The airport surveillance radar market is projected to grow at a CAGR of 7.05% to reach US$592.624 million by 2024 from US$393.765 million in 2018. An airport surveillance radar system is a system which is used at airports to identify and exhibit the position of an airplane in aerospace around airports. It is used to monitor air traffic around the airport. This system controls traffic inside a radius of 30 to 50 nautical miles (56 to 93 km) of the air terminal and can detect and track aircraft at altitudes less than 25,000 feet. The growing air traffic on account of growth in the travel and tourism industry coupled with the growing safety concerns regarding passenger safety is one of the prime factors which is expected to drive the demands for these radars. Growing fatalities in the aviation industry due to poor surveillance have led the governments across the globe for equipping advanced surveillance technology.
Growing Air Passenger Traffic
The rise in number of air passengers, where the number of air passengers (domestic and international) rose from 3227291386 in 2014 to 3978849402 in 2017 (source: The World Bank Group) is giving rise to the growth in the number of airports, thus, leading to the growth of air transport services as well in order to achieve more efficient, and safe airport operations emanating the market growth in the forecast period.we have completed all segments of this market like market share, forecast , analysis , size , growth in our market research and analysis report.
This is attributed to rising disposable income and adopting high living standards especially in the emerging economies like China and India in comparison to the developed economies of the world. Also, the availability of cheap air tickets is propelling the increasing use of flights as a regular means of transport. Furthermore, growing tourism and globalization is also supporting the need for the development of new airports with the rise in the number of air passengers, emanating the market growth during the forecast period.
Global Airport Surveillance Radar Market by Geography
By geography, Airport surveillance radar market is segmented as North America, South America, Europe, Middle East and Africa, and Asia Pacific. APAC dominates the airport surveillance radar market owing to the economic development in countries like China and India. Rising investments in terms of expansion and construction of new airports is also expected to drive the market demand for surveillance radars during the forecast period. North America and Europe also witness a significant CAGR on account of increasing investment by both private and public players in terms of development of airports. However, South American region is also expected to hold a significant share on account of growing tourism industry and increasing air passenger traffic.
Asia Pacific (APAC) airport surveillance radar market is projected to grow at a CAGR of 6.64% during the forecast period, reaching a total market size of US$XX million in 2024 from US$XX million in 2018. The APAC market is further segmented into China, Japan, India, Australia, and Others. Others have been categorized into Vietnam and Indonesia. The market in the Asia Pacific region is poised to grow during the forecast period and beyond on account of growing air passenger traffic and investments in the development of new airports. China, India, Indonesia, and Vietnam are the four fastest-growing aviation markets from the APAC region on account of growing air passenger traffic during the forecast period, thus creating an opportunity for the market growth through the developments of new airports during the forecast period and beyond.
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