San Francisco, Nov. 04, 2015 (GLOBE NEWSWIRE) -- Global Air Traffic Control Equipment Market is projected to reach USD 4.2 billion by 2020, as per a new research report by Radiant Insights, Inc. Mounting price sensitivity among customers with introduction of low fare airlines is expected to drive the demand. It saves travel time and provides safety for consumers. Increasing production of new airports owing to enhanced connectivity and increasing traffic are likely to favor the growth prospects. However, high investment and maintenance cost is likely to pose challenge to the industry participants.
Communication equipments generated highest revenue, valued at USD 1,170.2 million in 2013. These are expected to witness significant gains, with forecast of USD 1,596.9 million at a CAGR of 4.6%. Technological innovation in digital data communication in consequence of omnipresent utilization of air traffic control system, this is expected to drive global demand growth. Navigation equipment was valued at USD 961.2 million in 2013, and is expected to reach USD 1,230.3 million by 2020, growing at an estimated CAGR of over 3.6% over the next few years.
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Key report insights suggest:
- Global air traffic control equipment market was valued USD 3,169.0 million in 2013 and is likely to reach USD 4,226.5 million by 2020 growing with an estimated CAGR of 4.2% from 2014 to 2020.
- Global demand in commercial aircrafts was USD 1,226.7 million in 2013 which is expected to reach USD 1,676.4 million by 2020, growing at a CAGR of 4.6% from 2014 to 2020. It is also projected to be fastest growing application segment. Low breakdown tolerance levels have enforced the major players to emphasize on advancing reliability of ATC equipment is expected to be the key driving factor for the industry growth.
- Europe dominated the regional demand with an estimated market share of 32.62% in 2013. Integration of collision efficient avoidance system in this region is expected to boost growth. Asia Pacific region is expected to be the fastest growing region, growing at a CAGR of 6.3% up to 2020. Rising air traffic volume has led to increasing demand for technologically advanced communications equipment.
- China is the largest contributor for ATC equipment market growing at a CAGR of 5.7% over the forecast period. Indonesia is expected to be the fastest growing region followed by Philippines over the forecast period.
- ATC equipment market is consolidated, with top four manufacturers accounting for approximately 50% of the industry share. Key companies include Thales Group, Harris Corporation, Lockheed Martin and Raytheon Company among others.
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Global ATC Equipment Product Overview (Revenue, USD Million, 2012 - 2020)
- Communications Equipment
- Navigation Equipment
- Surveillance Equipment
Global ATC Equipment Application Overview (Revenue, USD Million, 2012 - 2020)
- Commercial Aircraft
- Private Aircraft
- Military Aircraft
Global ATC Equipment Regional Overview (Revenue, USD Million, 2012 - 2020)
- North America
- Asia Pacific
- Rest of the World (RoW)
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About Radiant Insights
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy.Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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Source: Radiant Insights