May 05, 2020
Airport Runway FOD Detection System Market Slated to Grow 1.4X amidst Installation & Maintenance Challenges Posed by Covid-19 Outbreak, Finds Fact.MR
by Team Fact.MR
The global airport runway FOD detection system market is poised to grow steadily at a CAGR of ~4% across the forecast period (2020-2030). Aviation authorities across the globe are focusing on adoption of airport runway FOD detection systems to ensure safety of aircrafts. Surge in new air travelling routes and a substantial increase in frequency of existing routes will continue to bolster growth for the airport runway FOD detection systems market.
Major players are prioritizing on targeting countries with government projects in the pipeline. Strategic partnerships with airport authorities and defense services continue to be a popular growth strategy. Amid the COVID-19 pandemic, installation and maintenance are witnessing a steep decline in operations. However, fiscal stimulus and recovery strategies to overcome impact of COVID-19 will present gainful opportunities through 2030.
Key Takeaways of Airport Runway FOD detection system Market Study
- Hardware segment is estimated to grow at a CAGR of 4.5% and is poised to capture a healthy market share during the long-term forecast period.
- Installation services segment accounts for more than 60% market share among other services by the end of 2030. Installation services are estimated to gain popularity over the forecast period with the growing number of airport expansion projects.
- Military segment is estimated to witness a significant increase in overall market share over the forecast period, attributed to increasing military expenditure across key countries such as U.S., Russia and China.
- In terms of value, it is expected that the civil segment by the end of 2030 will become 1.9x its value in 2020. A higher number of airline passengers along with growing safety concerns at the airport will help to increase the demand for airport runway FOD detection systems.
- East Asia & South Asia cumulatively account for ~40% demand and are expected to witness significant growth with ongoing large FOD deployment projects in key countries, such as Vietnam, India and Japan.
Organic Growth Strategies to help recover from COVID-19
Organic growth strategies such as market penetration, product development, and diversification will be top trends among market players. The tier 1 companies in the airport runway FOD detection systems market are investing in extensive research and development for encouraging product innovations in line with the latest specifications and standards.
Moreover, these players are capitalizing on budding opportunities across emerging nations, which can enable them to tap into new end-user segments. The companies in the airport runway FOD detection systems market are also focusing on offering competitive pricing in a bid to win maximum number of government contracts. A prime concern for manufacturers is the impact of COVID-19 and resultant social-distancing trends on air travelling. Current limitations on import and export between countries presents a tricky challenge for manufacturers. Markets in low COVID-19 impact countries will be the first ones to offer revenue opportunities.
Find More Valuable Insights on the Airport runway FOD Detection system Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the airport runway FOD detection system market, presenting historical demand data (2015-2019) and forecast statistics for the period, 2020-2030. The study divulges compelling insights on the airport runway FOD detection system market on the basis of component (hardware (stationary (radar, electro-optic and hybrid) and mobile (radar, electro-optic and hybrid)) and services), end-use (civil and military), and across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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