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According to the latest research report titled “Airport Antenna Market to 2027-COVID-19 Impact and Forecast and Global Analysis”, published by The Insight Partners, the market is expected to reach US$ 1.99 billion by 2027, registering a CAGR of 5.4% during 2020-2027.
The APAC region in airport antenna market to grow at highest CAGR during the forecast period 2020-2027
The airport antenna market in APAC comprises countries such as China, India, Japan, Australia, South Korea, Singapore, Malaysia, and Thailand. The presence of a huge middle-class population and a strong growth in disposable spending among the emerging middle income group, coupled with a wide range of income levels, influence the aviation industry in the region. The presence of various dynamic and developing economies in APAC has positively impacted growth in the aviation industry. As per the IATA data, the Asia Pacific region witnessed an increase of 8.7% in the passenger traffic for airways transportation in the year 2018 compared to 2017. This rise in the passenger traffic generates demand for larger commercial aircraft fleets to be operational, which, in turn creates a need for well-developed and efficient airport infrastructure. Thus, the growing demand for advanced airport infrastructure in the region creates lucrative opportunities for the airport antenna manufacturers.
The region is witnessing a stable economy owing to numerous technological and infrastructural developments. The region has strong aerospace and military, and the semiconductor sector in countries such as India, China, and South Korea. The rapid economic development in the region is estimated to boost the development of commercial as well as a military airport during the forecast period. Several government initiatives across the region are supporting the growth of airport antenna.. The country is considered to be the second-largest aviation power after the US in the world. Such an initiative in the region would support the growth and development of the airport antenna. Further, the Indian government is concentrating on increasing its defense spending, through a defense budget of ~US$ 44.6 billion during 2019-2020. In the next five years, the country is also planning to spend nearly US$ 130 billion to strengthen combat capabilities, modernize armed forces, and integrate advanced electronic components in the military airbase for enhanced communication. Likewise, Japan and China are also focusing on strengthening its military equipment competencies during the forecast period. Thus, all these initiatives are further expected to drive the demand for airport antenna in the region during the forecast period.
Key Findings of Study:
• After the adverse effect of CCOVID-19, China is now resuming the operation of all their major industrial projects. It includes the resuming of construction of 87% of airports in the country. The country is witnessing recovery from COVID-19 since last few months, and therefore started investing on their infrastructure development. Further, as per CAPA Airport Investors Database, around 40 Chinese firms are focusing on the airport investment opportunities sideways the Belts.
• The UK country’s defense committee has been focusing to raise its budget to 3% of GDP in order to strengthen the country’s armed forces. These initiatives by the government authorities include the development of airports and thus, boost the demand of the airport antenna market in the UK. Cobham, a well-known market player, is focusing on strategic initiative to boost the adoption of airport antenna in the country. k.
• The commercial airport is a public location; which includes various surveillance, navigation, and communication products that require different types of antennas. As per the Airports Council International (ACI) World Airport Traffic Report, there are ~17678 commercial airports worldwide. With the growing number of commercial airports worldwide, the demand for airport antennas is expected to grow. Countries such as China and India are witnessing significant growth in the commercial aviation industry, creating an opportunity for the companies operating in the market to achieve a substantial market share. Antenna Products Corporation, Watts Antenna Company, and Cobham are among the companies offering commercial airport antennas.
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