Flight Tracking System Market is Estimated to Witness High Growth Owing to Opportunity in Commercial Aviation

Flight tracking systems are used at airports and airline operators to track commercial and private aircraft. These systems help monitor take-off, arrival, and overall flight path of aircraft. Flight tracking systems offer advantages such as real-time flight status updates, improved air traffic control, enhanced operational efficiency, and safety compliance. With increasing air passenger traffic and globalization of trade, the need for efficient flight tracking has risen tremendously.

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 Opportunity:

Growing commercial aviation provides significant market opportunity for flight tracking systems. The commercial aviation sector has witnessed strong growth over the past decade and is expected to further expand with rising incomes in developing nations. As airline fleets expand operations to new destinations, the need for advanced flight tracking will increase proportionately. Flight tracking systems ensure optimum fleet management and help commercial airlines meet regulatory obligations, thereby capitalizing on the opportunity arising from commercial aviation growth.

Porter’s Analysis

Threat of new entrants: Low as this is a consolidating market with high initial investments required for R&D and infrastructure development. Large players enjoy economy of scale.

Bargaining power of buyers: Moderate. There are few players in the market due to high technical requirements. However, buyers can negotiate on the pricing and demand the latest technology features from manufacturers.

Bargaining power of suppliers: Low. Suppliers do not have control over pricing as raw materials required are basic electronic components and sensors available from various suppliers globally.

Threat of new substitutes: Low. Flight tracking systems have no close substitutes and play a vital role in aviation safety.

Competitive rivalry: High. Large players compete on the basis of technology, features, and pricing.

SWOT Analysis

Strength: Provides real-time flight data for improved operations. Systems integrate multiple sensors for accurate tracking.

Weakness: Require specialized skills for installation and maintenance. Low conversion rate as some airlines still rely on secondary radars.

Opportunity: Emerging technologies like AI and IoT can enhance data analytics. Growing aircraft fleet will boost demand in developing nations.

Threats: Data privacy and security concerns. Economic slowdowns may force airlines to delay upgrades.

Key Takeaways

The Global Flight Tracking System Market Share is expected to witness high growth over the forecast period driven by increasing air traffic and focus on aviation 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 5.6% over the forecast period 2023 to 2030.

The Asia Pacific region dominated the market in 2024 attributed to the extensive development of air travel infrastructure in countries like China and India. North America and Europe will also exhibit significant growth rates through 2030 on account of stringent regulations regarding flight tracking. Upgrades of existing fleets in these mature markets will drive new technology adoptions.

Key players operating in the flight tracking system market are Bekaert, CEMEX SAB de CV, GCP Applied Technologies Inc., MBCC Group, KrampeHarex GmbH & Co. KG, Nycon, Sika AG, and The Euclid Chemical Company. These manufacturers are focusing on product development initiatives involving advanced data analytics and predictive maintenance tools.

For more details on the report, Read- https://www.pressreleasebulletin.com/flight-tracking-system-market-growing-demand-and-share-2/