MarketsandMarkets has released a new report that projects the air traffic control equipment market to be worth approximately $5.5 billion in 2020.
The report, which analyzes the market’s growth by geography and country between 2014 and 2020, indicates that the air traffic market will double in value over the next 15 years, MarketsandMarkets said Thursday.
Airport construction projects have expanded as a result of an increasing passenger traffic and aircraft movement, according to the report.
MarketsandMarkets noted that airport constructions will require further air traffic control equipment in order to fulfill future demands.
The market research firm cited high cost and ATC equipment maintenance as potential restraints in the market.
MarketsandMarkets projects communication, navigation and surveillance equipment types to account for the highest market share from 2014 to 2020.