Aircraft weather radar market to decelerate in next few years: report
NewsAugust 08, 2022
NEW YORK, New York. The global aircraft weather radar system market will grow by about $58 million from 2022 to 2026, but market growth will decelerate at a compound annual growth rate (CAGR) of 4.18% (compared to 4.54% for 2022), according to a new report.
The Technavio report also predicts that North America will contribute the most to this sector, making up 34% of the market over that time period. The report describes the market as fragmented with several major players occupying it.
"One of the key factors driving growth in the aircraft weather radar system market is the need for protection from harsh weather," the report states. "In addition, the incorporation of automatic dependent surveillance-broadcast is an aircraft weather radar system market trend that is expected to have a positive impact in the coming years. However, the safety concerns will be a major challenge for the aircraft weather radar system market during the forecast period."
Some of the major players on the defense side of this market include BAE Systems, General Dynamics, Honeywell International, L3Harris Technologies, Lockheed Martin, Northrop Grumman, Raytheon Technologies, and Thales.
