The global weather radar market is expected to gain impetus from the increasing need of safe and comfortable flights. Australia, for instance, currently possesses 60 weather radars. But, it is planning to install more of those in the coming years. This information is given by Fortune Business Insights™ in a new report, titled, “Weather Radar Market Size, Share & COVID-19 Impact Analysis, By Platform (Airborne and Land-Based), By Component (Transmitter, Antennas, Receiver, Display), By Application (Meteorology & Hydrology, Aviation Industry, Military), and Regional Forecast, 2020-2027” The report further states that the market size was USD 233.1 million in 2019 and is projected to reach USD 261.4 million by 2027, exhibiting a CAGR of 4.92% during the forecast period.
Shutdown of Airports & Decline in Travel amid COVID-19 to Hamper Growth
The outbreak of the COVID-19 pandemic across the globe is taking a toll on the aviation industry. Hence, several component manufacturers are facing severe monetary losses, as well as disruptions in supply chains. This has further resulted in a decline in aircraft deliveries. As airports are shut down, the owners are postponing or cancelling the purchase of new tools and equipment to control air traffic. These factors would obstruct the demand for these radars. But, our reports would help you gain a competitive edge in the market by selecting the right strategy.
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Fortune Business Insights™ provides a list of all the renowned manufacturers operating in the global market. They are as follows:
- Collins Aerospace, a Raytheon Technologies company (The U.S.)
- Honeywell International Inc. (The U.S.)
- EWR Radar Systems (The U.S.)
- Enterprise Electronics Corporation (Alabama, The U.S.)
- LEONARDO Germany GmbH (Germany)
- Beijing Minstar Radar Co., Ltd. (Beijing, China)
- Vaisala (Vantaa, Finland)
- GAMIC mbH (Aachen, Germany)
- FURUNO ELECTRIC CO., LTD. (Hyogo, Japan)
Drivers & Restraints-
Increasing Aircraft Deliveries to Accelerate Growth
There is a surging demand for airborne weather radars as they help in assisting the passengers, crew, and pilots regarding the weather conditions. This way, they can avoid entering in the harsh weather zones. Also, the increasing aircraft deliveries would drive the weather radar market growth in the near future. This would mainly occur on account of the improvements of economic conditions in various developing nations. It is, in turn, set to increase the demand for air travel. Reputed airliners are therefore looking for broadening their fleet. However, these radars are only capable of detecting the presence of liquid. This drawback may hinder growth.
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- A 360-degree analysis of the global market.
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Aviation Industry Segment to Lead Stoked by Rising Expenditure in Various Applications
Based on application, the market is segregated into military, aviation industry, and meteorology & hydrology. Out of these, the aviation industry segment is anticipated to lead throughout the forthcoming years by procuring the largest weather radar market share. This growth is attributable to the increasing expenditure in the development of air traffic control, airports, and aircraft applications.
Rising Climate Fluctuations to Favor Growth in Asia Pacific
Geographically, North America is likely to dominate in the coming years. The region held USD 82.8 million in terms of revenue in 2019. The U.S. is considered to be the most significant contributor to growth as it is a major hub for aircraft production. Asia Pacific is set to be the fastest-growing region because of the increasing climate fluctuations.
Key Players Focus on Receiving New Orders to Strengthen Positions
Several market players are engaging in new product development, acquisitions, and contracts to strengthen their positions. Most of them are persistently trying to bag new orders from regulatory bodies across the globe to deliver their in-house weather radars. Below are two significant industry developments:
- March 2020: The U.S. Air Force awarded a contract to EWR Radar Systems, a provider of radar technology based in Kirkwood. As per the contract, the company will deliver 22 portable Doppler weather radar systems. The contract is worth USD 20.7 million.
- June 2018: The Agency for Air Navigation Security in Africa and Madagascar gave a contract to Selex ES GmbH for providing five X-Band weather radar systems. They will soon be installed at five airports in Africa.
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