What is the future of Aviation Weather Forecasting Services Market? Know Covid Impact on Size, Share & Forecasts
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 will reach US $ 447.6 million in 2024 . However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. An organic growth of the aircraft industry, rising aircraft fleet size and advancement in avionics technology are likely to create a sustainable demand for weather forecasting services in the aviation industry in the foreseen future.
Aviation Weather Forecasting Services Market Segment Insights :
By Forecasting Type:
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.
By Forecasting Duration Type:
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 use of electronic mode of transmission, and a more efficient weather-model further facilitate the use of short-term forecasts.
By Distribution Method Type:
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.
By Aircraft Type:
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.
By Region:
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.