Northbrook, IL 60062 -- (SBWIRE) -- 07/05/2022 -- The report on the Air Traffic Management Market provides a detailed trend analysis from 2018 to 2027. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market.
MarketsandMarkets: The Air Traffic Management Market is estimated to be USD 8.0 billion in 2022 and is projected to reach USD 11.8 billion by 2027, at a CAGR of 8.1% from 2022 to 2027. The market is driven by factors such as rise in global focus on improving air safety, Launch of SESAR 3 joint undertaking to modernize European air traffic management, etc.
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Based on platform, Air Traffic Services segment projected to lead the market during the forecast period
Based on airspace, the Air Traffic Services (ATS) segment is estimated to dominate the air traffic management market in 2022 with a share of 55.6%. This segment is estimated at USD 4.4 billion in 2022 and is expected to reach USD 6.4 billion by 2027, at a CAGR of 7.8% during the forecast period.
Based on end use, Commercial segment is estimated to dominate the market during the forecast period
The market is estimated to be dominated by the commercial segment, with a share of 85.4% in 2020. This segment is estimated to be valued at USD 7.7 billion in 2022 and is projected to grow at a CAGR of 8.3% during the forecast period, to reach USD 11.4 billion by 2027.
Based on component, Hardware segment to have highest market share in 2022
Based on application, the market is estimated to be dominated by the hardware segment, with a market share of 74.6% in 2022. This segment is estimated to be valued at USD 5.9 billion in 2022 and is projected to grow at a CAGR of 7.5% during the forecast period, to reach USD 8.5 billion by 2027.
Asia Pacific is projected to grow at a highest CAGR of 9.9% during the forecast period. Asia Pacific is estimated to account for a share of 33.1% of the Air Traffic Management Market in 2022. In the Asia Pacific region, China, India, South Korea, Australia, and New Zealand are considered for the market study. Philippines, Japan, Vietnam, and Indonesia are considered in the Rest of Asia Pacific. The aviation industry is growing at a significant pace in the Asia Pacific region, mainly driven by increasing air passenger traffic.