Pune, India, Feb. 03, 2022 (GLOBE NEWSWIRE) — The global Size of the air traffic management and consulting market is expected to reach US$16.11 billion by 2028, up from US$11.50 billion in 2021, at a CAGR of 4.93% over the forecast period. The increase in air traffic around the world is expected to fuel the demand for advanced ATM solutions and promote market growth. Insights into the Fortune businessTM published this information in its report entitled “Air Traffic Management and Consultancy Market, 2021-2028”. The market size was USD 11.30 billion in 2020.
Increasing adoption of artificial intelligence in air traffic control remote towers to improve aircraft operations is expected to be a major trend that will propel the global growth of air traffic management and advisory market in the coming years.
List of Major Players in Global Air Traffic Management and Consultancy 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
The severe restrictions including lockdowns and curfews implemented during the COVID-19 pandemic have significantly hampered the market growth. The flight ban in the early days of the pandemic has had a negative impact on market growth. However, governments in several economies allowed reduced air travel for vaccinated and unvaccinated people, which benefited the market. Nonetheless, several nations have accelerated their vaccination campaigns and the air traffic management and consultancy market is expected to grow strongly in the coming years.
On the basis of the system, the market is segmented into Aviation 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 segmented into services, software and hardware. Based on the end user, the market is fragmented into military and commercial areas. Geographically, the market is divided into North America, Europe, Asia-Pacific and the rest of the world.
- The report provides insights 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 the current and upcoming investment opportunities in the market.
- The report highlights strategies for growth in the coming years.
- The report also analyzes the impact of the COVID-19 pandemic.
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Development of a new airport to strengthen market growth
Due to the growing passenger volume, the ever increasing air traffic is expected to fuel the growth of the global Air Traffic Management and Consultancy market industry. This also results in new airport developments. The increasing number of new airport projects, especially in the Asia-Pacific region, is expected to fuel the growth of the air traffic management and consulting market due to increasing investments 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 investments worth around USD 137,254 million have been made in airport expansion worldwide. Approximately $62,398 million was invested in new airports and $74,856.0 million in modernization of existing airports.
However, the high costs associated with deploying these solutions can hamper market growth.
High acceptance of advanced technologies to drive growth in North America
North America is expected to capture the largest global market share in air traffic management and consulting. The high acceptance of advanced technologies to improve the operational efficiency of airplanes and airports combined with the vast aviation industry is expected to fuel the market growth. Also, the various major players present in the US including Northrop Grumman Corporation, L3Harris Technologies Inc., Lockheed Martin Corporation, Raytheon Technologies Corporation and others are expected to add to the growth of the market in the coming years.
Europe is expected to see the second highest growth in global share of air traffic management and consulting, driven by various air traffic management and consulting solution manufacturers including Saab AB, Thales Group and BAE System PLC.
Asia Pacific is estimated to register the highest CAGR over the forecast period. The growing demand for the modernization of existing airports is a key factor driving the growth of the market. In addition, the increasing investment in new airport development is expected to spur market growth.
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Key players employ sophisticated growth strategies
The market includes Northrop Grumman Corporation, Thales Group, Lockheed Martin Corporation and Honeywell International, which are among the major players in the air traffic management and consulting market. The major players are pursuing sophisticated growth strategies such as long-term contracts, new product launches, strategic acquisitions and mergers, among others, in order to achieve growth and increase their revenues. 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 ATC (Air Traffic Control) management 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 for the development of a new transoceanic ATC infrastructure.
TABLE OF CONTENTS
- scope of research
- market segmentation
- research methodology
- Definitions and Assumptions
- market dynamics
- market leader
- Market Restrictions
- market opportunities
- Important Findings
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Latest technological advances
- Porter’s Five Forces Analysis
- Supply Chain Analysis
- Qualitative Insights
- Impact of Covid-19 on the Air Traffic Management and Consulting Market
- Steps taken by industry/government/corporate to overcome the impact
- Potential opportunities due to the COVID-19 outbreak
- Global Air Traffic Management and Consultancy Market Analysis, Insights and Forecasts, 2017-2028
- Segmental Definitions
- Market analysis, insights and forecasts – by system
- Air Traffic Services
- Air traffic flow management
- airspace management
- Aviation Information Management
- Market analysis, insights and forecasts – by airport type
- Market analysis, insights and forecasts – by component
- Market analysis, insights and forecasts – by end user
- Market analysis, insights and forecasts – by region
- North America
- Asia Pacific
- middle East
- rest of the world
Table of contents continued…!
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