The global Flight Tracking System Market Growth Accelerated by Increase in Air Passenger Traffic

 
Flight Tracking System Market

Flight tracking systems are used by both civil and military aviation sectors for purposes like air traffic control and monitoring aircraft movements in real-time. Flight tracking systems help provide enhanced situational awareness and safety for aircraft, passengers and crew. With rise in air passenger traffic globally over the years, demand for advanced flight tracking solutions has also increased tremendously.

The global Flight Tracking System Market is estimated to be valued at US$ 493 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increase in air passenger traffic has been one of the major factors driving growth of the flight tracking system market over the forecast period. There has been an exponential rise in the number of air passengers across both domestic and international routes globally in the last few years. According to estimates by the International Air Transport Association (IATA), the number of air passengers is expected to double from present levels to reach 8.2 billion by 2037. This massive increase in air traffic has necessitated advanced solutions for real-time flight tracking and situational awareness for authorities as well as passengers. Leading players in the market are focusing on introducing more sophisticated flight tracking technologies with capabilities like integrated in-cockpit displays and predictive analytics to capitalize on the opportunities arising from this key trend.


Segment Analysis

The flight tracking system market is segmented on the basis of installation into on-board and ground stations. The on-board segment dominates the market as flight tracking systems are directly integrated into the aircraft during production. The on-board systems provide more precise and real-time tracking compared to ground stations.

Key Takeaways

The Global Flight Tracking System Market Share is expected to witness high growth over the forecast period owing to increasing aviation industry and need for enhanced safety and security. The global Flight Tracking System Market is estimated to be valued at US$ 493 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030.


Regional analysis
North America accounts for around 40% share of the global flight tracking system market and is expected to continue dominating over the forecast period. This is attributed to stringent rules and regulations regarding aircraft safety set by regulatory bodies such as FAA in the region. Additionally, presence of major system providers is driving the market growth. Asia Pacific is expected to grow at the fastest rate during the forecast period due to increasing air traffic and focus toward enhancing aviation infrastructure in countries such as China and India.

Key players
Key players operating in the flight tracking system market are Bekaert, CEMEX SAB de CV, GCP Applied Technologies Inc., MBCC Group, KrampeHarex GmbH & Co. KG, Nycon, Sika AG, and The Euclid Chemical Company. Bekaert and CEMEX SAB de CV together account for over 35% market share currently.

For more details on the report, Read- https://www.insightprobing.com/flight-tracking-system-market-size-and-share/

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