From $80.41 billion in 2020, the global Remote Towers market is projected to reach $653.11 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 29.9% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include, rise in aircraft deliveries, increasing focus on modernization of air traffic management infrastructure and digitalization in air traffic management.
Global Remote Towers Market: Market Dynamics
There is a rapidly growing demand for modernization and digitalization in the aviation industry due to the increasing number of aircraft demand as well as the airports for monitoring growing passenger traffic in the aviation industry. An increase in domestic & international airports and a focus on increasing efficiency & safety of air traffic management are the factors fueling the growth of the remote towers market across the globe. Furthermore, digitalization of air traffic control and up-gradation of air traffic management infrastructure are factors expected to argue the growth of the global remote towers market in the years ahead.
For instance, around 58 million tonnes of freight were carried or transported through airlines around the globe due to the increase in the air traffic. According to the report of the International Air Transport Association (IATA), in 2018, global airlines carried more than 4.3 billion passengers annually, and it is projected to reach around 7.2 billion passengers by 2035.
On the other hand, the issue related to the rise in cyber threat to air traffic management is likely to obstruct the profit boundaries. In addition, the growing need for situational awareness to identify, process, and provide efficient solutions in the aviation industry will further boost for the remote towers market.
Impact of COVID-19 on Remote Towers
Due to the COVID-19 situation, the research & development in remote towers system has been hampered due to the declared lockdowns and government restrictions on public gatherings. The major airports across the globe have been non-operational, which has delayed the ongoing up-gradation of airports with remote tower systems. The production rate of remote tower components such as several types of equipment, remote tower modules is down due to COVID-19, which, adversely affecting the global remote towers market. The business development possibility of remote tower companies has been adversely affected because of the overall shortage in demand for remote tower systems due to the COVID-19 pandemic. Demand for remote towers market may increase in near future as worldwide governments have started to loosen up the restrictions.
Contingency Segment Dominate the Market in 2020
The contingency segment made huge revenue in 2020 and growing its prominence during the forecast period. Contingency operation type is the fastest growing segment of the remote towers market due to the cost effective contingency remote tower method included. Contingency is a systematic method to control air traffic for military and civil purposes. Due to rising air traffic at tier one airports, and rising adoption of technology such as artificial intelligence (AI) and machine learning to improve the process in airports the growth for contingency segment increases in the estimated period.
Asia Pacific Region is Leading in the Global Market Place
Asia Pacific is likely to have a huge demand in the forecast period due to increasing construction of international and domestic airports, rising number of air traffic passengers, and a growing commercial aviation industry. Southeast Asian region in particular is attracting international visitors, which is anticipated to drive the demand for commercial planes and lead to a positive impact on the growth of the remote towers market.
List of the Key Players Profiled in the Market Include:
• L3Harris Technologies, Inc. • Lockheed Martin Corporation • Thales Group • Saab AB • Northrop Grumman Corporation • Leonardo S.p.A • Raytheon Company • Searidge Technologies • Indra Sistemas, S.A. • Frequentis Group
List of the Regions/Countries Profiled in the Market Include:
North America • US • Canada • Mexico Europe • Germany • U.K • Italy • France • Spain • Rest of Europe Asia Pacific • China • Japan • India • Australia • New Zealand • Rest of Asia Pacific Middle East • Saudi Arabia • UAE • Rest of Middle East Latin America • Argentina • Brazil • Rest of Latin America Rest of the World (RoW) • South Africa • Others
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