Northbrook, IL 60062 -- (SBWire) -- 03/25/2022 --The global ATR market size is projected to grow from USD 9.1 billion in 2020 to USD 16.0 billion by 2025, at a CAGR of 11.9% from 2020 to 2025. The growth of the market can be attributed to the growing trend of automation in flight control and increase in defense expenditure and R&D activities to develop ATR, capable of withstanding harsh conditions and providing long-range capabilities at low power consumption.

Manufacturers in the business jets industry are focusing on increasing operational efficiency, lowering carbon footprint, reducing operational costs, and upgrading avionics, cabin interiors, and aircraft systems. This has resulted in the introduction of new aircraft.

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The multi-band segment is projected to witness a higher CAGR during the forecast period

Multi-band signal processing is primarily conducted to improve signal resolution. A combination of different frequency bands is employed for a multi-band signal processing system. The growing demand for better signals is one of the major factors driving the adoption of multi-band frequency. Recent developments in photonic technologies have enabled the multiband surveillance radars to explore applications that require high-precision.

Widebody aircraft is expected to witness the largest market share during the forecast period

The demand for widebody aircraft is expected to increase globally due to its efficiency, rise in passenger traffic post-COVID-19 impact, and increasing connectivity across all geographical areas of developing regions and developed regions. With the growing manufacturing of a widebody aircraft platform, the demand for ATR is expected to surge across the forecast period.

The North America market is projected to witness the highest market share from 2020 to 2025

North America leads the ATR market due to the presence of several large ATR manufacturers in the region. Prominent market players based in this region include Honeywell International Inc. (US), Collins Aerospace (US), L3Harris Technologies, Inc.(US). These major market players continuously invest in R&D to develop ATR with improved efficiency and reliability. They are also focused on developing ATR suitable for state-of-the-art technologies, such as longer range, small size and degital rather than using conventional technology.

Key Market Players

The global ATR market is dominated by a few globally established players such as Raytheon Technologies Corporation (US), Honeywell International Inc. (US), L3Harris Technologies Inc. (US), Lockheed Martin Corporation (US), and Cobham Plc (UK), among others.