Global Flight Tracking System Market Research Report From Forecast From 2018-2023
Flight tracking is the process of acquiring real-time flight information, such as longitude, latitude, altitude, and ground speed of a specific aircraft. It is one of the key initiatives undertaken by regulatory agencies towards making aviation safe. Flight tracking is mainly carried out to ensure safe and efficient air traffic control and airline operations, and provide immediate response in case of an incident. It encompasses ground infrastructure and airborne equipment, along with the components that link them. The scope of this study covers ADS-B, ACARS, and FANS based flight tracking system. Over a period, the flight tracking system has become a vital component in the aviation industry. There have been significant innovations in the flight tracking system front, owing to the technological advancements and improved software systems. Currently, there are a number of investments by companies, such as Honeywell International Inc., Rockwell Collins, and Garmin Ltd, on flight tracking systems, which would significantly propel the market growth. The increasing demand for new aircraft, focus on ensuring flight safety, constant monitoring of aircraft, and the growing adoption of ADS-B flight tracking systems are the key factors driving the global market.
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Moreover, with the growing need for real-time aircraft information, there has been a steep rise in the sale of flight tracking systems.
Meanwhile, high installation costs and cybersecurity issues are hindering the market growth to a certain extent. However, rising demand for military UAVs and flight tracking systems in emerging economies offer promising growth opportunities to the market. Widespread use of apps for real-time flight tracking is a key trend prevalent in this industry.
The global flight tracking system market is estimated to witness 6.07% CAGR during the forecast period, 2018-2023. In 2018, the market was led by North America with 40.79% share, followed by Europe and Asia-Pacific with shares of 25.06% and 22.99%, respectively. Asia-Pacific is the fastest growing region for flight tracking system market. North America dominates the global market and is likely to grow remarkably in the flight tracking system front. The region has witnessed extensive investments by the airline companies, in a bid to increase the safety of their respective aircraft.
Moreover, the U.S. military is adopting advanced technologies and investing in research and development for increasing the flight tracking compatibility of their planes. Development of ADS-B infrastructure in North America is expected to propel the growth of the ADS-B segment of the flight tracking system over the forecast period. Besides, the region is home to a large number of market players, such as ACR Electronics Inc., Aireon LLC, AirNav Systems LLC, Blue Sky Network, Honeywell International Inc., and Rockwell Collins Inc.
ACR Electronics Inc. (U.S.), Aireon (U.S.), AirNav Systems LLC (U.S.), Blue Sky Network (U.S.), Garmin Ltd. (U.S.), Honeywell International Inc. (U.S.), Spider Tracks Limited (New Zealand), SITA (Switzerland), and Rockwell Collins, Inc. (U.S.), are some of the key players profiled in this report. Honeywell International Inc. and Rockwell Collins are the leading players and together accounted for nearly 70% of the market share in 2017.
Objective of the Global Flight Tracking System Market Report – Forecast to 2023
• To provide insights into factors influencing the market growth
• To provide historical and forecast revenue of the market segments and sub-segments with respect to regional markets and their key countries
• To provide historical and forecast revenue of the market segments based on type, aircraft-type, end-user, and region
• To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market
• ADS-B service providers
• Defense Companies
• Component Providers
• Investment Agencies
• Government and Regulatory Authorities
• The global flight tracking system market in this report has been segmented on the basis of type into three, namely, ADS-B, ACARS, and FANS. The ADS-B segment market is projected to register the highest CAGR of 6.24% during the forecast period.
• The global flight tracking system market has been segmented, by aircraft type, into fixed-wing, and rotary-wing aircraft. The fixed-wing segment market is projected to register the highest CAGR of 6.50% during the forecast period.
• The global flight tracking system market in this report has been segmented on the basis of end-user into two segments, namely commercial and military. The commercial segment market is projected to register the highest CAGR of 6.17% during the forecast period.
• North America would dominate the flight tracking system market by 2023. It is expected to register a CAGR of 6.11% during the forecast period. It is expected to reach a market size of USD 229.9 million by 2023.
The regional analysis also includes:
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
• Rest of the World
o Middle East & Africa
o Latin America
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This post was originally published on Aerospace Industry