According to the new research report published by The Insight Partners on "Global Aviation Weather Forecasting System Market Forecast to 2028 - COVID-19 Impact and Analysis," the market is expected to grow at a CAGR of 7.5% from 2022 to 2028 to reach US$ 1,137.67 million by 2028.
Collins Aerospace, IBM, and ENAV SpA are among the leading companies in the aviation weather forecasting system market. These companies have a well-established customer base along with diversified product offerings that include solutions for aviation weather forecast operations. Further, these aviation weather forecasting system market players are having large consolidated market share across the global aviation weather forecasting system market. These companies are majorly focusing on acquiring smaller vendors and capturing contracts from new airport projects from emerging countries in Europe and Asia Pacific.
Major stakeholders in the aviation weather forecasting system market ecosystem include component suppliers, hardware manufacturers, software providers, and end users via service providers. Component providers are the crucial stakeholders in the ecosystem as they provide rotating projectors, detectors, recorders, batteries, antenna, light systems, sensors, etc. Aanderaa; Shell Engineering & Associates, Inc.; and F.W. Webb Company are among the key component providers to the aviation weather forecasting system market players.
Aviation is a highly cost-sensitive industry. An airline can lose huge sums in case of a delay in operations due to bad weather conditions. Reliability is one of the major concerns regarding the weather forecast for the aviation industry. The currently used methods provide reliable information for short-term or medium-term weather forecasting; however, long-term forecasts are not completely free of errors. A seven-day forecast (medium-term) can predict ~80% of the actual weather conditions; a five-day forecast (short-term) can predict 90% of the actual weather conditions. However, it becomes difficult to predict the actual weather conditions when it comes to a 10-day forecast (long-term). It can be right with the probability of 50%, or it may vary depending on fluctuating weather conditions. Meteorologists use different software and computer-related programs (also known as weather models) to analyze and predict weather for the aviation industry. It becomes difficult for meteorologists to predict weather for a long term as the atmosphere is always changing. Therefore, reliability of meteorological weather forecasts decreases when it comes to long-term weather forecasts. To overcome this challenge, vendors from the aviation weather forecasting system market are working in collaboration with several meteorological departments to develop more reliable systems for long-term weather prediction.
The aviation weather forecasting system market analysis is segmented based on component, application, and forecast type. Based on component, the aviation weather forecasting system market analysis is segmented into hardware, software, and services. Based on application, the aviation weather forecasting system market analysis is divided into weather stations, weather drones, weather balloons, and others. Based on forecast type, the aviation weather forecasting system market is segmented into short range, medium range, extended range, and long range.
Key Findings of Study:
Airlines are more focused on aircraft safety with the rising aircraft movement worldwide, and to ensure safety, all the aircraft operations are now being monitored at every stage, from flight component checks to flight operations. According to Boeing Commercial Outlook (2022-2041), the global commercial aircraft deliveries are expected to reach ~41,170 units by the end of 2041. Similarly, as per the Airbus forecasts, there will be ~46,930 aircraft deliveries by the end of 2041. This will further drive the demand for aviation weather forecasting systems across different airports. Further, airlines focus on avoiding the impact of turbulence on flights by retaining the proper working of the aircraft parts; for this, they require aviation weather forecasting data. Several factors such as high cloud and fog, atmospheric temperature, space weather conditions, and surged volcanic ash levels are monitored and analyzed before the commencement of any flight, based on data collected from aviation weather forecasting systems. These systems help generate different weather reports and forecast analyses to make decisions for any flight operations to ensure the safety of passengers and flight operations. Thus, catalyzing the aviation weather forecasting system market growth worldwide.
The need for reducing the overall operational costs of aircraft operations is also bolstering the demand for safer flight operations among airline operators. For instance, according to several aviation sources, airlines can lose ~US$ 13,000 whenever a flight is canceled due to uncertain events, including unsuitable weather. In 2018, the airline industry in the US witnessed a loss of ~US$ 340 million due to weather-related flight delays. Such factors compel airline companies to keep an eye on weather details and forecasts to ensure cost-effective and safer flight operations that propels the aviation weather forecasting system market growth.
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