Oct 15, 2018
Airport Runway Foreign Object Debris (FOD) Detection Systems Market to Grow at 4% CAGR through 2028
by Team Fact.MR
Airport runway foreign object debris (FOD) detection systems market revenues are likely to witness a decline in 2018, after surpassing US$ 100 million in revenues in 2017. A new study by Fact.MR projects global revenues to grow at a healthy 4% CAGR through 2028. The report opines that market prospects will continue to be heavily influenced by overall investment in airport infrastructure development by governments around the globe.
The airport runway foreign object debris detection system market continues to be heavily consolidated. The level of consolidation in the airport runway foreign objects debris (FOD) detection systems market can be gauged from Fact.MR’s finding that four players account for over two-thirds revenue share of the market in 2017. The companies – The Stratech Group Limited, Moog Inc., Xsight Systems Ltd., and Trex Aviation Systems – continue to focus on R&D, global expansion, and competitive pricing to strengthen their position.
The Fact.MR study offers a comprehensive analysis on the key influencing factors for airport runway foreign object debris (FOD) detection systems market. According to the study, growing air traffic, especially in fast-growing economies of Asia Pacific is inducing investments in airport infrastructure. The International Air Transport Association (IATA) has marked out Asia Pacific as the biggest driver for increased air travel globally. China, India, Thailand, and Turkey already have some of the busiest airports in the world – sensing the emerging opportunities in a consolidated marketplace, players are likely to focus on competitive pricing to win government contracts. The consolidated nature of the market and heavy reliance on government contracts has also led to high focus on partnerships among market players.
Investments in new airport construction and increase in mandates on airport security continue to induce momentum in the airport runway foreign object debris (FOD) detection systems market. Asian countries are at the forefront of investments in new airport construction, with the Government of India planning to invest US$ 60 billion in the next decade. The U.S. Department of Transportation’s grant of US$ 586 million under the Airport Improvement Program is also aimed to upgrade facilities at regional airports. According to the report, government funding and investment will remain a critical factor in the airport runway foreign object debris (FOD) detection systems market over the assessment period.
According to the report, high cost of airport runway foreign object debris (FOD) detection systems continues to be a key impediment to growth. High investment to the tune of over US$ 1 million in procuring mobile FOD detection systems and over US$ 7 million in procuring stationary, radar-based FOD detection systems continues to limit widespread adoption.
The Fact.MR study also offers a region-wise analysis on the airport runway foreign object debris (FOD) detection systems market. According to the report, Asia Pacific continues to maintain its position as one of the most lucrative markets for stakeholders in the airport runway foreign object debris (FOD) detection systems market. The lucrativeness of airport runway foreign object debris (FOD) detection systems market can be attributed to the high number of domestic and international air passengers from China, India, Thailand, and southeast Asian countries.
The Americas represents the second largest market for airport runway foreign object debris (FOD) detection systems globally. The airport runway foreign object debris (FOD) installation and sales in the region can be attributed to growing investments in airport safety and maintenance. The report opines that Asia Pacific and Americas, notably the US, will continue to offer sustained opportunities to airport runway foreign object debris (FOD) detection system market players.