UNMANNED TRAFFIC MANAGEMENT MARKET TO REACH USD 1.9 BILLION BY 2024 | CAGR 19.9% – FORENCIS RESEARCH

Unmanned Traffic Management Market Size, Share, Trends, Growth, Analysis, Research

Global Unmanned Traffic Management Market: Key Highlights

  • According to the new market research report Unmanned Traffic Management Market by Solution (Navigation, Communication, Surveillance), by Type (Persistent, Non-persistent), by Application (Agriculture & Forestry, Logistics & Transportation, Surveillance & Monitory), by End-User (OEM, MRO), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2024)”, the global unmanned traffic management market is estimated to reach USD 6 Billion by 2027 at a CAGR of around 5.4% during the review period.
  • The unmanned traffic management system (UTM) is a traffic management system designed to view, access and manage air traffic and prevents possible crashes which may occur due to moving drones and vehicles
  • UTM plays an important role in increasing the beyond the line of sight operation (BVLOS) and visual line of sight (VLOC) to provide error free communication
  • Quality aerial imaging, precision, easily deployable, and security are some of the benefits offered by the unmanned traffic management.

Unmanned Traffic Management Market

Global Unmanned Traffic Management Market: Key Market Dynamics

  • Rising iteration of domestic as well as international flights owing to the increasing air travelling has expected to surge the demand for product market
  • Government agencies are increasing its investment in private companies so as they can manage the aerial traffic has expected to increase the demand for unmanned traffic management
  • Stringent regulation imposed by the FAA for UAS operation may hamper the growth of unmanned traffic management market.

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Global Unmanned Traffic Management Market: Regional Overview

  • North America

The Unmanned Traffic Management market in the North America region is projected to witness high demand owing to increasing investment by government agencies, rise in drone activities, and presence of key players such as AirMap, Lockheed Martin, and Harris Corporation in the region. According to The International Trade Administration (ITA), in 2018, the aerospace industry contributed USD 151 billion in export sales to the US economy.

  • Europe

Rising adoption of higher of advanced technology amongst the end users has expected to surge the demand for unmanned traffic management in the region. Unmanned aerial vehicles are used form defense and emergency response in many areas. Rising popularity has also raised the safety concerns. Thus to meet safety demands European Union has funded PODIUM project is demonstrating an integrated, comprehensive web-based UTM solution at five sites in three countries.

Global Unmanned Traffic Management Market: Key Players Overview

  • PrecisionHawk:

PrecisionHawk operates through agriculture, energy, solution and service             business segments across the globe. In May 2016, PrecisionHawk and Harris Corporation Expand Strategic Partnership to Introduce Airspace Safety Technologies to the Drone Market.

  • L3Harris Technologies, Inc.:

In 2019, Harris and L3 combined complementary strengths in a merger of equals to form L3Harris Technologies, Inc. the company is a global aerospace and defense technology inventor. In February 2017, Harris Corporation developed first of its kind solution to enable beyond-visual-line-of-sight (BVLOS) operations for unmanned aircraft systems (UAS).     

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Published : 2020-01-15