The global Air Traffic Management Market is on a trajectory of unprecedented growth, poised to achieve a valuation of US$ 10,889.2 million by 2023, marking a notable Compound Annual Growth Rate (CAGR) of 4.9% during the forecast period.
The air traffic management market is projected to develop at a 4.9% CAGR and reach US$ 10,889.2 million by 2023. It is projected that the market will reach US$17,624.5 million by 2033.
It is anticipated that as modernization picks up speed and the number of aircraft rises, so too will the use of ATC systems. Furthermore, more individuals will likely require air traffic control throughout the projected time due to an increase in the number of vehicles on the road.
Due to a rise in passengers and international tourism, there has been a significant growth in demand for air traffic management systems. The military and defence industries are seeing a growth in the air traffic management market share as a means of monitoring and regulating air traffic problems surrounding defence jets.
Request Sample Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-5719
The industry that offers services and technologies to manage air traffic to ensure the safe and effective operation of airplanes in the airspace is referred to as the “air traffic management market.” Aircraft must be able to navigate through congested airspace and land at airports safely and efficiently, which requires the employment of sophisticated operational procedures and cutting-edge communication, navigation, and surveillance systems.
The rising demand for air travel, which is anticipated to continue growing in the upcoming years, especially in emerging nations, is what drives the air traffic management industry. The industry is additionally benefited from the global air traffic control system modernization that is currently underway, with several nations investing in new technologies and infrastructure to enhance safety, efficiency,
Players in the air traffic management industry compete on grounds like pricing, performance, dependability, and innovation. The market is also subject to a variety of legal restrictions and guidelines, which may have an impact on how quickly new systems and technologies are adopted and implemented.
Recent Developments in the Air Traffic Management
Other Key Participants in the Air Traffic Management Market
Request for Methodology:
https://www.futuremarketinsights.com/request-report-methodology/rep-gb-5719
Global Air Traffic Management Market: Drivers and Restraint
The global market demand for the air traffic management market is primarily driven by the factors such as the increasing focus of the airports on the modernization of Air Traffic Management (ATM) infrastructure which was initially used. In addition to this other factors such as the constant increase in the number of airports in emerging economies in developing regions such as India, China, and others are also fueling the global demand for air traffic management in the coming future.
Due to increasing competition in airport traveling services, the need for efficient airspace management is also increasing day by day and these factors are anticipated to drive the growth of the air traffic management market over the forecast period.
Along with this the air traffic management systems are also actively contributing to maintaining the balance between the changing weather and airport activities. On the other hand, higher deployment costs and lack of awareness are the major restraining factors for the growth of the global air traffic management demand in the forecast years.
Key Segments
By Component:
By Application:
By Region:
Request for Customization:
https://www.futuremarketinsights.com/customization-available/rep-gb-5719
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market
Feb 13, 2024
Copyright © 2006 - 2023 PRnob Media, UBIC Solutions, LLC. All Rights Reserved.
