As per Inkwood Research, the Global Air Traffic Management Market is estimated to rise with a CAGR of 5.57% in terms of revenue during the forecasting period of 2023-2032.
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Air traffic management is used to ensure the safe and disciplined flow of air traffic without errors. The primary objective of the system is to minimize the congestion problem at the airports and control the flow of traffic day in and day out.
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Growing Passenger Traffic boosts Growth Opportunities
Air travel is a time-saving and efficient mode of transportation. Accordingly, air traffic is on the rise, necessitating the effective use of air traffic management to ensure secure and safe air travel. Also, airlines are expanding their fleet to accommodate more passengers. They are buying more aircraft and adding more routes. Similarly, airspace congestion highlights the need for air traffic management.
Further, the growing passenger traffic has led to the construction of new airports and the expansion of the existing ones, which has further raised the need for new air traffic management (ATM) infrastructure and increasing the capacity of the existing ATM systems. Besides, almost every country globally is engaged in airport construction or expansion activities encompassing significant investments. In this regard, Europe and Asia-Pacific witnessed increased funding. Such factors drive the global air traffic management market growth.
Air Traffic Flow Management is the Fastest-Growing Domain
Air traffic flow management (ATFM) was established to contribute to a safe, expeditious, and orderly flow of air traffic. It has existed as a subset of air traffic management (ATM). It is gaining relevance for tactical approaches needed for capacity-reducing and off-nominal instances and long-term & demand balancing. Besides, the demand for pre-tactical and tactical ATFM procedures is emerging, with optimal operation conditions becoming increasingly rare.
Asia-Pacific is the Largest Revenue-Generating Region
The rapidly-growing passenger traffic in Asia-Pacific is attracting investments alongside the airports increasing their passenger and flight handling capacities. Besides, the airlines in the region are expanding their fleet size to cater to more passengers. Additionally, the rising emphasis on modernizing the old ATM infrastructure offers growth opportunities.
Market rivalry is characterized by intense competition with vendors competing on factors like reliability and technological innovations while minimizing costs. Some of the eminent companies in the market include Indra Sistemas SA, L3Harris Technologies, Leonardo SpA, Honeywell, etc.
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