Posted By:Infra Bazaar
Global Air Traffic Control Equipment Market is expected to reach USD 4.2 billion by 2020, as per Radiant Insights Inc. The research report says with increasing price sensitivity among customers introduction of low fare airlines is likely to drive more demand. It saves lot of travel time and provides safety for consumers. Increasing construction of new airports owing to enhance connectivity and growing traffic are likely to favor the growth prospects. However maintenance and high investment costs are likely to create challenge to the industry participants.
In 2013, communication equipment generated highest revenue, valued at USD 1,170.2 million. These are expected to observe significant gains with forecasts of USD 1,596.9 million at a CAGR of 4.6%. Technological innovation in digital data communication in effect of universal utilization of air traffic control system, this is expected to drive global growth and demand. 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.
Key report insights suggest:
The Global air traffic control equipment market was valued 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.
In 2013, Global demand in commercial aircrafts was USD 1,226.7 million, which is expected to reach 1,676.4 million by 2020, growing at CAGR of 4.6% from 2014 to 2020. It is expected to be fastest growing application segment. Low breakdown acceptance levels have enforced the major players to highlight on advancing reliability of ATC equipment and expected to be the main driving factor for the industry growth.
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.