Market Overview:
Flight tracking systems enable monitoring the real-time location, speed, altitude and other flight data of commercial and private aircraft. They collect data through onboard instruments and transmit it to ground stations via satellite links or radio frequencies. The data is then analyzed to enhance safety, efficiency and planning of flight operations. It allows air traffic controllers and airline operators to closely track aircraft movements. Devices like ADS-B receivers and transponders are installed on aircraft to track their movements and support services like search and rescue. Market Dynamics: Stringent aviation safety regulations being introduced globally are necessitating installation of advanced flight tracking capabilities on commercial aircraft. For instance, the EU implemented regulations in 2018 making ADS-B telemetry systems mandatory on aircraft flying in European airspace. This is spurring airlines to upgrade their existing fleets with the latest tracking technologies. The rising number of air passengers worldwide is increasing flight volume substantially each year, raising need for enhanced air traffic management. According to the IATA, annual passenger count is projected to double and reach 8.2 billion by 2037. This will strain existing airspace and airport infrastructure. Adopting flight tracking solutions can help manage higher traffic load efficiently through digital surveillance of aircraft positions and velocities. It supports safer coordination between planes in crowded skies. Next, increasing proliferation of low-cost carriers is another factor augmenting the market growth. Budget airlines have significantly expanded the global middle-class's access to air travel. However, their fleets tend to be older and lack advanced flight systems as compared to full-service carriers. This presents an opportunity to equip such aircraft with cost-effective tracking technologies. Segment Analysis The Flight Tracking System Market Demand is dominated by the ADS-B sub-segment which accounted for over 55% share of the global market in 2022. ADS-B systems offer improved surveillance and allow air traffic controllers to precisely monitor and track aircraft. They provide accurate information such as aircraft identity, altitude, speed and position to aviation authorities and allow better management of air traffic. PEST Analysis Political: Stringent aviation safety norms by regulatory bodies like FAA and EASA regarding real-time aircraft tracking are driving the adoption of flight tracking systems. Economic: High demand for flight efficiency and reduced operational costs from airlines is propelling the flight tracking system market growth. Social: Rising passenger safety concerns are compelling airlines to invest in advanced flight tracking solutions for enhanced situational awareness. Technological: Development of miniaturized sensors and IoT integration is enabling cost-effective flight tracking through technologies like ADS-B and FANS. Key Takeaways The global flight tracking system market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing demand for enhanced airspace safety and efficient flight operations management. The market size is projected to reach US$ 743 Mn by 2030. Regionally, North America dominates with over 35% share of the global flight tracking market supported by strong regulatory policies and early technology adoption. Europe and Asia Pacific are also lucrative markets driven by rapid air traffic growth in countries like China and India. Key players operating in the flight tracking system market are Aireon LLC, Spider Tracks Limited, BLUE SKY NETWORK, SKY TRAC SYSTEMS LTD, FLYHT Aerospace Solutions Ltd., Rockwell Collins, Garmin International Inc., and Honeywell International Inc. Major players are focusing on partnerships and product innovations to consolidate their market presence. Read More: https://www.marketwebjournal.com/flight-tracking-system-market-is-estimated-to-witness-high-growth/
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
March 2024
Categories |