Weather Forecasting System and Solutions Market Outlook 2031
The global weather forecasting system and solutions market size was valued at USD 3.79 Billion in 2022 and is anticipated to reach USD 7.03 Billion by 2031, expanding at a CAGR of 7.1% during the forecast period, 2023 – 2031. The growth of the market is attributed to increasing stringency of norms pertaining to environmental protection and growing sea and air transportation.
Weather forecasting is the use of technology and science to forecast atmospheric conditions for a certain location and time. Weather predictions are constructed by gathering quantitative data on the current state of the land, atmosphere, and ocean. Additionally, meteorology is applied to project how the atmosphere will change at a certain location.
The COVID-19 outbreak has brought negative impact on the weather forecasting system market. During the pandemic, meteorological observations gathered from aircraft have dropped by an average of 75-80% compared to normal. The market is expected to recover an uptrend operation soon due to subsiding the COVID cases gradually across the globe.
Weather Forecasting System and Solutions Market Trends, Drivers, Restraints, and Opportunities
- Growing sea and air transportation to help provide more data is one of the key factors driving the market growth.
- Increasing stringency of norms pertaining to environmental protection is expected to boost the market growth in the coming years.
- Rising need for reliable information related to climate is anticipated to boost the market expansion during the projected period.
- Issues related to inaccurate predictions and complexities in weather models presents a major challenge. This is likely to hinder the market growth during the forecast period.
- Technological advancement in data analytics is projected to create significant growth opportunities for the market in the near future.
Scope of Weather Forecasting System and Solutions Market Report
The report on the global weather forecasting system and solutions market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Weather Forecasting System and Solutions Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Components (Systems and Solutions), Forecast Range (Long-range Forecast, Medium-range Forecast, and Short-range Forecast), and End-users (Meteorology & Weather Service Provider, Enterprise, and Defense & Military)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Gill Instruments Pvt. Ltd.; Vaisala Oyj; AIRMAR Technology Corp.; All Weather, Inc. (AWI); Campbell Scientific, Inc.; Morcom International, Inc.; Munro Instruments Ltd.; Skye Instruments Ltd.; Lockheed Martin Corp.; and Columbia Weather Systems Inc.
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Weather Forecasting System and Solutions Market Segment Insights
Systems segment is to grow at a rapid pace
Based on components, the global weather forecasting system and solutions market is bifurcated into systems and solutions. The systems segment is expected to grow at a rapid pace during the forecast period owing to growing need for weather stations along with radars for accurate weather predictions. However, the solution segment is anticipated to hold a key share of the market in the coming years due to advance computing and data analytics offered by the segment, which helps in reducing maintenance & operational costs.
Strategic decision to drive medium range segment
In terms of forecast range, the market is segregated into long-range forecast, medium-range forecast, and short-range forecast. The medium-range segment is projected to expand at a considerable CAGR during the forecast period attributed to the detail it offers in making small operational strategic decisions for enterprises. On the other hand, the short-range segment is anticipated to account for a major market share during the forecast period due to rising need for security and safety.
Enterprise segment to hold significant market share
On the basis of end-users, the global weather forecasting system and solutions market is segmented into meteorology & weather service provider, enterprise, and defense & military. The enterprise segment is anticipated to hold significant market share in the coming years owing to increasing need for advanced weather monitoring technology. However, the meteorology & weather service segment is expected to register a considerable CAGR during the forecast period due to increasing natural calamities and uncertain rainfall.
North America is anticipated to constitute a key market share
In terms of regions, the global weather forecasting system and solutions market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period attributed to the presence of key global players in the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to increasing sea & air transportation, rainfall dependence for water supply, and stringent regulatory norms by governments in the region.
Segments
The global weather forecasting system and solutions market has been segmented on the basis of
Components
Forecast Range
- Long-range Forecast
- Medium-range Forecast
- Short-range Forecast
End-users
- Meteorology & Weather Service Provider
- Enterprise
- Defense & Military
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global weather forecasting system and solutions market share are Gill Instruments Pvt. Ltd.; Vaisala Oyj; AIRMAR Technology Corp.; All Weather, Inc. (AWI); Campbell Scientific, Inc.; Morcom International, Inc.; Munro Instruments Ltd.; Skye Instruments Ltd.; Lockheed Martin Corp.; and Columbia Weather Systems Inc. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives such as partnerships, collaborations, mergers & acquisitions, and new product development.
For instance, in 2015, Munro Instruments Ltd. introduced 150-Series weather sensors that allowed consumers to match and mix with other sensors.
