North America Airport Asset Tracking Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Offering (Hardware and Software), and Asset Type (Fixed Assets, Portable Assets, and Mobile Assets)
The North America airport asset tracking market is expected to grow from US$ 73.0 million in 2019 to US$ 158.1 million by 2027; it is estimated to grow at a CAGR of 10.7% from 2020 to 2027.
Governments across North America are striving to bring advancements in the aviation sector and associated industries. Growing investments in the construction of new airports and expansion of the existing ones demand adoption of enhanced solutions for better operations, which, in turn, drives the growth of the North America airport asset tracking market. As per the Airport Council International (ACI), the growth rate of air passengers in North America was estimated to be 3.7% in 2019. To accommodate the continuously rising passenger count, considerable investments are being made to build new airports or expand existing infrastructure. As per the Center for Aviation (CAPA), investments in new airport construction were significantly high in 2019 in North America. Similarly, there was a substantial capitalization in the airport renovation or expansion activities during 2018–2020. Airports nowadays are focusing on the deployment and integration of advanced technologies for smooth operations which in turn is boosting airport asset tracking market. Apart from managing passenger movements, numerous other tasks, such as cargo handling, baggage management, loading, and ramp management, are performed at airports. To ensure efficient flow of tracking operations, the airport management seeks advanced solutions and technologies. With the rising number of air travellers, the expansion projects of existing airport facilities with a greater number of terminals are also increasing, so is the need of airport asset tracking. Growing number of such projects escalates the demand for solutions for passenger boarding management, baggage management, and cargo area management. Therefore, the rising number of airports bolsters the demand for airport asset tracking market in North America. Additionally, the acceptance of common platform for asset tracking by various asset tracking tasks is among the other factors expected to fuel the demand for airport asset tracking market in the region.
Based on offering, the hardware segment led the North America airport asset tracking market in 2019. Advanced tracking devices and wireless RF technology are affordable and easy solutions for logistics and smart chain to track valuable assets comprising vehicle fleets and on-ground equipment such as trolleys, ground power units, loaders, and baggage tractors. Through IoT tracking for equipment and fleets, aerospace companies are now able to reduce cost through keeping these equipment in the field for a long time with close monitoring of real-time location and better visibility for addressing maintenance problems. In an airport, the asset tracking devices provide managers an affordable access to all the information they need from assets at workplace. RF technology-based devices, sensors, and gateways are an affordable solutions for capturing, managing, and tracking all data gathered by multiple movable assets. Thus airport asset tracking helps managers in airports to make informed decisions about the assets.
North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies, high-tech companies, and high purchasing power, especially in developed countries such as the US and Canada. However, over the last few months, the COVID-19 outbreak has negatively impacted the economic growth of North America, with the US being the worst-hit country in the region. The continuously growing number of infected patients has led the government to impose lockdown across the nations. The airport closure for regular passengers has led the airports to experience deflation in the revenue. Owing to the shutdown on airports, the demand for tracking assets has fallen drastically. However, the impact of the COVID-19 pandemic on the North America airport asset tracking market is a short-term, and it is likely to decrease by 2022.
The overall North America airport asset tracking 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 airport asset tracking market. The process also serves the purpose of obtaining an overview and forecast for the North America airport asset tracking market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a 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 North America airport asset tracking market. Adveez; Asset Fusion Limited; Ctrack; Geotab Inc.; Radiant RFID, LLC; Steerpath Oy; and Unilode Aviation Solutions are among a few players operating in the North America airport asset tracking market.
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