According to the latest report by Quince Market Insights, the air traffic management market is expected to promise high growth owing to the rising demand for air traffic and the increase in the number of airports in recent years. Rising demand from end-use industries commercial, the military is projected to propel the growth of the air traffic management market.
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This market has witnessed a number of major developments by key companies including Harris Corporation, BAE Systems, Saab AB, Thales Group, Northrop Grumman Corporation, and others with a focus on organic as well as inorganic growth strategies. Developing regions like Asia Pacific and Middle East were among the high-potential, high-growth markets in some main economies.
What is the air traffic management system and what are its applications?
An air traffic management system consists of structures that assist the operation of an aircraft on land or in air. There are different types of air traffic management system such as Air Traffic Flow Control (ATFM), Air Traffic Controller (ATC), AIM, etc. Flight assistance is provided by the ATC and traffic is maintained. As the number of aircraft is increasing, air traffic management systems have been deployed in most airports.
Strategic Factors Impacting Market Growth:
o Stringent air safety regulations will increase market share
o Rising air traffic and increase in the number of airports
Major companies playing a crucial role in the growth of this market are:
o Honeywell International Inc
o BAE Systems
o Saab AB
o Harris Corporation
o Northrop Grumman Corporation
o Thales Group
The number of airports is also growing, owing to increased business. Increasing congestion in the airspace and demand for airport development has increased the need for air traffic management. All of these factors are responsible for creating the demand for air traffic management. In addition, the development of aircraft such as unmanned aerial vehicles, hybrid aircraft, and vertical take-off landing aircraft has made an improved infrastructure for air traffic controllers essential.
This has also positively affected growth in the air traffic management market. North America is the largest market in the United States and Canada, owing to the strict air safety regulations.This market in the Asia Pacific andEurope is expected to grow rapidly.
Regional segmentation and analysis to understand growth patterns:
The Air Traffic Management Market by region has been segmented by North America, Western Europe, Asia Pacific, Eastern Europe, Middle East, and Rest of the World. The rest of the World includes Africa and South America. With the presence of major manufacturers and high market demand, North America and the European region have been traditional areas for the aerospace & defense sector In addition, these regions have been proactive in terms of technological and research advances.
This is one of the key factors that drive market demand for air traffic management over the forecast period.Major economies in these regions include US, France, UK, Germany, Russia, Italy, Canada, and So on. This sector is one of the major contributors to the economies in the region.
The Asia Pacific is predicted to be the largest growing region with increasing expenditure on defense and space research. This region is expected to be a major market for air traffic management during the forecast period with the inclusion of some of the fastest-growing economies like India and China. South Korea, Japan, and Australia are also key countries in the region.
During the forecast period, the Middle East region promises a high potential demand for the air traffic management market. The region’s major countries include the UAE, Saudi Arabia, Israel, Iran, and others. The rest of the world is an emerging air traffic management market with demand during the forecast period from countries including South Africa, Brazil, Argentina, Nigeria, and others.
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