DUBLIN--(BUSINESS WIRE)--The "Asia Pacific Airport Asset Tracking Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Offering, and Asset Type" report has been added to ResearchAndMarkets.com's offering.
Software Segment is Expected to be Fastest Growing During Forecast Period for APAC Region
APAC Airport Asset Tracking Market is expected to reach US$348.4 million by 2027 from US$125.1 million in 2019. The market is estimated to grow at a CAGR of 14.3% from 2020 to 2027.
The report provides trends prevailing in the APAC airport asset tracking market along with the drivers and restraints pertaining to the market growth. Technologically advanced airports are being built which is the major factor driving the growth of the APAC airport asset tracking market. However, issues such as inadequate investments on airports in developed countries hinders the growth of APAC airport asset tracking market.
The APAC airport asset tracking market is segmented into offering, asset type and country. Based on offering, the APAC airport asset tracking is bifurcated into hardware and software. The software segment is to witness the highest growth during the forecast period. On basis of the asset type the market is further segmented into fixed assets, portable assets and mobile assets. Mobile assets held a substantial market share throughout the forecast period.
Also the ongoing COVID-19 is having a negative impact over APAC region. APAC is characterized by the presence of a large number of developing countries, positive economic outlook, high industrial presence, strategic government initiatives, huge population, and rising disposable income. All these factors make APAC a major growth driving region for various solutions and services markets, including asset tracking systems and solutions.
The outbreak of coronavirus had an impact on industries owing to the uncertainty in the supply chain and user demand. APAC accounts for the largest count of new airport construction and airport expansion. China leads the table in the APAC significantly in terms of numbers and investments followed by India. Both countries have been experiencing tremors of COVID-19 pandemic. This had led to a sudden suspension of construction activities in last few months, which, in turn, has had a negative effect on the supply chain of technologies.
Additionally, the airport businesses had also been adjourned temporarily, which led to slow down the adoption rate of technologies among the airport authorities and airlines. This is negatively affecting the airport asset tracking market in the current scenario. However, as the governments of several countries have granted the permission for reopening businesses and construction activities, the demand for airport assets and their associated technology solutions is expected to gain momentum likely in the last quarter of 2020 and positively in 2021.
Asset Fusion Limited, Ctrack, Geotab Inc., Steerpath Oy, Unilode Aviation Solutions are among the leading companies in the APAC airport asset tracking market.
The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
For instance, in 2020, Cargolux Airlines International and Unilode Aviation Solutions announced the extension of their partnership. The agreement broadens the scope of cooperation to ensure air cargo customers have access to premium transport and handling solutions to match their requirements.
Key Market Dynamics
Market Drivers
- Diverse Asset Tracking Projects Adopting Single Integrated Platform
- Boost in Airports Figures Causing Huge Air Traffic
Market Restraints
- Inadequate Investments on Airports in Developed Nations
Market Opportunities
- Emerging Alliances Between Ecosystem Players
- Technologically Advanced Airports Being Built
Future Trends
- Recent Arrival of Low-Power Wide-Area Networks
Companies Mentioned
- Asset Fusion Limited
- Ctrack
- Geotab Inc.
- Steerpath Oy
- Unilode Aviation Solutions
For more information about this report visit https://www.researchandmarkets.com/r/ye7hvg
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