The market is projected to gross revenues worth USD 562.5 Million while expanding at a 6.07% CAGR during the forecast period from 2018 to 2023.
As the air passenger traffic has been growing at a momentous pace due the factors such as decreasing airline fares; growing per capita disposable pay particularly in emerging countries together with sophisticated living standards will boost the adoption of flight tracking systems in the aviation industry following the demand surge. The rising adoption of Automatic Dependent Surveillance-broadcast (ADS-B) flight tracking system which is essential in the collection of data in real-time from the aircrafts and make it available to ground operators, as well as pilots, is also expected to increase the market share in the upcoming years.
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The revolutionary advances made in-flight tracking systems have gained momentum in the recent years due to the development of better tools and rising levels of airline traffic. Moreover, the need for full visibility in terms of aviation traffic due to the inherent security and scheduling conflicts has raised the demand for flight tracking systems considerably.
The noteworthy surge in demand for flight tracking system stemming from developing economies, such as India, China, Saudi Arabia, due to the growing number of orders for aircraft with advanced safety systems will also positively reinforce the market’s expansion in the forecast period. The demand for flight tracking service is projected to multiply in the upcoming future as new aircrafts would be equipped with advanced safety systems that can enable effective flight tracking. Moreover, the technological improvements and enhanced software in this market will result in advanced development in flight tracking systems, which will perceive substantial growth in the upcoming forecast period.
Detailed Regional Analysis:
The North American region is responsible for a major market share of 40.79 percent in 2017, with a market worth of USD 162 million and is expected to expand at an incremental CAGR of 6.11 percent during the forecast period. The North American region is expected to grow extraordinarily on the flight tracking system front. The region has observed extensive investments by airline companies, in a bid to raise the safety of their respective aircrafts. The European region has been identified as the next major market in 2016, evaluated at USD 99.8 million in 2017 and is likely to expand at a CAGR of 5.86 percent. The EASA (European Aviation Safety Agency) mandate for ADS-B in Europe is anticipated to bear a positive influence on the market growth.
The Asia Pacific region is accredited with the most rapidly increasing market and held a share of 22.99 percent in 2016, with a market worth of USD 90.8 million and is anticipated to expand at a CAGR of 6.76 percent during the forecast period. The APAC region is a chief market for the flight tracking systems due to amplified investments for consolidating the air-to-ground data communication abilities.
The development of the market vendors is reliant on the market circumstances, government backing, and industry progress. As a result of which their focus is on refining their products and expanding organically. Though the leading players are leading the market owing to their extensive industry knowledge, new product developments, and geographic spread, other players, as well as the established ones and regional ones, are dynamically adding to the market demand. Aireon, AirNav Systems LLC, Rockwell Collins, ACR Electronics Inc., Blue Sky Network, Garmin Ltd., SITA, Honeywell International Inc., FLYHT Aerospace Solutions Ltd. (FLYHT), and Spider Tracks Limited.
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