Press release
Flight Tracking System Market to Garner $549.7 Mn at a CAGR of 5.6% by 2027- Honeywell International, Aireon, Rockwell Collins, Garmin, Flyht Aerospace Solutions, Spider Tracks, Skytrac Systems
North America was the leading geographic flight tracking system market and it is anticipated to be the highest revenue contributor throughout the forecast period. Significant investments in the aerospace sector by Governments in the developed nations of US and Canada, is expected to fuel flight tracking system market in this region.
Rising flight traffic to contribute to increased demand for new aircrafts
The Virtual Reality Market report aims to provide a 360-degree view of the market in terms of cutting-edge technology, key developments, drivers, restraints and future trends with impact analysis of these trends on the market for short-term, mid-term and long-term during the forecast period. Further, the report also covers key players profiling with detailed SWOT analysis, financial facts and key developments of products/service from the past three years.
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As per IATA (International Air Transport Association) number of passengers travelling by air is expected to reach ~7.8 billion by 2036. This growth in the passengers travelling through airways is majorly influenced by the rapidly emerging middle class segment in developing economies. Exponentially burgeoning working group in the developing region has resulted in increased disposable income and freight traffic. Majority of the rising middle class was witnessed in China and India (as described by United Nations). Furthermore, as the world continue to recover from pervious economic contractions, the demand of air travel is projected to vary widely.
Companies profiled in this report includes, Honeywell International Inc., Aireon LLC, Rockwell Collins (United Technology Corporation), Garmin, Ltd., Flyht Aerospace Solutions Ltd, Spider Tracks Limited, Skytrac Systems Ltd., Blue Sky Network among others.
System Insights
The global flight tracking system market by system was led by ADS-B segment. The other systems for flight tracking market include FANS, ACARS, and PFTS. Automatic Dependent Surveillance-Broadcast (ADS-B) is among the advance surveillance technology available that is used for tracking aircraft. As per the technology the aircraft defines its own position through satellite navigation and broadcasts position reports within fixed intervals.
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Strategic Insights
The market players present in flight tracking system market are mainly focusing towards product enhancements by implementing advance technologies. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company maintain its brand name globally. Most of the market initiative were observed in Asia Pacific, North America, Europe regions, which have high density of flight tracking related solutions. Few of the recent developments are listed below:
2018: Honeywell announced partnership with FlightAware for flight tracking. The partnership is aimed to provide advanced flight tracking support to business jet owners and operations control center.
2018: Aerion and Leonardo a helicopter manufacturer signed a Memorandum of Understanding (MOU). According to the agreement Leonardo would integrate Aerion’s ADS-B into its LeadInSky air traffic management (ATM) system. This would help ANSPs to dynamically optimize flight routes and improve airspace management using real time data of the aircraft.
2018: Rockwell Collins announced a strategic partnership with FlightAware to offer Aireon Space-Based ADS-B Flight Tracking system to business aviation operators. This partnership will help the company to cater the increasing demand.
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