Future Market Insights has announced the addition of the “Flight Tracking System Market: Global Industry Analysis and Opportunity Assessment 2015-2025" report to their offering.
Valley Cottage, NY -- (SBWIRE) -- 01/27/2016 -- Recent times, we have come across many incidents, in which, the air craft had gone missing, and it had not been able to track successfully. In 2014, Malaysian airlines flight MH370 disappeared and the tracking of the plane had become a challenge for the government for months. In last few months, the flight tracking system has improved. Across the globe, airlines are investing in the infrastructure advancements for accommodating number of solutions for flight tracking system.
Satellite tracking technology has been in use for tracking aircrafts for more than 20 years. Satellite tracking system gave an ultimate solution to the flight tracking system with an apt size, weight and cost. Satellite services or antennae is integrated with the aircraft, this helps tracking of the flight easy and reliable. For example, company FLYHT has a product called as FLYHTStream tracking system, which requires installation of FLYHT's blue box. This systems provides voice and tracking capabilities for tracking the aircraft successfully.
Flight Tracking System Market: Drivers and Challenges
Globally, the demand for various flight safety and tracking system is growing, especially after a few mishaps. The integration of flight tracking system with the aircraft is fuelling the growth for the global flight tracking system market. International civil aviation organization (ICAO) has recommended to integrate the flight tracking system in the aircraft, due to which, in future, airlines are expected to integrate the flight tracking system in their aircrafts.
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Though, the importance of the flight tracking system is on the rise in developed economies, the system has low awareness among Asia Pacific countries. There are no stringent regulations pertaining to the integration of flight tracking system, which is inhibiting the growth of global flight tracking system market.
Flight Tracking System Market: Overview
The global flight tracking system market by value is expected to expand at a CAGR of around 7-9% during the forecast period (2015-2025), due to increasing demand for flight safety systems.
Flight Tracking System Market: Segmentation
The global flight tracking system market can be segmented by aircraft type and by regions
Based on aircraft type, the global flight tracking system market is segmented as:
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Flight Tracking System Market: Region-wise Outlook
The global flight tracking system market is expectedto register a single-digit CAGR for the forecast period. Depending on geographic regions, global flight tracking system market is segmentedinto seven key regions: North America, South America, Eastern Europe, Western Europe, Asia-Pacific, Japan, and Middle East & Africa. In terms of market revenue, North America flight tracking system market is projectedto register a significant CAGR during the forecast period. Growing awareness about flight tracking system, increasing investments by airline companies in aircraft safety, are some of the factors which are fuelling the growth of flight tracking system market in North America. Western Europe and Asia Pacific are also forecast to register a significant growth in the global flight tracking system market.
Flight Tracking System Market: Key Players
Some of the key market participants in global flight tracking system market are SkyTrac Systems Ltd, FlightStats, Spidertracks, Blue Sky Network, FLYHT, etc.