Market Research Reports Search Engine (MRRSE) has recently added a new report to the ever-expanding online collection of market intelligence on the global industry verticals regarding the Global Market Study on n-Hexane. This report is titled as “Flight Tracking System Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024”.The ADS-B segment by system is estimated to gain more than 100 BPS over the forecast period. This flight tracking system is expected to gain a firm grip, especially in general aviation. The ADS-B segment is anticipated to expand at a significant CAGR in terms of value till 2021, after which this segment is slated to grow at a high CAGR of 6.5% through the forecast period. ADS-B segment is likely to remain the most outstanding segment over the forecast period. This growth is attributed to the extensive growth of ADS-B infrastructure in emerging economies and adoption of enhanced air surveillance capabilities in developed economies. Growth in the overall market is mainly attributed to rising safety concerns and a substantial increase in aircraft sales globally. These systems are offered as a standard fit in majority of the new commercial aircraft and are also being installed at a significant rate in the existing fleet size due to stringent government regulations. In terms of value, sales of ADS-B systems worldwide are projected to increase 5X over the forecast period.
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Ability to provide better surveillance is boosting the demand for ADS-B systems in the global flight tracking system market
Equipment required to obtain position data are offered as a standard fit in many of the new aircraft manufactured today. Data from equipment such as ADS-B is used by software technology companies to determine the accurate position of the aircraft. The increase in passenger travel demand, especially in the Middle East and Asia Pacific regions is fuelling the total demand for new aircraft, thereby contributing to the revenue growth of the ADS-B segment.
The safety of passengers and crew members is of prime importance for airline companies especially when the aircraft is flying over a region outside the radar coverage or over areas where communication with the pilot or other crew members is impossible. ADS-B provides better surveillance in fringe areas and considering the rising number of incidents of aircraft missing without leaving any trace for airline companies, the need to track aircraft has become the most important objective. This factor is creating growth in the adoption of ADS-B systems worldwide.
After the recent missing Malaysian airlines flight MH 370, ANSPs, safety organisations, pilot groups, airframe and equipment manufacturers and civil aviation authorities represented by ICAO worked towards the improvement of flight tracking capabilities in aircraft. Regulatory authorities endorsing real-time flight tracking for commercial aircraft is one of the major factors driving the growth of the ADS-B segment.
ADS-B segment expected to remain prominent over the forecast period in the North America flight tracking system market
ADS-B was the dominant segment in terms of revenue in 2015 and is expected to remain dominant through 2026 in North America. The ADS-B segment in the North America flight tracking system market was estimated to be valued at more than US$ 100 Mn in 2016 and is expected to create incremental $ opportunity of more than US$ 120 Mn between 2016 and 2026. The U.S. market is primarily driven by stringent government regulations to equip aircraft with ADS-B capability for enhanced surveillance capabilities.
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Moreover, rising aircraft production in the country and demand from other regions to equip aircraft with advanced tracking solutions is also driving the growth of the market. Development of ADS-B infrastructure in North America is expected to accelerate the growth of the ADS-B segment over the forecast period. Upcoming projects such as ADS-B infrastructure development are likely to drive the demand for ADS-B systems in Latin America. The need to operate in ADS-B designated airspaces is boosting the demand for ADS-B systems in the Eastern Europe flight tracking system market, while the mandate for ADS-B equipage in aircraft is primarily driving the growth of the ADS-B segment over the forecast period in the Western Europe flight tracking system market.
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