Air Traffic Management Market to exceed $10 billion by 2025 due to growing airports development
According to a new research, Air Traffic Management Market size is anticipated to exceed $10 billion by 2025
The rise in passenger traffic and improvement in the global economy will augment air traffic management market growth over the study timeframe. Air traffic in Asia Pacific is increasing and countries including India and China are looking for new airport developments to cater to the increasing traffic. For instance, in 2019, India invested in two upcoming airports for Rajkot and Ahmedabad. China is investing in six new airports, which are expected to be completed by 2020.
The Federal Aviation Administration (FAA) along with other regulatory bodies is overseeing operations of air traffic management across the region. These authorities focused on providing customers with improved air traffic management facilities owing to the increased air passenger demand. Airports are focusing on upgrading the existing systems and providing advanced air traffic control services, proliferating air traffic management market demand.
The rise in corporate travel, tourism, and freight transportation due to the increasing globalization has resulted in the increased frequency of flights, creating requirements for a more efficient air traffic management system. To these drivers, the EU initiated single European sky in 2014. The main aim of the SES framework is to defragment the European airspace and enhance air traffic management standards.
Hardware is expected to witness significant gains over the forecast period with the rise in new airport investments. The hardware solution is necessary for carrying out various operations with the help of navigation, communication, and surveillance systems. The technological advancements in hardware will enhance the safety and user experience.
The expansion of the existing airports and construction of new airports have generated a high demand for air traffic management hardware components across the globe. The countries including Indonesia and Australia are planning to come up with new airports by 2025.
The air traffic control system will register a growth of over 3% by 2025 due to the growing adoption of new technology, increasing application of artificial intelligence. Asia Pacific dominates market size due to increasing number of new airport investments in countries including Australia, China, India, Vietnam, and Indonesia. The growth in the economy has led to the increasing passenger traffic and cargo movement in this region. The airport authorities are investing in regional connectivity and infrastructure development of the existing airport to accommodate the increasing passenger and cargo movements.