DUBLIN--(BUSINESS WIRE)--Sep 20, 2022--
The "Aviation Weather Forecasting System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Application, and Forecast Type" report has been added to ResearchAndMarkets.com's offering.
The aviation weather forecasting system market size is expected to grow from US$ 737.09 million in 2022 to US$ 1,137.67 million by 2028; it is estimated to grow at a CAGR of 7.5% from 2022 to 2028.
The increasing availability of digital and electronic communication bandwidth is contributing to the growing accuracy of weather forecasts for aviation operations.
Major end-users in the aviation weather forecasting system market include commercial & military airports, weather forecast stations, air balloon operator stations, drone operating stations, etc. The airport weather stations are automated sensor suites designed to facilitate aviation and meteorological operations, and weather forecasting and climatology.
Impact of COVID-19 Pandemic on Global Aviation Weather Forecasting System Market
Asian countries experienced a drop in the GDP, international trade, and economy in 2020. The aviation industry in Asia Pacific took a hit during the first half of 2020.
The onset of the COVID-19 pandemic resulted in a decrease in production operations and disruptions of supply chains across the region. Many emerging economies had to lower their aviation budgets and redirect the funding to cater to the demand across the healthcare sector.
According to data from the Civil Aviation Administration of China (CAAC), China had 241 licensed transport airports by the end of 2020. 114 new airport projects were initiated or continued during that year. As of 2020, China had 58 more airports compared to that in 2012. This indicates the commencement of ~7 new airports each year.
According to plans issued by the Civil Aviation Administration of China (CAAC) in February 2021, China aims to have 400 civilian transport airports by the end of 2035, resulting in a 150-percentage-point increase from the number recorded in 2020. Further, as per Airports Council International (ACI), the country will build ~10 new airports each year by 2035.
Thus, the demand for LIDAR, AWOS, sensors, radar, ceilometer, etc., is expected to rise in countries such as China, India, Japan, Australia, South Korea, and Taiwan during the COVID-recovery period (2021 onwards) which has further driven the aviation weather forecasting system market growth.
The Middle East & Africa (MEA) aviation weather forecasting system market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The region has experienced an increase in passenger and cargo air traffic, influencing the rise in investment in the development and redevelopment of new and technologically advanced airport facilities.
The new Addis Ababa International Airport construction started in 2020 and is expected to be completed by 2024 is also expected to generate new opportunities for aviation weather forecasting system market players during the forecasted period. Similarly, the Saudi Arabian government is constructing the Red Sea International Airport under Saudi Arabia's Vision 2030 strategy to accommodate 900 passengers per hour.
In August 2021, the Nigerian government announced the investment of US$ 40.3 million for several aviation projects. The fund is allotted toward the development of new airports and renovation of existing airports. The government of Nigeria has also invested US$ 1.52 million in the construction of the Wachakal Airport.
Thus, with a continuous surge in passenger traffic at airports, the increasing number of airport construction and expansion (including modernization of existing airports) projects is likely to boost the aviation weather forecasting system market growth in the MEA region. Some of the aviation weather forecasting system market players across the MEA region include Campbell Scientific, Inc.; Collins Aerospace; IBM Corporation; and Universal Weather and Aviation, Inc.
According to Boeing Commercial Outlook (2022-2041), commercial aircraft deliveries in Latin America are expected to reach ~2,240 units by the end of 2041. The rise in aircraft deliveries would, in turn, highlight the need for smart and modernized airport infrastructure to prevent unforeseen incidents, thereby propelling the demand for weather forecasting services.
The aviation weather forecasting system market in SAM has been analyzed on the basis of prevalent trends in Brazil and the Rest of South America. According to a report published by CEPAL, South America is likely to require a total investment of US$ 25.5 billion during 2016-2025 to fill the capacity gap in airport infrastructure.
This is also expected to catalyze the adoption of aviation weather forecasting systems across those airports which will drive the aviation weather forecasting system market growth in South America region. In January 2021, Jorge Chavez International Airport, in Lima, Peru, announced that they are undergoing a major expansion.
The airport expansion program includes the development of a new passenger terminal, a second runway, taxiways, and a new air traffic control (ATC) tower. Lima Airport Partners have signed an agreement for a loan of US$ 450 million to fund this development program.
Key Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Future Trends
Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/4bqa8c
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/20/2022 01:37 PM/DISC: 09/20/2022 01:37 PM
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