Air traffic control equipments are those tools that ensure the consistency, security and effectiveness of aeroplanes. They execute major functions in airports and are responsible for preventing aircrafts from colliding in air or on land. The worldwide air traffic control equipment market was predicted to have garnered revenue worth around USD 4, 160 million in 2014.
It is estimated to rise during the projected phase, at about 5 percent CAGR. The market is anticipated to achieve about USD 5, 519 million by the end of the said phase. Air traffic is estimated to increase doubly in the coming fifteen years. In present circumstances, inspite of indecisive fiscal conditions, commercial aviation is gaining wide momentum.
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Growing passengers and movement of aeroplanes have led to development of new airports and renovation of existing ones. This continual development and renovation is furthering the demand for the air traffic control equipment market. Some of the hindrances observed in this market include high safeguarding required for ATC equipments and their high costs.
The other hindrances include absence of capable labor and effective operations at peak hours. Some other factors driving the demand for the air traffic control equipment market include technological enhancements and demand for greater safety. Growing demand for travelling via air is also estimated to propel the market ahead.
The air traffic control equipment market is expected to witness good growth in the future ten years. Advancements in microelectronics have offered prospects for the further increase of the market. They are anticipated to drive the same over the projected phase. The air traffic control equipment market is fragmented into three categories. These are applications, products and geographical regions.
North America and Europe occupied a major share in the income of the market in 2013. The air traffic control equipment market of Asia Pacific is predicted to display prospects of high development. This is owing to increasing demand for effective infrastructure.
Information Source: Grand View Research