In terms of revenue, the Global Weather Forecasting Systems Market is expected to reach USD 3,071.5 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 4.8% from 2022 to 2028.
Weather forecasting helps to predict weather conditions. Systems such as outdoor thermometers (air temperature), barometers (air pressure), anemometers (wind speed and direction), and hygrometers (humidity) are used to find the optimum change in climate. The Weather Forecasting Systems Market is primarily driven by factors such as need for weather monitoring to avoid disaster, upsurge in production of renewable energy, and increasing computing capabilities of supercomputers for weather forecasting.
Key Highlights from Report:
- The weather satellites sub-segment of the application segment is anticipated to dominate the Weather Forecasting Systems Market. Weather satellites help in predicting the temperature, humidity and possibility to avoid disaster. Although, this technology is expensive but is considered to have many advantages for disaster management. Thus, in coming years this segment is expected to generate revenue for the Weather Forecasting Systems Market
- The short-range sub-segment of the forecast type segment is accounted for the largest market share in 2021 for the Weather Forecasting Systems Market. Short range forecasting system is majorly based on weather charts, maps, satellite images, weather balloons and ground-based information.
- Asia Pacific is the largest regional segment. This surge is attributed to the rising demand for Weather Forecasting Systems in developing economies such as the India and China. The growing manufacturing industry and flexible market player drive this region and makes it possible for the market to grow. Also, technological advancements and high potential and availability of skilled labour make this region grow.
In recent years, government is investing heavily in safeguarding natural calamities especially weather disasters. Many organisations have come up with solutions to stop unnecessary usage of fossil fuel and research on alternative source of energy. This will not only reduce air pollution but also have impact on reducing climate change with will indirectly reduce catastrophic disasters. For instance, in 2020, the global renewable generation capacity reached to 2537 GW. Energy generated using hydropower accounted for 1190 GW. Wind and solar energy accounted for most of the remainder, at 623 GW and 586 GW, respectively. Other renewables included 124 GW of bioenergy and 14 GW of geothermal, plus 500 MW of marine energy.
Asia Pacific is expected to dominate the Global Weather Forecasting Systems Market in 2021 and is likely to continue the same trend during the forecast period. This region has the most advanced professionals and funds for investing in Weather Forecasting Systems technology. Also, growing technological advancements with the availability of surplus know-how in executing this technology makes this region prominent for the market to flourish in coming years. The growth of the Weather Forecasting Systems Market is driven by rising focus on investments plans in Weather Forecasting Systems technologies. The countries in this region are undertaking various projects related to sustainable and renewable energy generation to protect the environment and avoid energy crises in the future.