Global Remote Towers Market.
Global Remote Towers Market is projected to register a 30.51% CAGR during the forecast period, 2020 to 2026.
Rapidly growing digitalization in air traffic management and increasing need for situational awareness has significantly contributed to the expansion of the remote towers market. Additionally, the stringent aviation regulations pertaining to aircraft safety owing to the growing terrorism across the globe are also expected to drive the growth of the market.
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Furthermore, the growing tourism across the globe is also expected to provide an opportunity for the growth of the market. For example, according to the World Tourism Organization (UNWTO), in 2017, the total international tourist arrivals accounted for 1,326 million across the globe, with a more than 7% growth compared to 2016. Furthermore, the growing adoption of UAVs for commercial and military applications is also expected to drive the growth of the segment. For example, in May 2019, the Federal Aviation Administration (FAA) announced that there were more than 122,000 commercial drone operators in early 2018.
However, issues related to the rise in cyber threats to air traffic management and limited network infrastructure might hamper the growth of the market. Furthermore, the ongoing COVID-19 pandemic might hamper the growth of the market due to delays in the supply chain, the closing of international borders, and grounding of aircraft. However, initiatives undertaken by the governments of countries such as the US, China, India, and others to reduce the impact of the COVID-19 outbreak on the aviation industry is expected to provide an opportunity for the growth of the remote towers market in the coming years. Moreover, the formation of air bubbles amongst various countries to support air travel during the pandemic is also expected to drive the growth of the market.
The growing need for situational awareness for identifying, processing, and providing efficient solutions in the aviation industry is a key factor, which is driving the growth of the global remote towers market.
Growth Opportunities in the Market
Contingency segment to register the highest growth rate: The contingency segment is expected to grow at the highest CAGR during the forecast period owing to the growing use of contingency remote towers in case of emergency or as backup due to increasing air traffic.
Communication segment is expected to be the fastest growing: The communication segment is expected to grow at the highest CAGR during the review period due to the increasing development of new airports. Furthermore, the rising adoption of UAVs is also expected to drive the growth of the segment.
Airport equipment segment expected to register the highest CAGR: The airport equipment segment is projected to grow at the highest CAGR during the forecast period owing to factors such as the increasing aircraft deliveries and the demand for improved operational efficiency of airlines.
Other Prominent Players