New York, July 27, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Aviation Weather Forecasting System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component (Hardware, Software, and Services), Application (Weather Stations, Weather Drones, Weather Balloons, and Others), and Forecast Type (Short Range, Medium Range, Extended Range, and Long Range)” The global aviation weather forecasting system market growth is driven by increase in awareness about safer aviation operations Introduction of electronic weather forecasting systems.
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| Market Size Value in | US$ 737.09 Million in 2022 |
| Market Size Value by | US$ 1.13 billion by 2028 |
| Growth rate | CAGR of 7.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 180 |
| No. Tables | 80 |
| No. of Charts & Figures | 82 |
| Historical data available | Yes |
| Segments covered | Component, Application, and Forecast Type |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Based on geography, the aviation weather forecasting system market is primarily segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. The aviation weather forecasting system market in Asia Pacific is estimated to grow at a significant CAGR during the forecast period. Several developed and developing countries in this region have been investing increasingly in the modernization of their airport infrastructure to enhance passenger connectivity and cargo transportation. For instance, in December 2021, the Ministry of Civil Aviation of India, under the Greenfield Airport Policy, announced the development of 21 Greenfield airports with an investment of US$ 3,126.73 million (INR 25,000 crore) for the next 5 years. A few of these airports to be built are Mopain Goa, Shirdi, Sindhudurg, Durgapur, Pakyong, Kannur, Dagadarthi, and Oravakal. The ministry has also announced the expansion of several major airports in locations such as Bangalore and Hyderabad. Moreover, according to the plans released by the Civil Aviation Ministry of India in 2022, the country plans to initiate 220 new airport projects by 2025. Further, in April 2022, the South Korean government announced the development of its first floating airport in Busan. The construction of the same is likely to begin in 2025, while the airport is likely to be operational from June 2035. The ministry also expects to transport 23.36 million passengers and 286,000 MMT of cargo annually by 2065 through this airport. Per the plans released by the Civil Aviation Administration of China (CAAC) in 2021, China has already planned to build 215 airports by the end of 2035, which is one of the major factors expected to catalyze the demand for aviation weather forecasting systems during the forecast period.
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Aviation Weather Forecasting System Market: Competitive Landscape and Key Developments
Campbell Scientific, Inc.; Collins Aerospace; IBM Corporation; Sutron Corporation; Vaisala; Universal Weather and Aviation Inc.; ENAV S.p.A.; DTN; and Spire Global are among the key aviation weather forecasting system market players profiled in the report. Several other essential aviation weather forecasting system market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which can help major players strategize their growth.
- In 2022, Empresa Argentina de Navegación Aérea, an Argentine Air Navigation Company, completed the installation of three Automatic Weather Observation Systems (AWOS) at the airports of San Salvador de Jujuy, San Miguel de Tucumán, and Salta, in Northwestern Argentina.
- In 2022, Spire Global received a five-year multimillion-dollar contract to provide weather forecasts for TCOM, an intelligence, surveillance, and reconnaissance (ISR) firm based in the US. The company will provide weather forecast services at 10 sites where TCOM operates aerostats, which are aircraft that use a lifting gas to become airborne.
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North America is expected to dominate the market in terms of aviation weather forecasting system market share in 2022. The market in this region has been analyzed based on trends prevailing in the US, Canada, and Mexico. The US has the highest number of airports, i.e., ~19,622 airports, in the world, including over 5,000 public airports. The US airlines carried ~674 million passengers in 2021, which is 82.5% more than in 2020. The country is investing heavily in upgrading its airport by harnessing advanced technologies to enhance safety and security. According to data from several aviation sources in 2018, the FAA announced that the US will be spending ~US$ 70 billion on more than 50 airport construction projects in the next three years. Such vast investments will be majorly directed toward modernizing and renovating aging facilities to accommodate technological advances. Thus, the rising need for modernization of airports is boosting the aviation weather forecasting system market growth across North America.
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Aviation Weather Forecasting System Market: Component Overview
Based on component, the aviation weather forecasting system market is segmented into hardware, software, and services. The hardware segment is expected to account for largest aviation weather forecasting system market share in 2022. The aviation weather forecasting system market growth for hardware segment is attributed to the rising demand for the installation of hardware systems such as weather radars, Lidars, sensors, and AWOS systems across different airports worldwide.
Impact of COVID-19 Pandemic on Aviation Weather Forecasting System Market Growth
Airlines faced an economic loss of US$ 168 billion in 2020, which can be associated with a drop in airline operations and passenger traffic due to persistent health impairment and social restrictions. Companies that relied more on aviation for their financial performances continued their operations with cargo flights and half- or full-passenger flights, thus performing better than those depending on passenger flows. Further, companies with high fixed costs struggled more as they faced difficulties in shedding off the financial burden of maintaining smooth operations during unfavorable business conditions. The Global Observing System of the World Meteorological Organization (WMO) serves as the foundation for meteorological and climate services in 193 WMO member countries and territories. These meteorological observations, however, rely on devices mounted on commercial aircraft to collect and transmit data to ground stations. The drastic decline in flights caused a fall in meteorological measurements from 90% to 75%. As a result, only a fraction of 800,000 daily readings were available for meteorologists for forecasting. To compensate for this loss, countries had to rely on their domestic national weather forecasting capacities in 2020.
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