Air Traffic Control Market Growth Dynamics, 2021 Share Value, Size, Business Opportunities and Industry Forecast to 2027
The global air traffic control market share and size is predicted to reach USD 9.45 billion by 2027, exhibiting a CAGR of 6.96% during the forecast period. The growing cybersecurity threats in air traffic management will impel the adoption of ATC systems, which in turn, will boost the market growth. The modernization of airline fleet in different parts around the world will spur opportunities for the market during the forecast period, states Fortune Business Insights in a report, titled “Air Traffic Control Market Size, Share and Industry Analysis, by Point of Sale (Hardware, Software, and Services), By Airspace (Air Route Traffic Control Centers (ARTCC), Terminal Radar Approach Control (TRACON), Air Traffic Control Tower (ATCT), and Remote Tower (RT)), By Application (Communication, Navigation, Surveillance, and Automation), By Airport Size (Small, Medium, and Large), and Regional Forecast, 2020- 2027” the market size stood at USD 8.90 billion in 2019
What does the Market Report Offer?
The market report offers an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
List of the key companies operating in the Air Traffic Control Market are:
- BAE Systems (The U.S.)
- Cyrrus Limited (The U.K)
- Indra Sistemas, S.A. (Japan)
- Honeywell International Inc. (The U.S.)
- L3Harris Technologies Inc. (The U.S.)
- Raytheon Technologies (The U.S.)
- Saab AB (Sweden)
- Leonardo S.p.A (Italy)
- Thales Group (France)
- Westminister Group Plc. (The U.K)
Surge in Air Passenger Traffic to Promote ATC Employment
The development of cost-effective domestic flights by airlines to better serve the snowballing travelers will subsequently foster the growth of the market. The prospering aviation industry will create lucrative business openings for the market in the forthcoming years. The rising passenger preference for air travel will support the growth of the market. Moreover, the increasing government funding for robust air transportation in the emerging nations will contribute positively to the growth of the market. According to the International Air Transport Association, an additional 44% of air passenger traffic is expected to come from China and India in the next ten years. The upgradation of existing ATC equipment systems to advanced automatic ATC systems with an aim to enhance the overall efficacy of flight travels and diminish ground-based accidents. This factor is likely to aid the air traffic control market growth in the foreseeable future. In addition, the implementation of artificial intelligence (AI) to increase operational efficiency and productivity in ATC systems will further encourage the growth of the market.
Browse Summary of This Research Report with Detailed Table of Content: https://www.fortunebusinessinsights.com/air-traffic-control-atc-market-102957
Presence of Well-known Companies to Augment Growth in North America
The market in North America stood at USD 3.15 billion in 2019 and is expected to remain dominant during the forecast period owing to the presence of major companies such as Raytheon Technologies, Honeywell International Inc., Northrop Grumman Corporation, and others. The increasing partnerships and acquisitions of key players can be another vital factor in boosting the market in North America. For instance, in April 2020, the merger between Raytheon Company and United Technologies Corporation to deliver advanced technologies to the airports and defense authorities. Europe is predicted to hold the largest share in the market during the forecast period due to the growing investment in the modernization of conventional ATC systems with technologically advanced real-time ATC systems. The escalating focus on smart and green airports will accelerate the market in Europe. Asia Pacific is predicted to grow rapidly during the forecast period owing to the rising air passenger traffic at domestic airports and international airports in countries such as India and China.