Global Weather Forecasting Systems Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware & Software), By Forecast Type (Short-range, Medium range, Long range & Extended range), By Application (Weather Satellites, Weather Observing Systems, Weather Stations, Weather Drones, Weather Balloons, Weather LiDAR & Others), By Vertical (Agriculture, Aviation, Renewable Energy, Marine, Oil & Gas, Military, Transport & Logistics, Meteorology, Weather Service Providers & Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa) Analysis and Forecast 2022-2028
KEY MARKET INSIGHTS
The Global Weather Forecasting Systems Market was valued at USD 2.7 Bn in 2021. The market is projected to grow USD 5.3 Bn in 2028, at a CAGR of 7.4%. Weather forecasting areas are quite sensitive in terms of encompassing rationale security, monitoring, and 24x7 observations. Lighting is also regarded as vitally important in weather forecast regions, as it has an effect on the security of the reason. In terms of lighting applications, weather forecast regions are similar to small urban communities, where weather forecast lighting isn't just limited to border security but is also used within established regions. Due to technological advancements in product offerings, an increase in the desire to improve performance and operational efficiency, a rise in demand for advanced data analysis models, and an expansion of application areas among end users, the demand for weather forecasting solutions is growing at a rapid pace.
The growth of the aviation and shipping sectors is a key element driving market size, while the rise in safety concerns among end-use industries is driving market growth. Furthermore, the market's growth is fueled by an increase in renewable energy output. However, the market's expansion is projected to be hampered by the intricacies of weather forecasting models and a scarcity of experienced labor. Furthermore, market growth is likely to be aided by technical advancements in computing systems and the expansion of the transportation industry in developing nations. Furthermore, the need to reduce maintenance costs, increased air traffic, increased demand to reduce economic turn backs, and increased knowledge of forecasting systems are all expected to boost the weather forecasting services industry's profitability.
The COVID-19 epidemic has had a negative impact on the market for weather forecasting systems. The movement of commercial aircraft, which is a main source for collecting important weather data, has decreased dramatically as a result of the worldwide aviation fleet's grounding. Meteorological agencies use this information to improve the accuracy of weather forecasts, including the occurrence of catastrophic weather events such as hurricanes. The short-term outlook for the weather forecasting systems market is ultimately determined by how quickly governments respond to the COVID-19 outbreak.
Increasing Adoption from Various Industry Verticals
Weather Forecasting Systems assist businesses in receiving real-time information into atmospheric conditions, allowing them to meticulously plan all weather-sensitive operations for security, sustainability, safety, and cost efficiency. Growing marine and air transportation, tightening environmental regulations, and a significant reliance on rainfall for water supply are among the key trends driving market expansion.
Increasing Safety & Security Concern from Undesirable Weather Change
The market for weather forecasting systems is growing as people become more concerned about their safety and security as a result of any undesirable weather change. A reliable weather forecast delivered on time might result in significant cost savings or even improve the battle against pollution, natural disasters, and environmental disasters.
Growing Demand for Military Applications
Due to the rising demand in military applications such as continuous weather updates and air traffic management, the weather forecasting system has gained traction in the market. Weather forecasting systems are predicted to improve their capabilities as computing systems continue to grow, allowing to predict and display accurate weather in the near future.
Improper Integration of Huge Volume of Data Leads to False Alarms
Weather conditions are dynamic in nature and vary due to changes in various atmospheric factors, and several events can be anticipated based on a thorough understanding of initial circumstances of a numerical weather forecasting model. In addition to the inherent non-linearity of weather data acquired by various weather forecasting technologies, such as weather stations, weather observing systems, and weather radars, this makes the process of weather forecasting extremely complex. The difficulties with huge data complexity and erroneous predictions will likely to hinder the growth of global weather forecasting systems market.
The global weather forecasting systems market is segmented by Component (Hardware & Software), By Forecast Type (Short-range, Medium range, Long Range & Extended Range), By Application (Weather Satellites, Weather Observing Systems, Weather Stations, Weather Drones, Weather Balloons, Weather LiDAR & Others), By Vertical (Agriculture, Aviation, Renewable Energy, Marine, Oil & Gas, Military, Transport & Logistics, Meteorology, Weather Service Providers & Others) and Region. Based on the Component, the market is categorized into Hardware & Software. Based on forecast type, the market is categorized into Short-range, Medium range, Long Range & Extended Range. Based on application, the market is categorized into weather satellites, weather observing systems, weather stations, weather drones, weather balloons, weather LiDAR & others. Based on vertical, the market is categorized into agriculture, aviation, renewable energy, marine, oil & gas, military, transport & logistics, meteorology, weather service providers & others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
Based on component, is categorized into hardware & software. The software segment is expected to dominate the market share of global weather forecasting systems market owing to the highly exact weather predictions, data collecting and processing software is becoming more widely used around the world.
By Forecast Type
Based on Forecast type, the market is categorized into short-range, medium-range, long-range & extended-range. The short-range range segment is expected to dominate the market share of the global weather forecasting systems market owing to the major adoption by various user-specific applications such as disaster management, hydrology, aviation, agriculture, and others. The goal of short-range weather forecasting today is to provide various users with information on the expected weather for the next two or three days for sites in areas of a few million square kilometers, allowing to take necessary precautions ahead of time and thus minimize the damage caused by adverse weather conditions while maximizing the benefit from those that are favorable for various types of human activity.
Based on application, the market is categorized into weather satellites, weather observing systems, weather stations, weather drones, weather balloons, weather LiDAR & others. The weather satellites are expected to dominate the market share of global weather forecasting systems market owing to the rising demand for earth monitoring and weather watching systems are becoming increasingly important for measuring, monitoring, and providing significant information on a variety of climatic factors.
Based on vertical, the market is categorized into agriculture, aviation, renewable energy, marine, oil & gas, military, transport & logistics, meteorology, weather service providers & others. The transport & logistics segment is expected to dominate the market share of global weather forecasting systems Market owing to the growing industrialization and demand of real-time delivery of shipment is required for the growth of global weather forecasting systems market.
The global weather forecasting systems market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
North America region is expected to dominate the market share of global weather forecasting systems market owing to the presence of key players and technological advancements in the region. In addition, advancements in weather satellites and weather stations in constant way. However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global weather forecasting systems market due to the countries in this region are aiming more on increasing investments in weather forecasting systems. Growing industrialization and growth of transportation & logistics industry in the countries such as China and India. Furthermore, regional economies have undertaken a number of projects linked to the creation of sustainable and renewable energy in order to protect the environment and avoid future energy crises. Because most renewable energy sources are susceptible to weather fluctuations, advanced weather monitoring and forecasting systems are required to maximize energy output will drive the growth of global weather forecasting systems market.
- Airmar Technology Corp.
- All Weather, Inc.
- Campbell Scientific, Inc.
- Columbia Weather Systems Inc.
- Gill Instruments Limited
- Raytheon Technologies Corporation
- Earth Networks
- Lockheed Martin Corporation
- MORCOM International
- Munro Instruments Limited
- Skye Instruments Limited
- Met One Instruments Inc.
- Thales Group
KEY INDUSTRY DEVELOPMENTS:
April 2021- Raytheon Company and Earth Prediction Innovation Center (EPIC) have made a strategic agreement to work closely on the Earth modelling with the help of uniting academia, industry, and government.
By Forecast Type
- Medium range
- Long Range
- Extended Range
- Weather Satellites
- Weather Observing Systems
- Weather Stations
- Weather Drones
- Weather Balloons
- Weather LiDAR
- Renewable Energy
- Oil & Gas
- Transport & Logistics
- Weather Service Providers
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa