Market Overview:
Remote Towers Market is projected to grow from USD USD 0.6 Billion by 2030, at a CAGR of 19.6% from 2020 to 2030. Rapidly growing digitization 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. 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 Remote Towers Market Trends. Furthermore, the ongoing COVID-19 pandemic might hamper the growth of the Remote Towers 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.
Key Players:
Saab AB (Sweden),Frequentis Group (Austria),Thales Group (France),Indra Sistemas, S.A. (Spain),Raytheon Technologies Corporation (US),L3Harris Technologies, Inc. (US),Northrop Grumman Corporation (US),Lockheed Martin Corporation (US),Searidge Technologies (Canada),Leonardo S.p.A. (Italy)
Market USP
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 Share.
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.
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It discusses industry and technology trends that are currently prevailing in the market and analyzes the factors that drive and restrain the growth of the market as well as the challenges faced by the market.
Factors such as increased cost savings and enhanced safety and efficiency in Air Traffic Management (ATM) operations using remote towers are expected to drive the growth of the market.
In March 2019, the Brazilian air navigation service provider selected Frequentis to provide Remote-control tower visualization system (SVR-TWR) for the Santa Cruz Airfield.
In the same period, Raytheon signed an agreement with Frequentis to upgrade the airport operations of the US, where the civil airport operations of the US will be upgraded with the help of remote virtual tower technology.The remote towers market is segmented based on operation type, system type, application, and region.
London’s Heathrow Airport, which has a contingency remote tower installed, can control 70% of air traffic in case of emergency or very heavy traffic flow.Get PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=202956087Based on system type, the airport equipment segment is projected to grow at the highest CAGR during the forecast period.
Due to heavy air traffic, controllers are facing high pressure in terms of managing and planning, which is also resulting in delays and increasing costs.
According to the new market research report by IndustryARC titled “Cooling Towers Market: By Type (Natural, Mechanical, Hybrid); By Construction (Field Erected, Factory Assembled); By Method of Heat Transfer (Evaporative, Dry, Plume Abatement, Others); By Application (Pharmaceutical & Laboratories, Food & Beverages, Others); By Geography - (2015-2021)”, the market is driven by the increasing demand for electricity coupled with rising industrial investments.APAC held the largest market share and Growth Rate in the Cooling Towers Market:Asia Pacific region holds the largest market share in the Cooling Towers Market and is anticipated to reach $1.01 billion by 2023 at a CAGR of 8.73%.
The market is mainly driven by the regulatory restrictions on discharge of heat water in waterways.
Other factors such as increasing demand for electricity and power along with growing industrialization also influences the buyer inclination.
The key applications in this region includes Pharmaceutical and Laboratories, HVAC, Food and Beverages, Process Cooling, Chemical and Petrochemical Plant, Refineries among others.Selected Value Chain Analysis done in the full report:• Firstly, the value addition starts from raw material suppliers, namely the suppliers of wood, plastic, graphite and others.
These parts include nozzles, fans, drift eliminators, gear reducers and many more.
The major end users of cooling towers consists of power plants, chemical and petrochemical plants, refineries and pharmaceutical laboratories.
