The flight tracking system market has a valuation of US$ 434.47 million as of 2022. The market is expected to grow at a CAGR of 5.5% during the period 2022-2032 and is anticipated to be valued at US$ 742.14 million by 2032.
In 2021, the flight tracking system market was valued at US$ 411.82 million.
In the past, there have been a number of incidences pertaining to airline accidents. This is something that has literally alarmed the aviation sector. This is expected to increase the demand for flight tracking systems during the forecast period.
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Moreover, a growing fleet of air flights and exponentially increasing air passengers are something that presents a huge opportunity in front of the flight tracking system market.
Apart from that, it is extremely easy to make use of these flight traffic systems.
One of the biggest aspects that have turned the heads of investors is the ability to provide the correct calculation pertaining to latitude and longitude. This factor becomes crucial to avoid mid-air collisions. Therefore, the sales of the flight tracking system are expected to increase during the forecast period. Moreover, the implementation of automation and the latest technologies has certainly led to less human interference during the course of operation. Thus, human resources can be put into much more useful aspects of the business.
Moreover, the flight tracking system is customizable. This literally means that aviation companies can select the model they want. Thus, from the market research presented by FMI, it can be inferred that highest focus on human safety, coupled with increased automation and a number of other factors are expected to drive the flight tracking system market during the forecast period.
Key Takeaways:
- The flight tracking system market is projected to grow at a CAGR of 5.5% during the forecast period.
- The flight tracking system market is valued at US$ 434.47 million as on 2022.
- The flight tracking system market is anticipated to be valued at US$ 742.14 million by 2032.
- In 2021, the flight tracking system market held a valuation of US$ 411.82 million.
- North America is currently the largest flight tracking system market.
- Asia Pacific is expected to overtake North America during the forecast period.
- Based on the system, ADS-B is expected to hold the highest market share during the forecast period.
- Based on the end-use, the civil aviation is expected to have the highest market share during the forecast period.
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Competitive Landscape
With so much technological innovations, and increased application of automation, the key players are implementing some of the best practices to present the best quality flight tracking system. Apart from that, the key players are also getting into collaborations especially with technology based companies to develop the best quality model.
Some of the recent developments are:
- In August 2022, the International Air Transport Association (IATA) opted for Lido Sky data from Lufthansa systems.
- In August 2022, Sabre and Cain Travel signed GDS agreement to drive agency sales and revenue growth.
Key Players in the Flight Tracking System Market
- Airbus SAS (NAVBLUE)
- ACR Electronics Inc.
- Aireon
- AirNav Systems LLC
- Blue Sky Network
- FLYHT Aerospace Solutions Ltd.
- Garmin Ltd.
- Honeywell International Inc.
- Raytheon Technologies Corporation
- SITA
- IBM Corporation
- Spider Tracks Limited
- Sabre
- Lufthansa Systems
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Key Segments Profiled in the Flight Tracking System Market
By System:
- ADS-B
- FANS
- PFTS
By End Use:
- General Aviation
- Civil Aviation
- Military Aircraft
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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