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IN THE NEWS22 July, 2021: AccuWeather Launched a new feature on their application, called Digital Hurricane Tracker, which will help users get live updates about the movement of hurricanes in their region.
The global weather radar market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growing government concerns to minimize damage caused by harsh weather conditions, which increases the demand for weather radars in the weather stations. There have been several natural calamities in the recent past which created havoc for the human and other organisms. Incidences, such as, wild forest fires of Australia and Amazon, hurricane Laura in the U.S., Cyclone Amphan in South Asia, and flash floods in regions of India and Indonesia occurred in 2020 alone. Governments of various nations are focusing on efficient prediction of climatic conditions, to reduce the damage caused by such weather conditions, which is estimated to be the primary growth driver for the market. Moreover, increasing air travels and use of aircrafts for transport of goods, has raised the need for weather radars, which, in turn, is projected to boost the market growth.
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The market is segmented by installation into airborne, land-based, and others out of which, the airborne segment is anticipated to hold the largest share in the global weather radar market over the forecast period on account of higher accuracy of airborne weather radars, backed by rising fluctuations in the climatic conditions. The market is segmented on the basis of end-user into aviation, industrial, weather monitoring, military & defense, and others, out of which, the aviation segment is estimated to gain significant market share over the forecast period, owing to the escalating air travel and delivery through air. According to the data by the International Civil Aviation Organization, 4.397 billion people travelled through airways in 2019. Over 35 million flights were performed by aircrafts in the same year. People are choosing airways over roadways to save time, which is why aviation industry is focusing on weather forecast systems to ensure safe and smooth travel. This is estimated to boost the segment growth. Moreover, the military & defense segment is anticipated to garner notable share by the end of 2030, owing to increasing demand for independent weather radars in the military bases for efficient observation of weather conditions in the area.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global weather radar market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of high government expenditure on advanced technology, backed by the strong economic development in the countries, such as, United States, and Canada. Moreover, higher adoption of technology in the military and defense sector, along with huge budget for security forces in the region, are estimated to boost the market growth.
The market in the Asia Pacific is estimated to witness highest CAGR during the forecast period, as the region is prone to weather disturbances, owing to its geographical position, especially countries, such as, Indonesia, Singapore, Japan, and India. This is expected to raise the demand for weather radar amongst various end-users. The economic and technological development in the region also plays significant role in the market growth.
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The global weather radar market is further classified on the basis of region as follows:
Our in-depth analysis of the global weather radar market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising government concerns to reduce damage backed by increasing incidences of weather disturbances to boost the market growth.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
High competition from other technologies is estimated to hamper the market growth.
The market in the North America is estimated to provide more growth opportunity over the forecast period on the back of increasing government expenditure on military and defense sector.
The major players in the market are Enterprise Electronics Corporation, Furuno Electric Co., Ltd., Collins Aerospace, Beijing Metstar Radar Co., Ltd., LEONARDO Germany GmbH, Gamic mbH, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by installation, component, end-user, and by region.
The aviation segment is anticipated to hold largest market size over the forecast period owing to the increasing number of flights.
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