With the emergence and long-term Impact of COVID-19, Global Air Traffic Management Market to reach USD XX billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Air Traffic Management Market points towards a potential rise to USD XX billion by 2030. The management of air traffic in and around airports and associated airspace is known as Air Traffic Management. This process involves the integration of air traffic services, airspace management, and air traffic flow management to ensure the safe and dynamic handling of air traffic. The increasing number of airports globally is driving the growth of this market, with rapid modernization of airports further boosting the air traffic management sector.
Geographically, the global Air Traffic Management market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). The Asia Pacific region dominates the market, with robust investments towards constructing new airports and expanding existing airports in regions such as China and India. In January 2022, the Civil Aviation Administration of China (CAAC) announced plans to build more than 270 civil transport airports in the country by 2025. The construction of new airports would allow the country to handle around 17 million aircraft movements annually and increase the passenger and cargo handling capacities to 930 million passengers and 9.5 million tonnes, respectively.
Such developments would require advanced air traffic management systems to ensure high levels of safety and operational efficiency. North America is expected to see significant growth in air traffic management systems due to the rapid technological advancements in the industry. Several companies are receiving contracts from defense organizations to develop improved air traffic management systems that enhance communication capabilities. For instance, in April 2022, Raytheon Intelligence & Space completed the installation of the first Global ASNT System for the U.S. Air Force, which provides advanced command and control capabilities to the Air Force’s nuclear bomber fleet.
The global Air Traffic Management market is highly competitive owing to the presence of several key players such as Societe Internationale de Telecommunications Aeronautiques (SITA) Northrop Grumman Corporation Honeywell International Inc. Thales Group L3Harris Technologies, Inc. Raytheon (RTX) Corporation Indra Sistemas, S.A Saab AB BAE Systems plc Lockheed Martin Corporation, and others.
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Key findings of the study suggest:
- Global Air Traffic Management Market is anticipated to grow with a healthy growth rate of more than 6% over the forecast period 2023-2030.
- In the Component Segment, Software emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to robust investments towards constructing new airports in the region.
- North America is expected to grow at higher rate owing to rapid technological advancements in the region
Bizwit Research & Consulting has considered following segments for the study:
By Domain:
- Air Traffic Control
- Air Traffic Flow Management
- Aeronautical Information Management
By Component:
- Hardware
- Software
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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