Modernization and Technological Upgrades to Invite Expansive Growth Opportunities for Airport Runway FOD Systems Market by 2027
The airport runway FOD systems market is anticipated to grow at a promising CAGR across the assessment period of 2019-2027 on the back of the rising incidents of aircraft damage due to foreign objects on the runway. This is a grave problem that needs to be addressed by every airport across the globe. According to Boeing, foreign object debris (FOD) accounts for US$4 bn in damage to engines and aircraft taken out of service each year. These numbers highlight the growing concerns about the increasing menace of FOD.
The growing development and urbanization have resulted in an increase in the number of airports around the globe. Thus, based on this aspect, the airport runway FOD systems market is expected to attract immense demand.
Any material found or detected on an airport runway, ramp or airfield is considered as foreign object debris (FOD). This debris must be eliminated to ramp up the safety of operation and avoid aircraft damage. These systems are a set of analysis and surveillance tools for assuring total management of eliminating FOD.
These systems are used across the military and civil airports. On the basis of component, the airport runway FOD systems market can be classified into hardware (stationary: radar, hybrid, and electro-optic), mobile (radar, electro-optic, and hybrid), and service (training, support maintenance, and installation).
Technological Advancements to Influence Growth of Airport Runway FOD Systems Market
The growing research and development activities across the airport runway FOD systems market is leading to immense advancements and modernization. The players in the airport runway FOD systems market are investing heftily in research and development for upgrading the systems with the latest technology and features.
The use of artificial intelligence (AI) machine learning, robot vision, image segmentation, and others across the airport runway FOD systems may prove to be game-changers for the airport runway FOD systems market.
AI-based airport runway FOD systems are gaining considerable traction and will continue to attract growth during the forecast period. These AI-based systems have various features such as advanced image processing and deep learning technology. These aspects invite profitable growth for the airport runway FOD systems market.
Escalating Investments in Airport Modernization to Increase Growth Rate
The inclining investments by various firms and conglomerates in the modernization of airports will serve as a growth accelerator for the airport runway FOD systems market. The investments by numerous countries to ramp up the civil aviation infrastructure may also turn the tables of growth across the airport runway FOD systems market.
COVID-19 Impact on Airport Runway FOD Systems Market
The novel coronavirus pandemic has affected the growth of a plethora of sectors and businesses. The airport runway FOD systems market is no exception. The aviation industry is one of the most hard-hit industries due to the pandemic. As the COVID-19 outbreak started to swell, numerous countries imposed strict stay-at-home orders and banned incoming and outgoing flights. All the airports in numerous countries were closed.
Air travel was banned for a brief period to avoid widespread transmission. In some countries, air travel is still banned to a certain extent. This factor has a major negative impact on the aviation-based industries, eventually affecting the airport runway FOD systems market. The demand and production of these systems were decreased substantially due to the ban on air travel.
However, the ease in lockdown restrictions, resuming of air travel operations, and the launching of mass inoculation drives across countries like India, the U.S.A, U.K, and others will help the airport runway FOD systems market to regain lost growth.
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