Market Overview:
The Air Traffic Management Market is projected to reach USD 17.15 Billion by 2030 at 5.15% CAGR during the forecast period 2020-2030. The major effect of the COVID-19 pandemic has been unprecedented and startling, with low demand for air traffic control and consultancy systems and services across all areas during the epidemic. In 2020, the global air traffic management and consulting market was valued at USD 11.30 billion. Within 2021-2028, the market is expected to increase at a CAGR of 4.93 percent, from USD 11.50 billion in 2021 to USD 16.11 billion in 2028. According to our calculations, the global market will shrink by -15.04 percent in 2020 compared to the typical year-on-year growth from 2017 to 2019. The abrupt drop in CAGR is due to this market's demand plus growth, which will recover to pre-pandemic rates once the pandemic is ended.
Air traffic management is primarily used to guarantee that air traffic flows disciplined and error-free. It manages the traffic flow daily. The major goal of this system is to alleviate airport congestion or maintain sufficient separation between planes to avoid collisions on the ground by recommending the best course of action during a flight.
Market Segmentation:
The Air Traffic Management Market Size is segmented into types, airport types, component types, and system types.
By type
Air traffic flow management, air traffic control, and aeronautical information management are all part of the Air Traffic Management Market type sector. Air traffic control accounts for the greatest share of the Air Traffic Management Market Share market amongst such segments. The air traffic control segment is growing because of increased air traffic with airspace congestion. Meanwhile, the Air Traffic Management Market is expected to grow at the fastest rate over the forecast period.
By Component
The Air Traffic Management Market Size is segmented into hardware and software divisions in the component sector. The hardware section is considered the greatest segment because total air traffic management relies on hardware deployment for gathering data, real-time information, transferring data, and ensuring an organized flow of air traffic.
By System
The Air Traffic Management Market is divided into communication, surveillance, navigation, and automation simulation depending on the terminology segment. The communication sector of the Air Traffic Management Market has the biggest market share amongst some of the system segments. To direct aircraft, the communication section has played a critical role.
Key Players:
The key players in the global air traffic management market are Frequentis Comsoft GmbH (Germany), BAE Systems (UK), Saab AB (Sweden), Honeywell International Inc. (US), Northrop Grumman Corporation (US),Harris Corporation (US), Indra Sistemas, SA (Spain), Raytheon Company (US), Thales Group (France), and ANPC (US)
Regional Analysis:
Furthermore, the Air Traffic Management Market Overview Analysis' geographical data demonstrates the market's expansion in many areas throughout the world, including North America, Asia Pacific, Europe, the Middle East, Africa, and Latin America. Due to the sheer strict air safety laws in key regions like the United States and Canada, North America has become the largest market throughout recent years. Because of increased demand for Air Traffic Management Market systems for airport modernization, Asia Pacific is predicted to be the fastest expanding market, led by North America.
Industry news:
Recent breakthroughs in communication technology with airport connectivity have been made. This technology aids airline authorities in providing passengers with a smooth and efficient travel experience. Furthermore, greater effort in this direction provides the best possible balance between supply and demand for aircraft in time and space. Performance, airport efficiency, flight safety, and overall flight delay have all improved due to this technology. These factors are expected to boost demand for air traffic control and consultancy systems throughout the forecast period.
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