Weather Forecasting Systems Market

Global Weather Forecasting Systems Market:

Weather Forecasting Systems Market- By Solution, Application, Vertical, Forecast Type and Region.

Market Synopsis:

The Global Weather Forecasting Systems Market is valued at USD 2,318.4 Million in the year 2021 and is expected to reach a value of USD 3,071.5 Million by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.8% over the forecast period.

Weather Forecasting is a popular application of science and technology to predict a region's meteorological and climate issues. Weather alerts play an important role in ensuring the safety of people and property. Agriculture and defense sectors have the most potential for Weather Forecasting Systems Market from the end user's perspective. The market for Weather Forecasting Systems is growing as people become more concerned about their safety and security because of any unwelcome climatic shift.

Increasing demand for weather monitoring systems by end-user industries to align their business activities with changes in prevailing weather conditions is driving the market's development potential over the forecast period. 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. Besides, the complexity of the systems is the sector's main challenge.

Weather Forecasting Systems is complex in nature, requiring the need of qualified professionals to operate them. Several well-known players are focusing their efforts on the development of new technologies in Weather Forecasting Systems to improve their accuracy. During the forecast period, this is likely to increase the Weather Forecasting Systems Market. Furthermore, due to the rising demand for military applications such as continuous weather updates and air traffic management, the market for Weather Forecasting Systems has gained traction. Systems are always improving thanks to technological advancements. However, the industry's expansion is expected to be hampered by issues such as complications in weather forecasting processes and models.

Market Segmentation:

The Weather Forecasting Systems Market is segmented based on solution, forecast type, application, and vertical. Based on Solution, the market is segmented as software and hardware. Based on application, the market is segmented as Weather Satellites, Weather Observing Systems, Weather Stations, Weather Drones, Weather Balloons, Weather LiDAR, Weather Radar, and Others. Based on forecast type, the market is segmented as now cast, Short-range, Medium range, extended-range, and long-range. Based on Vertical, the market is segmented as Agriculture, Aviation, Renewable Energy, Marine, Oil & Gas, Transport & Logistics, Military, Meteorology, Weather Service Providers, and Others.

Based on Application:

Based on application, the market is segmented as Weather Satellites, Weather Observing Systems, Weather Stations, Weather Drones, Weather Balloons, Weather LiDAR, Weather Radar, and Others. The Weather satellites are growing fastest in Weather Forecasting Systems Market methods during the forecast period. The growth of the segment is attributed to increasing preference and awareness among the consumers of manufacturers to increase the shelf-life of their products. Moreover, the rise in the efficiency of reverse logistics operation of recycled products, decrease in landfill sites, and eco-friendly legislations for the government are driving the Weather Forecasting Systems Market growth during the forecast period.

Based on Forecast Type:

Based on forecast type, the market is segmented as now cast, Short-range, Medium range, extended range, and long-range. The short-range segment is anticipated to grow at the highest rate during the forecast period. Short-term weather forecasting provides information on the expected weather for periods ranging from a few hours to 48 hours, and in some circumstances up to 72 hours. Weather charts, maps, satellite photos, weather balloons, and ground-based data are used to create a short-range forecast. The data is useful not just for weather forecasting, but also for other uses such as aviation and ship routing. As a result, the growing need for weather forecasts by the fishing and transport sectors is expected to propel the short-range segment of the Weather Forecasting Systems Market forward.

Asia Pacific is Projected to Grow at the Highest CAGR During the Forecast Period

Asia Pacific is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. The market is primarily driven by countries in this region's increased focus on growth investments in Weather Forecasting Systems technology. Furthermore, regional economies have undertaken several projects connected to the generation of sustainable and renewable energy to protect the environment and avoid future energy crises. Due to the vulnerability of most renewable energy sources to weather fluctuations, the need to enhance energy output mandates the adoption of sophisticated weather monitoring and forecasting systems to ensure optimal output, propelling the Weather Forecasting Systems Market in the region. Also, the market is expected to be driven by improvements in the Asia Pacific region's economic conditions and rising concerns about safety and security.

Competitive Landscape:

The key players in the Global Weather Forecasting Systems Market include- The Weather Company (US), Vaisala Oyj (Finland), DTN (US), AccuWeather Inc. (US), StormGeo (Norway) and others.

Segmentation of the Global Weather Forecasting Systems Market: