The global air traffic management and consulting market size is anticipated to reach USD 16.11 billion by 2028 from USD 11.50 billion in 2021 exhibiting a CAGR of 4.93% during the forecast period. The worldwide rising air traffic is anticipated to drive the demand for advanced ATM solutions and foster market growth. Fortune Business InsightsTMhas published this information in its report titled “Air Traffic Management and Consulting Market, 2021-2028”. The market size stood at USD 11.30 billion in 2020.

The growing adoption of artificial intelligence in air traffic control remote towers for enhancing aircraft operation is anticipated to be a key trend driving the global market growth in the forthcoming years.

List of Key Players in the Global Market:

  • Thales Group (France)
  • Raytheon Technologies Corporation (U.S.)
  • Indra Sistemans SA (Spain)
  • L3Harris Technologies Inc. (U.S.)
  • Honeywell International Inc. (U.S.)
  • BAE Systems PLC (U.K.)
  • Saab AB (Sweden)
  • Lockheed Martin Corporation (U.S.)
  • Capgemini S.E. (France)

Browse Complete Report Summary:

https://www.fortunebusinessinsights.com/industry-reports/air-traffic-management-market-101813 

Segmentation-

The market is categorized into four segments based on the system: aeronautical information management, airspace management, air traffic flow management, and air traffic services. Furthermore, the market is divided into international and domestic airport types, and is classified into three categories based on components: services, software, and hardware. The market is also segmented by end-user into military and commercial. Geographically, the market is classified into four regions: North America, Europe, Asia Pacific, and the Rest of the World.

Report Coverage-

The report offers an analysis of both the political and economic landscapes of the market, providing valuable insights into these factors. Additionally, it provides a comprehensive evaluation of the market's growth potential, demographics, and capabilities. The report also examines current and future investment opportunities in the market. Lastly, the report outlines growth strategies that can be implemented in the coming years.

Drivers and Restraints-

Development of New Airport to Bolster Market Growth

Due to the growing passenger traffic, the ever-increasing air traffic is anticipated to boost the global air traffic management and consulting market growth. This also results in new airport developments. The rising new airport projects, particularly in Asia Pacific, are anticipated to boost market growth due to increasing investments in the airport infrastructure. The development of new airport will contribute to employment, economic development, and other social benefits. The Center for Asia Pacific Centre for Aviation estimates that approximately USD 137,254 million worth of investments were made in global airport expansions. Approximately USD 62,398 million were invested in new airports, and USD 74,856.0 million were invested in the up-gradation of existing airports.

However, the high costs associated with the deployment of these solutions may hinder market growth.

Regional Insights-

 

The air traffic management market exhibits varying trends and growth patterns across different regions of the world. North America is a prominent market for air traffic management systems due to the presence of major industry players and the high adoption rate of advanced technologies. Europe is also a significant market due to the presence of several leading airports and the implementation of advanced air traffic management systems.

The Asia Pacific region is expected to witness substantial growth in the air traffic management market due to the increasing air traffic and rising investments in airport infrastructure development. Furthermore, the growing demand for air travel in emerging economies such as China and India is expected to further drive the market growth in this region.

Competitive Landscape-

Key Players Adopt Ingenious Growth Strategies

The market comprises Northrop Grumman Corporation, Thales Group, Lockheed Martin Corporation, and Honeywell International, amongst the top market players. The key players adopt ingenious growth strategies such as long-term contracts, new product launches, strategic acquisitions, and mergers, amongst others, to accumulate growth and augment their revenues. For instance, Thales Group announced the selection of the Federal Aviation Administration (FAA) and Leidos Holdings Inc. for the delivery of approximately 142 secondary surveillance radars to support ATC (Air Traffic Control) management in February 2020.

Key Industry Development-

  • December 2020: FAA signed a contract worth USD 12 million with DIGITALiBiz Inc. to provide research and development, integration, and other supports to develop a new transoceanic ATC infrastructure.