The airport runway FOD detection systems market was valued at US$ 103. 33 million in 2019 and is projected to reach US$ 169. 03 million by 2027; it is expected to grow at a CAGR of 6. 5% from 2020 to 2027.
New York, Feb. 23, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Airport Runway FOD Detection Systems Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Components and End-Use" - https://www.reportlinker.com/p06027520/?utm_source=GNW
Stringent government regulations regarding aircraft safety and increase in defense expenditure in developed countries drive the growth of the market.Furthermore, construction/expansion of airports/runways are among the key factors boosting the penetration of FOD detection systems at runways; and thereby influencing the market growth.
In addition, emergence of AI-based FOD detection systems to improvise real-time detection of FOD and deployment of FOD detection systems among commercial airports, such as Hamad International Airport, Beijing Daxing International Airport, and Beijing Capital International Airport, are driving the growth of the market.
The airport runway FOD detection systems market is segmented on the basis of components and end-use.Based on components, the market is bifurcated into hardware and services.
The hardware segment is expected to hold a larger market share during the forecast period.Based on end-use, the airport runway FOD detection systems market is bifurcated into military airport and civil airport.
In 2019, the civil airport segment accounted for a significant share in the market.
The aviation industry faced tremendous challenges in 2020 due to the widespread outbreak of COVID-19 across the globe.Governments are imposing stringent rules and regulations to contain the virus.
Amid this crisis, governments worldwide put ban on air travel during the first two quarters of 2020.Therefore, aviation industry halted operations and experienced the lowest revenue generation during the period.
The airport sector also witnessed stiff decline in passenger count, aircraft movement, and revenue generation.The substantial loss in revenues resulted in limited procurement of technologies by the airport authorities and managements.
Therefore, there is a decline in the demand for FOD detection systems, which is restraining the growth of airport runway FOD detection systems market.
The overall airport runway FOD detection systems market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast of the airport runway FOD detection systems market with respect to all the segments.It also provides the overview and forecast for the global market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the airport runway FOD detection systems market.
A few major players operating in the global airport runway FOD detection systems market are ArgosAI Teknoloji A.?.; Navtech Radar; Pavemetrics; Plextek Services Limited; Rheinmetall AG; QinetiQ Group plc; Thales Group; XSight Systems Ltd.; Trex Aviation Systems; and Varec, Inc.
Read the full report: https://www.reportlinker.com/p06027520/?utm_source=GNW
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