The global air traffic management & 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 & Consulting Market, 2024-2028”. 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.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/air-traffic-management-market-101813
COVID-19 Impact-
The stringent restrictions, including lockdowns and curfews implemented during the COVID-19 pandemic, have significantly affected the market growth. The ban on air travel during the initial days of the pandemic has negatively impacted the market growth. However, the governments of several economies allowed reduced air travel for vaccinated and unvaccinated people, which has helped the market. Nevertheless, several nations have accelerated their vaccination drives, and the market is expected to grow strongly in the forthcoming years.
Segmentation-
On the basis of the system, the market is segmented into aeronautical information management, airspace management, air traffic flow management, and air traffic services. On the basis of airport type, the market is bifurcated into international and domestic. On the basis of components, the market is trifurcated into services, software, and hardware. On the basis of end-user, the market is fragmented into military and commercial. Geographically, the market is classified into North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage-
The report provides insights into the political and economic scenarios of the market.
The report provides a detailed assessment of the growth potential, demographics, and capabilities of the market.
The report analyses the current and upcoming investment opportunities in the market.
The report highlights strategies for growth in the upcoming years.
The report also analyzes the impact of the COVID-19 pandemic.
Drivers & 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 & 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-
High Adoption of Advanced Technologies to Fuel Growth in North America
North America is anticipated to attain the largest global air traffic management & consulting market share. The high adoption of advanced technologies to improve aircraft and airport operation efficiency, coupled with the vast aviation industry, is projected to boost the market growth. Also, the several key players present in the U.S., including Northrop Grumman Corporation, L3Harris Technologies Inc., Lockheed Martin Corporation, Raytheon Technologies Corporation, and others, are likely to complement the market’s growth in the coming years.
Europe is predicted to witness the second-highest growth in the global market due to various air traffic management & consulting solution manufacturers, including Saab AB, Thales Group, and BAE System PLC.
Asia Pacific is estimated to register the highest CAGR during the forecast period. The growing demand for modernizing existing airports is a key factor driving the market’s growth. Additionally, the increasing investments in new airport development are also anticipated to boost the market growth.