Pune, India, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The global weather radar market size was valued at USD 117.29 million in 2022 and is expected to grow from USD 136.28 million in 2023 to USD 486 million by 2030, exhibiting a CAGR of 19.9% during the forecast period. Due to the soaring fluctuations in natural calamities such as cyclones, ice storms, snowstorms, and thunderstorms are likely to propel the demand for the product.
Fortune Business Insights™ shares this information in its report titled “Global Weather Radar Market, 2023-2030.”
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List of Key Players Profiled in the Weather Radar Market Report:
- Collins Aerospace (U.S.)
- Honeywell International Inc. (U.S.)
- EWR Radar Systems Inc. (U.S.)
- Enterprise Electronics Corporation (U.S.)
- LEONARDO Germany GmbH (Germany)
- Beijing Minstar Radar Co., Ltd. (China)
- Vaisala Oyj (Finland)
- GAMIC mbH (Germany)
- FURUNO ELECTRIC CO., LTD. (Japan)
- Telephonics Corporation (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 19.9% |
| 2030 Value Projection | USD 486 Million |
| Market Size in 2023 | USD 136.28 Million |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Weather Radar Market Growth Drivers | Rising Frequency and Severity of Natural Calamities is expected to catalyze the Market Growth |
| Increasing Government Investments Projected to Boost the Growth of the Market |
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https://www.fortunebusinessinsights.com/weather-radar-market-103522
COVID-19 Impact:
Raw Material Procurement Hindrances Impacted Market Progress
The swift spread of the COVID-19 pandemic had inflicted severe undesirable impacts on the global weather radar market growth. The raw material procurement hindrances, border closures, and supply chain disruptions due to stringent lockdowns and curfews affected the demand for the product. Declined revenues and profit margins due to closed production plants worsened the situation. However, key players implemented cloud-based solutions to reduce risks of infection spread and continue their operations.
Segmentation:
Land-based Radars Segment to Lead Owing to its Rising Demand for Weather Surveillance Systems
By platform, the market is segmented into land-based and airborne. The Land-based radars segment is expected to lead due to its rising demand for weather surveillance systems for disaster management.
X-band Radar To Lead Due to Rise in the Demand for Compact And Precision Radars
By frequency, market of segmented as C-Band, S-Band, X-Band, and others. X-band radar has dominates the segment and it is also set to fastest growing due to rise in the demand for compact and precision radars. S-band radar is also anticipated to grow at a significant rate due to increasing rate of adoption of long-range weather surveillance radars.
Antenna Segment to Lead Attributable to Development of old Weather Surveillance Radars
As per component, the market is categorized into antenna, receiver, display, transmitter, and others. The Antenna segment is expected to maintain its leadership due to its modernization and development of old weather surveillance radars.
Military Segment to Dominate Due to high demand for Military Aircrafts
According to application, the market is categorized into meteorology & hydrology, aviation industry and military. The military segment is estimated to gain traction due to high demand for weather surveillance and monitoring for military aircrafts.
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Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Drivers and Restraints:
Growing Need for Weather Radars Systems to Foster Industry Growth
The growing need for weather radar systems in assisting and predicting severe weather conditions accurately to provide public safety and supporting local economies are likely to fuel market progress. The Emergency Event Database, In March 202s3, noted 387 natural disasters affecting 185 million individuals and leading to the loss of 30,704 lives, with economic losses totaling approximately USD 223.8 Billion. However, high calibration cost of the product may hinder weather radar market progress.
Regional Insights:
Increasing Demand for Commercial and Military Aircrafts to Propel Market Progress in North America
North America is expected to dominate the weather radars systems market share due to the increasing demand for commercial and military aircrafts. The market in North America stood at USD 37.84 million in 2022 and is expected to gain a huge portion in the coming years. Furthermore, presence of major OEM’s in the region is likely to facilitate industry growth.
In Asia Pacific, growing research activities in meteorology and hydrology is expected to foster the demand for immunology. Furthermore, the increasing approvals and launch initiatives by key players is expected to fuel market growth.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights - Impact of COVID-19 Pandemic on Global Weather Radar Market
- Global Weather Radar Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definition
- Market Analysis, Insights and Forecast – By Platform
- Land-Based
- Airborne
- Market Analysis, Insights and Forecast – By Component
- Transmitter
- Antenna
- Receiver
- Display
- Others
- Market Analysis, Insights and Forecast – By Frequency Band
- C-Band
- S-Band
- X-Band
- Others
- Market Analysis, Insights and Forecast – By Application
- Meteorology & Hydrology
- Aviation Industry
- Military
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Rest of the World
TOC Continued...!
Competitive Landscape:
Prominent Industrial Giants Complete Acquisitions to Reinforce their Product Offerings
The prominent companies such as Honeywell International Inc., EWR Radar Systems Inc., Enterprise Electronics Corporation, LEONARDO Germany GmbH, Collins Aerospace, and other operating in the market deploy acquisitions to enhance their product offerings. To supply weather surveillance radars in regions including the Asia-Pacific, Europe and Middle East, and America, LEONARDO Germany GmbH, signed multiple contracts to supply weather surveillance radars.
Key Industry Development:
- January 2023- In the next two to three years, the Indian government announced its plans to add 25 more radars.
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