Air Management System Market Size Is Expected To Reach $7.5 Billion By 2027 At A CAGR Of More Than 7% As Per The Business Research Company's Air Management System Global Market Report 2023

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, Dec. 05, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Air Management System Global Market Report 2023, the global air management system market is on a trajectory of robust growth, with a projected increase from $5.30 billion in 2022 to $5.72 billion in 2023, showcasing a remarkable Compound Annual Growth Rate (CAGR) of 7.8%. Looking ahead, the market is set to reach $7.52 billion in 2027, maintaining a CAGR of 7.1%, emphasizing its significant growth potential.

Driving Forces: Increasing Air Traffic

The surge in air traffic stands out as a pivotal driver propelling the growth of the air management system market. As aircraft movements through airspace witness a substantial uptick, air management systems play a crucial role in monitoring and regulating these movements. Real-time data on aircraft locations, altitude, speed, and other critical parameters are facilitated by these systems. Recent data from the Bureau of Transportation Statistics underscores this trend, revealing a 30% year-on-year increase in US airline passengers in 2022. The escalating demand for efficient air traffic management is a key factor driving the market's growth.

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Industry Trends: Technology Advancements Take Center Stage

A key trend gaining momentum in the air management system market is technological advancements. Major companies, including Altitude Angel, are focusing on developing innovative technologies to sustain their market positions. Altitude Angel's launch of GuardianUTM Enterprise in March 2021 is a testament to this trend, providing a next-generation airspace management solution. This technology offers a unified view of airspace surrounding airports, serving as a one-stop solution for designing and providing UTM services for drone companies and operators.

Major Players Shaping the Market

Industry leaders such as Raytheon Technologies Corporation, United Technologies Corp., and Honeywell International Inc., are instrumental in driving innovation and market trends. Strategic acquisitions, like Parker-Hannifin Corporation's acquisition of Meggitt PLC in September 2022, demonstrate the sector's dynamism and the pursuit of enhanced capabilities.

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Largest Region and Market Segmentation

In 2022, North America led the air management system market, with diverse systems categorized into Thermal Management, Engine Bleed Air, Oxygen, Fuel Tank Inerting, Cabin Pressure Control, and Ice Protection. The market further segments by platform (Fixed Wing, Rotary Wing) and aircraft type (Narrow Body, Wide Body).

As the air management system market continues its ascent, businesses can leverage the insights from the Air Management System Market Report to make informed decisions. Understanding market trends, technological advancements, and regional dynamics is crucial for companies aiming to position themselves strategically and capitalize on the industry's growth.

Air Management System Global Market Report 2023 by The Business Research Company provides insights on the air management system market size, air management system market segments, air management system market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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