DUBLIN–(BUSINESS WIRE)–The “North America Airport Runway FOD Detection Systems Market Forecast to 2027 – COVID-19 Impact and Regional Analysis By Components and End Use” report has been added to ResearchAndMarkets.com’s offering.
According to this report the North American airport runway FOD detection systems market is expected to reach US$ 62.05 million by 2027 from US$ 37.51 million in 2019.
The market is estimated to grow at a CAGR of 6.5 % from 2020 to 2027. The report provides trends prevailing in the North America airport runway FOD detection systems market along with the drivers and restraints pertaining to the market growth. Strict government regulations regarding aircraft safety and growth in defense expenditure are the major factor driving the growth of the North America airport runway FOD detection systems market. However, expensive development and maintenance of FOD detection systems hinder the growth of North America airport runway FOD detection systems market.
In case of COVID-19, the US is the worst-hit country in North America, with thousands of infected individuals facing severe health conditions across the country. The continuous growth of infected individuals has led the government to impose lockdown across the nation’s borders during Q2. The majority of the manufacturing plants were either temporarily shut or are operating with minimum staff; the supply chain of components and parts is disrupted; these are some of the critical issues faced by the North American manufacturers.
Since the US has a larger density of aircraft manufacturers, component manufacturers, and airports, the outbreak has severely affected the production and revenue generation of each. The lower number of manufacturing staff has resulted in lesser production quantity. On the other hand, the suspension of air travel resulted in loss for the airports, which restricted the demand for airport associated technologies. This factor stalled the revenue generation stream of the North America airport runway FOD detection systems market. Similarly, the military forces have refrained from procuring the usual quantity of the FOD detection systems for maintenance of airport runways which has affected the North America airport runway FOD detection systems market badly. Thus, the factors mentioned above have had a negative impact on the North America airport runway FOD detection systems market.
The North America airport runway FOD detection systems market is segmented into components, end use, and country. Based on components, the North America airport runway FOD detection systems market is segmented into hardware and services. The hardware segment dominated the North America airport runway FOD detection systems market in 2019 and services segment is expected to be fastest growing segment Based on end use, the North America airport runway FOD detection systems market is segmented into military airport and civil airport. The civil airport segment dominated the North America airport runway FOD detection systems market in 2019 and is also expected to be fastest growing during forecast period.
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- Strict Government Regulations Regarding Aircraft Safety
- Growth in Defense Expenditure
- Expensive Development and Maintenance of FOD Detection Systems
- Rising Popularity of Smart Airports and Airport Development & Expansion Activities
- Emergence of AI-based FOD Detection Systems and UAV
- QinetiQ Group plc
- Rheinmetall AG
- Thales Group
- Trex Aviation Systems
- Varec, Inc.
- XSight Systems Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/qgcxln
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