LONDON--(BUSINESS WIRE)--The global precision runway monitoring (PRM) system market is expected to grow at a CAGR of close to 15% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global precision runway monitoring system market for 2017-2021. The PRM system is a secondary surveillance radar system designed to provide accurate data to perform effective aircraft operations simultaneously on parallel runways.
“According to FAA accident statistics, runway-related accidents attribute for the second highest casualty rate. Therefore, airports need PRM to avoid such accidents, especially those airports that operate simultaneous aircraft operations on parallel or near-parallel runways,” says Avimanyu Basu, a lead aerospace components research expert from Technavio.
Technavio’s research analysts segment the global precision runway monitoring system market into the following regions:
PRM system market in the Americas
In 2015, almost 7,000 commercial aircraft were in service in North America, and the demand for additional aircraft is expected to increase by more than 1.2 times during next 20 years to support the rising air travel. The US aviation industry has had a five-year wave of profitability by undertaking several strategies, including smart airport development, capacity discipline, and mergers and acquisitions (M&A).
The airport industry in the Americas has grown significantly in terms of implementation of smart technologies in its airports. For example, ASDE-X radar, PRM, and wireless technologies have been already implemented at the airports. The significant growth in air travel will remain a major driver in the region that will compel adherence to advanced technologies in airports, which in turn, will drive new installations of PRM systems.
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PRM system market in EMEA
Airline operations in Europe have been developing year over year with the launch of new routes, which has consequently led to the development of new airfields and airports. In 2015, the passenger traffic in Europe grew by an average of 5.2%.
In addition, the European airport ownership has evolved, and the involvement of private stakeholders has doubled over the past five years. In addition, state budgetary constraints and the need for high investment in the development of airport infrastructure are major factors driving joint ventures with private investors.
“The growth in the EMEA region is mainly attributed to the maximum use of aircraft and increasing aircraft frequencies. Premium airlines, such as Emirates, Qatar, Etihad, and Saudi together account for nearly 63% of the Middle Eastern airlines market,” says Avimanyu.
PRM system market in APAC
The growing demand for air travel in this region has increased the number of airports and pulled higher investments toward runway safety systems. APAC is emerging as a major hub for many airlines, as passengers traveling over EMEA are currently being diverted to APAC for stopovers. Singapore, India, Hong Kong, China, and Japan are the major economies driving the market.
In recent years, APAC has witnessed governments increasingly initiating the development of new airports. In 2015, around USD 91.3 billion was invested in this region to develop smart airports.
The top vendors in the global precision runway monitoring system market as highlighted in this market research analysis are:
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