarios of the market.
- The report provides a detailed assessment of the market’s growth potential, demographics, and capabilities.
- The report analyzes current and upcoming investment opportunities in the market.
- The report sheds light on growth strategies in the coming years.
- The report also analyzes the impact of the COVID-19 pandemic.
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Drivers and Constraints-
Development of a new airport to support market growth
Due to the growth in passenger traffic, the ever-increasing air traffic is expected to drive the global growth of the air traffic management industry and consulting market. This is also reflected in new airport developments. Increase in new airport projects, especially in Asia-Pacific, is expected to drive the growth of the air traffic management and consulting market owing to increased investment in airport infrastructure. The development of the new airport will contribute to employment, economic development and other social benefits. The Center for Asia Pacific Center for Aviation estimates that approximately $137,254 million in investment has been made in the expansion of global airports. Approximately $62,398 million was invested in new airports and $74,856.0 million was invested in upgrading existing airports.
However, the high costs associated with deploying these solutions may restrain the growth of the market.
High Adoption of Advanced Technologies to Fuel Growth in North America
North America is expected to achieve the largest global air traffic management and consulting market share. The high adoption of advanced technologies to improve the efficiency of aircraft and airport operations, coupled with the vast aviation industry, is expected to drive the market growth. Additionally, the several key players present in the United States including Northrop Grumman Corporation, L3Harris Technologies Inc., Lockheed Martin Corporation, Raytheon Technologies Corporation, and others are expected to supplement the market growth in the coming years.
Europe is expected to see the second highest growth in global air traffic management and advisory share thanks to various manufacturers of air traffic management and advisory solutions, including Saab AB, Thales Group and BAE System PLC.
The Asia-Pacific region is estimated to register the highest CAGR during the forecast period. The growing demand for modernization of existing airports is a key driver of market growth. Moreover, increasing investments in the development of new airports are also expected to drive the growth of the market.
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Key players are adopting ingenious growth strategies
The market includes Northrop Grumman Corporation, Thales Group, Lockheed Martin Corporation, and Honeywell International among the major key players in the air traffic management and consulting market. Major players are adopting ingenious growth strategies such as long-term contracts, new product launches, strategic acquisitions, and mergers, among others, to accumulate growth and increase revenue. For example, the Thales group announced the selection of the Federal Aviation Administration (FAA) and Leidos Holdings Inc. for the delivery of approximately 142 secondary surveillance radars to support the management of ATC (Air Traffic Control) in February 2020.
Key industry development-
- December 2020: The FAA has signed a $12 million contract with DIGITALiBiz Inc. to provide research and development, integration, and other support to develop new transoceanic ATC infrastructure.
TABLE OF CONTENTS
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Latest technological advances
- Analysis of the five forces of carriers
- Supply chain analysis
- Qualitative information
- Impact of Covid-19 on the air traffic management and consulting market
- Measures taken by industry/government/business to overcome the impact
- Potential opportunities due to the COVID-19 outbreak
- Global Air Traffic Management and Consulting Market Analysis, Outlook and Forecast, 2017 – 2028
- Segmental definitions
- Market Analysis, Outlook and Forecast – By System
- Air traffic services
- Air traffic flow management
- Airspace management
- Aeronautical Information Management
- Market Analysis, Outlook and Forecast – By Airport Type
- Market Analysis, Outlook and Forecast – By Component
- Market Analysis, Outlook and Forecast – By End User
- Market Analysis, Outlook and Forecast – By Region
- North America
- Asia Pacific
- Middle East
- Rest of the world
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