Flight Tracking System Market Synopsis:
The growth of the aviation industry, in conjunction with the advancements in technology, has accelerated the adoption of safety components in aircraft in recent times. The global flight tracking system market, according to the study offered by Market Research Future (MRFR), is anticipated to reach USD 562.5 Mn by 2023 up from USD 419.0 Mn in 2018. The market is assessed to exhibit a CAGR of 6.07% during the projection period 2018 to 2023.
The growth in air traffic has led to profit maximization in the industry. It has further led the focus of the industry leaders towards enhanced passenger experience and safety features. In addition, the rising number of accidents is likely to catalyze the demand for systems that provides real-time positioning information. These factors are presumed to drive the proliferation of the flight tracking system market over the next couple of years.
Increasing investments in the expansion of fleet size, coupled with an influx of new industry leaders, is prognosticated to catapult flight tracking system market on upward trajectory. However, high cost of installation is projected to check the expansion of the flight tracking system market across the assessment period.
Flight Tracking System Market Segmentation:
Type-wise, the global flight tracking system market has been segmented into ADS-B, ACARS, and FANS. Among these, the ADS-B segment is assessed to hold the dominant share of the market over the next couple of years. It ensures optimum efficiency or air and ground operations, situational awareness, safety, etc. which is poised to drive the demand in the years to come.
On the basis of aircraft type, the flight tracking system market has been segmented into fixed-wing and rotary-wing. The fixed-wing segment, owing to its real-time data streaming ability, is anticipated to lead the expansion of the market in the forthcoming years. it is projected to register a CAGR of 6.5% CAGR across the evaluation period.
The segments of the global flight tracking system market, on the basis of end-user, has been segmented into commercial and military. Among these, the commercial segment is anticipated to account for the maximum market share in the nearby future. Initiatives undertaken by organizations such as FAA (Federal Aviation Administration), ICAO (International Civil Aviation Organization), etc. to prevent real-time information about aircraft position during emergency is likely to fuel demand for tracking systems over the forecast period.
Flight Tracking System Market Regional Analysis:
The segments of the global flight tracking system market, based on region, are Latin America, Europe, Asia Pacific (APAC), North America, and the Middle East & Africa (MEA). North America accounted for a major share of over 40% in 2017. It is projected to retain its pole position over the next few years. Key players based out of the region is prognosticated to lead the expansion of the flight tracking system market in the region in the forthcoming years. Asia Pacific is also expected to exhibit rapid developments and expand at a CAGR of 6.11% over the evaluation period.
Flight Tracking System Market Competitive Dashboard:
Key players of the global flight tracking system market have been profiled in the share analysis included in this report. Few of these players are ACR Electronics Inc., FLYHT Aerospace Solutions Ltd. (FLYHT), Rockwell Collins, AirNav Systems LLC, Honeywell International Inc., Blue Sky Network, Garmin Ltd., SITA, Aireon, and Spider Tracks Limited.
These players are investing in research & development for developing technologically advanced products. It is expected to revolutionize the competitive landscape of the market in the nearby future. Also, growth strategies such as mergers & acquisitions, partnerships, product innovation, collaborations, etc. are likely to be leveraged by the competitors for increasing profit margins and staying ahead of the curve.
Flight Tracking System Market by Type (Automatic Dependent Surveillance-Broadcast (ADS-B), Aircraft Communications Addressing and Reporting System (ACARS), Future Air Navigation System (FANS)), by Aircraft Type (Fixed-Wing, Rotary-Wing), by End-User (Commercial, Military), and by Region-Forecast Till 2023 @ https://www.marketresearchfuture.com/reports/flight-tracking-system-market-6240