Airport Surveillance Radar Market
: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
Buy Now
: Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
Buy Now
Our in-depth analysis has segmented global airport surveillance radar market into the following segments:
By Product
By Application
By Region
Global airport surveillance radar market is further classified on the basis of region as follows:
Growth Drivers & Challenges
Increase in global tourism and rising number of airports in developing regions is one of the key factors driving the growth of the airport surveillance radar market. Further, the number of international tourist is expected to exceed 2 Billion by the end of 2030. Additionally, this high growth in passenger traffic and number of airports is anticipated to accelerate the growth of the global airport surveillance radar market.
Apart from this, massive utilization of airport surveillance radar for military airport is spurring the growth of the airport surveillance radar market globally. Subsequently, increase in defense budgets is expected to supplement the growth of the airport surveillance radar market. Furthermore, technological advancements such as integration of satellite navigation system with airport surveillance radar are likely to increase the market size of the airport surveillance radar market.
In contrast, reduction in number of airports in developed regions such as North America and Europe is likely to dampen the growth of the global airport surveillance radar market. For instance, as per Bureau of Transportation Statistics, number of airports in U.S. was estimated to be 20,341 in 2007. However, this number declined to 19,536 in 2016.
Global airport surveillance radar market is projected to grow at a CAGR of 4.8% during the forecast period. In recent years, airport surveillance radar market has witnessed significant growth is anticipated to expand during the forecast period owing to the increasing infrastructure airport construction activity in the developing regions. Moreover, massive growth in tourism across the globe is expected to drive the growth of airport surveillance market in the next few years.
Geographically, North America accounted for the major market share in overall airport surveillance radar market in 2016. High number of airports coupled with massive passenger traffic is expected to drive the growth of the airport surveillance market. U.S. is the major contributor to the growth of the airport surveillance radar market. Further, presence of major manufacturers in the nation is envisioned to strengthen the market of airport surveillance in the nation.
Asia Pacific is projected to witness lucrative growth during the forecast period. Furthermore, Asia Pacific is expected dominate the overall airport surveillance radar market by the end of forecast period. This can be attributed to the unprecedented growth in commercial aviation. Additionally, rising growth of tourism in the region is likely to spur the demand for better global connectivity and airports. As per International Air Transport Association, number of air travels in Asia Pacific is expected to outnumber combined North America and Europe air travels by 2030. Additionally, number of jet fleet in Asia Pacific is projected to reach 16,180 in 2034 from 5,850 in 2014. These factors are anticipated to increase the demand for air traffic control system which further, is likely to supplement the growth of the airport surveillance radar market. Europe airport surveillance market is expected to grow at significant pace over the forecast period. Growth in air transport of passengers, increasing mail & freight transportation are some of the factors which are expected to garner the growth of the Europe surveillance radar market during the forecast period. Additionally, presence of some key manufacturing players in the region is also projected to strengthen the growth of the airport surveillance radar market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Submit Your Request For Proposal (RFP)
