by Flight tracking systems are network of ground-based radio antennas and satellite receivers that enable air traffic controllers and airline operators to track aircraft in real-time. Flight tracking systems provide crucial information such as unique identification of aircraft, its current latitude/longitude coordinates, speed, altitude and other related information. The adoption of next-generation flight tracking systems featuring technologies like Automatic Dependent Surveillance-Broadcast (ADS-B) is driving the growth of global flight tracking system market. ADS-B technology enables aircraft to periodically broadcast its identification, position, altitude, and velocity over radio frequencies without need of ground-based secondary surveillance radars.
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 adoption of next-generation flight tracking systems featuring ADS-B technology is one of the major trends propelling the growth of global flight tracking system market over the forecast period. ADS-B technology offers benefits like reduced aviation accidents, improved air traffic management, enhanced cooperation between aircraft and air traffic controllers, lower fuel consumption, and reduced carbon emissions. With growing emphasis on aviation safety and efficiency, the adoption of ADS-B integrated flight tracking systems is expected to rise significantly in the coming years.
SWOT Analysis
Strength: Flight tracking systems provide enhanced safety and security. They enable real-time monitoring of flights and help address issues promptly.
Weakness: High initial investment requirements for procurement and installation of these systems pose significant costs challenges for airlines. Data privacy and cyber security concerns also exist.
Opportunity: Growing air passenger traffic globally is driving the need for advanced flight tracking solutions. Integration of these systems with other technologies also provides opportunities.
Threats: Economic slowdowns can impact airline revenues and their ability to invest in new technologies. Stringent regulatory standards around data sharing amongst countries also pose threats.
Key Takeaways
The Global Flight Tracking System Market Share is expected to witness high growth over the forecast period of 2023 to 2030. 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 indicates that North America currently dominates the market driven by stringent aviation safety regulations in the US. Asia Pacific is expected to be the fastest growing regional market supported by increasing air traffic and government initiatives to modernize aviation infrastructure in countries like India and China.
Key players operating in the flight tracking system market are Bekaert, CEMEX SAB de CV, GCP Applied Technologies Inc., KrampeHarex GmbH & Co. KG, Nycon, Sika AG, and The Euclid Chemical Company. These players are focusing on new product launches and partnerships to gain shares in the market. For instance, Sika launched its flight track systems with advanced sensors and monitoring capabilities in 2022.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
