Visiongain has published a new report on Air Traffic Management Market Report 2021-2031: Forecasts by Component (Communication, Navigation, Surveillance, Others), System (Airspace Management, Air Traffic Control, Air Traffic Flow Management, Aeronautical Information Management), End-use (Tactical, Commercial), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa). PLUS Analysis of Leading Air Traffic Management Companies AND COVID-19 Recovery Scenarios.
Global air traffic management market size is estimated to reach US$ xx billion in 2026 from US$ xx billion in 2021 while growing at a CAGR of xx% during the first half of the forecast period i.e. 2021 to 2026. The global market size is further projected to reach US$ xx billion by 2031 at a CAGR of xx% from 2021 to 2031.
Changes in passenger behaviour following the COVID-19 crisis, restrictions on travel, and the resulting economic crisis have contributed to a drastic decrease in demand for airline services. According to IATA, in April 2020, freight transport, which was almost 30 percent lower year-on-year in April and still about 12 percent lower in August, was affected by the collapse in economic activity and trade. The severity of the shock has put the liquidity reserves of airline companies under pressure, even though a large proportion of their costs are variable (around 50% according to IATA, especially fuel accounting for 25 % of total costs) and the recent drop in oil prices has lowered the operating costs of airlines.
Emerging Economies Willing to Invest in Improving Air Traffic Management
Despite the difficulties and complexities of air traffic management, major developments in both developed and emerging markets for air travel are on the way forward. The growth of the air travel industry in countries such as China and India will enhance air traffic management through the use of processes, instruments, and technologies already used in developed markets such as the United States and Europe. Emerging markets, such as China, are willing to make major investments in improving air traffic management by building new airports, extending existing airports, modifying control procedures, and investing in control instruments. All these factors are projected to offer lucrative growth opportunities for the market players over the forecast period from 2021 to 2031.
Transforming Air Traffic Management with Artificial Intelligence
Airline passenger numbers are continuously increasing and are projected to double by 2037. This would greatly increase the number of operating flights regularly, which will have a fundamental effect on the management of air traffic. Also, several areas around the globe are experiencing erratic weather with climate change, causing major flight delays. Therefore, the adoption of new-age technology is becoming imperative in promoting crowded airspace. For instance, London Heathrow Airport has invested in building a digital library tower using ultra-high-definition cameras and AI technology. This tower would boost the capacity of the UK’s busiest airport and ease the air traffic to a great extent. Over the last decade, the airline industry has seen its fair share of challenges, from the emergence of low-cost airlines to bankruptcies to unstable fuel prices. Against all these odds, however, the industry has continued to emerge victoriously. As customer priorities and preferences shift alongside regulatory standards, through their transformation efforts, early adopters will reap full benefits.
Some of the major companies operating in the global Air Traffic Management market are BAE Systems plc, Leonardo, Lockheed Martin Corporation, Northrop Grumman, Thales Group, Honeywell International, L3Harris Technologies, Inc., Raytheon Company, Searidge Technologies, Saab AB, Frequentis AG, and Leidos.
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