Global Emergency Location Transmitter Market - Segmented by Type (Emergency Location Transmitter (ELT), Personal Locator Beacon (PLB), Emergency Position Indication Radio Beacon (EPIRB)), End-user Vertical (Aviation, Government, Marine), and Region - Growth, Trends, and Forecast (2018 - 2023)
The emergency location transmitter market was valued at USD 111.43 million in 2017 and is projected to reach USD 147.46 million by the end of 2023, growing at a CAGR of 4.78% over the forecast period of 2018-2023. The scope of the report is limited to the type of transmitters used and the verticals in which they are used. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
During times of emergency, emergency location transmitting devices can be activated so that the search and rescue teams can come to aid. Increasing aviation/maritime disaster and ease of locating the source are driving the emergency location transmitter market.
Increasing Aviation/Maritime Disasters
During incidents such as the Iran Aseman Airlines ATR 72-212 crash in 2018, the Saratov Airlines Antonov An148 crash in 2018, the crash of EgyptAir Flight 804’s in 2016, and the disappearance of Malaysian Airlines MH370 in 2014, search and rescue operations teams were able to narrow down the crash sites with the help of ELT devices. MH370’s disappearance still remains a mystery but the officials were given a possible crash area based on the beacon aboard MH370. Increasing maritime/aviation accidents and increased adoption of this technology by adventure enthusiasts while trekking or skiing are driving the market forward, while penalties for false activations, issues of unregistered products, and strict regulations and guidelines on the standards to be followed may impede the market growth.
Moreover, air traffic is also increasing and has doubled in last 15 years. By 2035, an increase of 19,690 aircrafts is expected, which will also increase air traffic.
Military is one of the largest sectors to adopt ELT. ELT and Search and Rescue Light are carried by elite military forces around the world to locate the exact location of the personnel while on a rescue mission. PLB is also carried by the military to send the GPS location while in danger.
Moreover, countries are spending more and more on military. In 2018, the United States is poised to spend USD 686 billion on defense and military. In 2016, the United States, China, and India were the highest spenders on defense and military and spent USD 1,026 billion, USD 736 billion, and USD 213 billion, respectively.
Thus, with increasing spending on military and with the government focusing more on the safety of its personnel, the spending on emergency location transmitters is bound to increase.
Key Developments in the Market
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