Future Market Insights has announced the addition of the “Flight Tracking System Market Expected to Behold a CAGR of 5.5% through 2016-2026" report to their offering
Valley Cottage, NY -- (SBWIRE) -- 01/31/2018 -- Unlike other flight tracking systems, the demand for ADS-B systems is expected to remain higher in the future. ADS-B systems are known to be highly-effective for tracking single aisle, small wide body, medium wide body, and large wide body aircrafts, and also come in an extensive price range. Future Air Navigation Systems (FANS) might be competent in tracking all aircraft types, but their high prices limit their adoption over ADS-B systems. On the other hand, dedicated or portable flight tracking systems (PFTSs) are quite cheap, compared to other two, but lack the prowess to accurately track multiple flights.
A recent study developed by Future Market Insights projects that ADS-B systems will continue to account for over 75% of global flight tracking system revenues. It is been estimated that the global market for flight tracking systems, which is presently valued at approximately US$ 358 million, will exhibit a steady increment at 5.5% CAGR to reach US$ 611.8 million by the end of 2026.
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Such systems are being prominently used in tracking flights from general aviation industry. General aviation airport facilities from all corners of the world can be clubbed together to be called as the largest end-user of flight tracking systems. In 2016, the end-use of flight tracking systems in general aviation procured an estimated US$ 253 million. Nonetheless, revenues amassed from adoption of flight tracking systems in civil aviation are projected to grow at the highest CAGR of 6.3% by the end of 2026.
Honeywell International & Rockwell Collins – Leading Market Players
According to the report, two of the most recognisable manufacturers in the global flight tracking system market are - Honeywell International Inc. and Rockwell Collins, Inc. Collectively, these two flight tracking system manufacturers are estimated to account for over 50% of the global market revenues, specialising in production of ADS-B and FANS systems. Garmin International Inc. is also a leading manufacturer in the global flight tracking system market, raking in revenues worth billions. On the other hand, companies such as FLYHT Aerospace Solutions Ltd., SKY TRAC SYSTEMS LTD., Spider Tracks Limited, and BLUE SKY NETWORK are observed to be prominent manufacturers of PFTS systems. Aireon LLC, another key player in the global flight tracking system market, has gained worldwide acclamation for producing top-end ADS-B systems for space aviation.
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In the report, titled "Flight Tracking System Market: Global Industry Analysis & Opportunity Assessment, 2016-2026," Future Market Insights predicts that North America will remain the largest market for flight tracking system in the world. By the end of 2026, North America's flight tracking system revenues will have soared at 6.4% CAGR, procuring half of the global market revenues. The flight tracking system market in Western Europe will also gain traction, raking in over US$ 100 million by 2026-end. Revenues from flight tracking systems will be lowest in Japan and the Middle East & Africa (MEA) region. The flight tracking system market value in regions such as Asia-Pacific excluding Japan (APEJ), Latin America and Eastern Europe are anticipated to rise at less than 4% CAGR over the forecast period.