Airport Runway FOD Detection System Market Slated to Grow 1.4X amidst Installation & Maintenance
The global airport runway FOD detection systems presents credible growth opportunities. The market is anticipated to expand at a modest CAGR of 4% through the forecast period (2020-2030).
Major players are prioritizing on targeting countries with government projects in the pipeline. Strategic partnerships with airport authorities and defense services continue to be a popular growth strategy. Amid the COVID-19 pandemic, installation and maintenance are witnessing a steep decline in operations. However, fiscal stimulus and recovery strategies to overcome impact of COVID-19 will present gainful opportunities through 2030.
Key Takeaways of Airport Runway FOD detection system Market Study
• Hardware segment is estimated to grow at a CAGR of 4.5% and is poised to capture a healthy market share during the long-term forecast period.
• Installation services segment accounts for more than 60% market share among other services by the end of 2030. Installation services are estimated to gain popularity over the forecast period with the growing number of airport expansion projects.
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• Military segment is estimated to witness a significant increase in overall market share over the forecast period, attributed to increasing military expenditure across key countries such as U.S., Russia and China.
• In terms of value, it is expected that the civil segment by the end of 2030 will become 1.9x its value in 2020. A higher number of airline passengers along with growing safety concerns at the airport will help to increase the demand for airport runway FOD detection systems.
• East Asia & South Asia cumulatively account for ~40% demand and are expected to witness significant growth with ongoing large FOD deployment projects in key countries, such as Vietnam, India and Japan.
Organic Growth Strategies to help recover from COVID-19
Organic growth strategies such as market penetration, product development, and diversification will be top trends among market players. The tier 1 companies in the airport runway FOD detection systems market are investing in extensive research and development for encouraging product innovations in line with the latest specifications and standards.
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