Weather Forecasting Systems Market Share, Size, Trends, Industry Analysis Report, By Solution (Hardware, Software); By Application: By Vertical; By Forecast Type (Nowcast, Short-range, Medium range, Extended range, Long-range); By Region; Segment Forecast, 2022 - 2030
- Published Date:May-2022
- Pages: 111
- Format: PDF
- Report ID: PM2410
- Base Year: 2021
- Historical Data: 2018 - 2020
Report Outlook
The global weather forecasting systems market was valued at USD 2.80 billion in 2021 and is expected to grow at a CAGR of 5.4% during the forecast period. The key factors such as the rising adoption of renewable energy sources, market demand for systems from various verticals, and government regulations and programs boost weather forecasting systems market growth during the forecast period.
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In recent years, governments worldwide have launched programs to increase the capacity and production of renewable energy to replace fossil energies to meet the world's increasing energy market demand without harming the environment or resulting in catastrophic climate change. To boost the use of renewable power, the administration has begun to offer grants and tax breaks and devised and implemented a slew of other benefits.
Renewable energy generation, particularly wind and solar power, is volatile due to its reliance on the climate. For instance, as per IBEF, since 2014, over USD 42 billion has been spent in India's renewable energy sector. In 2018, the government's new clean energy investment totaled USD 11.1 billion. Companies that provide climate forecasting systems offer the most critical scheduling input because accurate climate forecasting is essential for scheduled operations to produce optimal results.
Furthermore, power companies forecast future demand using modeling, historical data, machine learning, and climate prediction. As a result, the need for accurate climate predictions to enhance renewable energy production is expected to remain unabated during the forecast period, contributing to the growth of the weather forecasting systems market.
Also, expanding sea and air transportation, expanding stringency of pollution control norms, and a high reliance on the rainy season for water supply are key trends driving the market growth. Extreme climate conditions, which cause natural disasters, have heightened public concern about the environment. The growing demand for reliable climate forecasting information and continuous monitoring is driving the growth of the weather forecasting solutions market. These systems assist businesses in gaining real-time insights and improving decision-making processes to maximize profits. However, issues such as difficulties in climate models and incorrect predictions are likely to impede the weather forecasting systems market.
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Industry Dynamics
Growth Drivers
Automated climate forecasting systems, digital apps for climate forecasting, and a wide range of climate forecasting software for various verticals have the market forward. For instance, in October 2021, Vaisala, a world leader in climate, ecologic, and industrial monitoring, announced the release of the "AWS810 Automatic Weather Station", which sets new guidelines for powering the modern, intense experience, and secure climate stations networks.
It represents a generational industry advance, allowing first-class climate station observations, future-readiness, and an advanced, secure, integrated network infrastructure. It is a detailed measurement, interaction, and data monitoring alternative that innovative and successful observation networks simple to create, manage, and preserve over time.
Additionally, in July 2021, AccuWeather introduced a new AccuWeather Hurricane Tracker, accessible in the AccuWeather app for iOS and Android and on accuweather.com. This functionality is readily available from multiple entry points all across the app, ensuring consumers have immediate access to sensitive data designed to increase the level of awareness of hurricanes and tropical storms as they create and approach landfall.
Also, In September 2021, Vaisala announced the release of the Indigo510 transmitter, which is coherent with all Indigo smart probes. Modular assistance for one probe at a time is one of the functionalities of a touch screens display for local data visualization. The new Indigo510 is Vaisala's top-of-the-line Indigo transmitting family, consistent with Vaisala's manufacturing of Indigo measurement probes.
The Indigo510 is built on the same system designed to allow the flagship Vaisala Indigo520 Transmitter and features the same metal casing, operating systems, and display. Thus, the software and hardware advancement for the climate forecasting system is driving the weather forecasting systems market growth during the forecast period.
Report Segmentation
The market is primarily segmented based on solution, application, vertical, forecast type, and region.
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By Solution |
By Application |
By Forecast Type |
By Vertical |
By Region |
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Insight by Vertical
Based on the vertical segment, the military segment is expected to be the most significant revenue contributor in the global market. This is rising as countries' safety and security complaints grow. Increasing natural disasters and unpredictable rainfall drive the sector's weather forecasting technologies and devices. Transportation, energy, aviation, and oil & gas are among a few industries that require advanced systems and solutions to run smoothly worldwide.
Geographic Overview
In terms of geography, North America had the largest revenue share due to the presence of prominent players such as All Weather, Inc., Lockheed Martin Corporation, and Skye Instruments Limited. Technology advancements, the expansion of digital services throughout all major verticals, and increased adoption of modern innovations in sectors such as military & defense, renewable energy, transport and communication, and agriculture positively impact the region's growth.
Moreover, Asia Pacific is expected to witness a high CAGR in the global market. Stringent regulatory standards increased sea and air transportation, and reliance on rainfall for water supply are key factors supporting regional market growth. Countries drive this region's increased focus on increasing investment opportunities in climate forecasting systems innovations. The regional economies have conducted several sustainable and renewable energy creation activities for environmental protection and to avoid potential energy crises.
As most renewable sources are susceptible to climate volatility, the need to maximize energy output requires advanced climate monitoring and forecasting frameworks to guarantee an optimum result, trying to drive the weather forecasting systems market in the region.
Competitive Insight
Some of the major players operating in the global market include AccuWeather, Inc., Airmar Technology Corp., All Weather, Inc. (AWI), Campbell Scientific, Inc., Columbia Weather Systems Inc., Gill Instruments Limited, Honeywell International, Inc., IBM Corporation, Lockheed Martin Corporation, Met One Instruments Inc., MeteoGroup, MORCOM International, Munro Instruments Limited, Raytheon Company, Skye Instruments Limited, Sutron., and Vaisala.
Weather Forecasting Systems Market Report Scope
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Report Attributes |
Details |
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Market size value in 2021 |
USD 2.80 Billion |
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Revenue forecast in 2030 |
USD 4.40 Billion |
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CAGR |
5.4% from 2022 - 2030 |
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Base year |
2021 |
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Historical data |
2018 - 2020 |
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Forecast period |
2022 - 2030 |
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Quantitative units |
Revenue in USD Billion and CAGR from 2022 to 2030 |
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Segments covered |
By Solution, By Application, By Vertical, By Forecast Type, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key Companies |
AccuWeather, Inc., Airmar Technology Corp., All Weather, Inc. (AWI), Campbell Scientific, Inc., Columbia Weather Systems Inc., Gill Instruments Limited, Honeywell International, Inc., IBM Corporation, Lockheed Martin Corporation, Met One Instruments Inc., MeteoGroup, MORCOM International, Munro Instruments Limited, Raytheon Company, Skye Instruments Limited, Sutron., and Vaisala. |
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