Flight tracking systems play a vital role in enhancing aviation safety and efficiency by providing real-time information about commercial and private aircraft. These systems utilize technologies such as ADS-B, satellite-based Automatic Dependent Surveillance − Broadcast (ADS-B) systems provide information on aircraft identity, position, altitude, velocity and other parameters to Air Traffic Controllers and other aircraft. Growing air passenger traffic across the world has bolstered the demand for advanced flight tracking solutions to strengthen air traffic management.
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 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity to provide real-time aircraft information through advanced flight tracking solutions has opened lucrative growth prospects for players in the flight tracking system market. Governments and aviation authorities worldwide are implementing new policies and regulations mandating the use of satellite-based flight tracking systems to enhance flight safety. Furthermore, the demand for customized flight tracking solutions from business jet operators and private aircraft owners is also increasing steadily. Market players can gain a competitive edge by developing innovative flight tracking technologies that can transmit critical aircraft data in real-time across long ranges. Capitalizing on the need for comprehensive flight visibility solutions will be the key growth strategy for leading players over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as substantial capital investment is required to establish a flight tracking system network. The market is also dominated by established brands.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are several established players providing customized flight tracking systems. However, the systems demand requires specialized technical expertise.
Bargaining power of suppliers: The bargaining power of suppliers is low due to low switching costs and availability of substitute components from other suppliers.
Threat of new substitutes: The threat of substitutes is low as flight tracking systems have specialized applications and require aircraft modifications for implementation.
Competitive rivalry: The competitive rivalry is high among the major players to gain market share and offer differentiated services.
SWOT Analysis
Strength: Flight tracking systems offer greater visibility, safety, and efficiency benefits to airlines. Established players have extensive experience and global presence.
Weakness: High implementation and maintenance costs of systems pose financial challenges for new entrants and regional airlines. Systems also require aircraft modifications for installation.
Opportunity: Growth of low-cost carriers and expansion of regional air connectivity in emerging markets provide new opportunities. Developments in IoT and cloud technologies can enable more advanced tracking and analytics services.
Threats: Economic slowdowns can reduce airline fleets and negatively impact demand. Stringent aviation regulations regarding security and passenger privacy also present challenges.
Key Takeaways
The Global Flight Tracking System Market Size is expected to witness high growth over the forecast period supported by increasing air traffic and focus on passenger safety. 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 5.5% over the forecast period 2023 to 2030.
North America dominates currently supported by a large fleet of aircraft in the region. Europe is another major regional market. Asia Pacific is expected to be the fastest growing regional market for flight tracking systems due to rapid growth of air passenger traffic, especially in India and China. Many low-cost and regional carriers are also expanding operations.
Key players operating in the flight tracking system market are Aireon LLC, Spider Tracks Limited, BLUE SKY NETWORK, SKY TRAC SYSTEMS LTD, FLYHT Aerospace Solutions Ltd., Rockwell Collins, Garmin International Inc., and Honeywell International Inc. Aireon LLC provides satellite-based air traffic surveillance using Iridium NEXT.
For More Insights, Read: https://www.newswirestats.com/flight-tracking-system-market-demand-growth-and-regional-outlook-by-2030/
