Feb 01, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aviation Weather Forecasting Services Market.
It was estimated prior to this unanticipated outbreak that the Aviation Weather Forecasting Services Market is projected to grow at an impressive growth rate over the next five years to reach US$ 447.6 million in 2024. An organic growth of the aircraft industry, rising aircraft fleet size, increasing focus on improving safety and operational efficiency, and advancement in avionics technology are likely to create a sustainable demand for weather forecasting services in the aviation industry in the foreseen future.
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Boeing anticipated that there would be total deliveries of 44,040 commercial and regional aircraft worth US$ 6.8 trillion in the global marketplace during 2019-2038. Asia-Pacific and Europe would be the biggest demand generators with a combined share of 62.8% of the total commercial aircraft deliveries during 2019-2038. An expected healthy CAGR of 4.6% in air passenger traffic during 2019-2038 will chiefly drive the demand for commercial aircraft. This is likely to facilitate a healthy long-term demand for weather forecasting services in the coming five years.
The aviation industry is sensitive to the weather and no decision is taken without first putting the weather into consideration. Safety has come under some threat as demand for air travel has increased with an unbalanced increase in airport capacities and facilities coupled with frequent extreme weather conditions being experienced across the world. There have been as many as 79 accidents related to flights during 2012-2017, taking the life of about 2,260 passengers around the world. The weather has been one of the prominent factors for many of these accidents. Besides, increase in focus on operational efficiency and a growth in public-private partnership towards producing more accurate and reliable weather forecasts are further shaping a positive trend in the market.
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Based on the Forecasting Type, the global aviation weather forecasting services market is segmented based on the forecasting type as Aerodrome Forecast, Area/Route Forecast, and Special Forecast. Aerodrome forecast is expected to remain the most dominant segment of the aviation weather forecasting services market over the next five years. Almost every airport in the world has Terminal Aerodrome Forecast (TAF) written for them. Due to a continuous increase in fleet size and increasing involvement of private players in these services, the segment is expected to grow at a healthy rate in the coming five years.
Based on the forecasting duration type, the global aviation weather forecasting services market is segmented as Short-Term, Medium-Term, and Long-Term Forecast. Short-term forecast is projected to remain the most dominant segment of the global aviation weather forecasting services market over the next five years. Short-term forecasts are the most widely used in the aviation industry, owing to their higher accuracy as compared to longer-term forecasts. Additionally, the technological innovations, an increase in the usage of electronic mode of transmission, and a more efficient weather-model further facilitate the use of short-term forecasts.
Based on the distribution method type, the aviation weather forecasting services market is segmented as Electronic and Written. The electronic forecast segment is projected to remain the dominant mode of communication in the global aviation weather forecasting services market during the forecast period, propelled by the advancement of technology, uninterrupted data transfer, and a better avionics user-interface.
Based on the aircraft type, the aviation weather forecasting services market is segmented as Civil Aviation and Military Aviation. Civil aviation is expected to remain the growth engine for the aviation weather forecasting services market over the next five years, whereas military aviation is projected to showcase a flatter growth during the same period.
Based on regions, North America is expected to remain the largest aviation weather forecasting services market during the forecast period, whereas Asia-Pacific is expected to experience the highest growth during the same period. The highest growth of Asia-Pacific is driven by a host of factors including increasing demand for commercial aircraft to support rising passenger traffic, presence of the most weather-sensitive nations, such as India and the Philippines, and rising aircraft fleet size.
Key players operating in the global Aviation Weather Forecasting Services market are-
- Universal Weather and Aviation Inc.
- Rockwell Collins
- The Weather Company – IBM
- World Fuel-Colt.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Aviation Weather Forecasting Services analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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