Mega Trends to Impact Weather Forecasting Systems Market
- Manufacturers are unceasingly looking for potential acquisitions to fortify their position in the market
- Companies are actively engaged in launch of new products to gain competitive edge over other players.
- Automated weather forecasting systems are gaining popularity among various end-use industries on the back of their compact assemblies, accuracy and sensors that detect various climatic and weather changes.
Market Overview and Highlights
Owing to the increasing occurrences of natural disasters and rising climatic changes around the world, the weather forecasting systems market is projected to account for USD 5,261.7 Million by the end of 2024 as compared to USD 3,526.1 Million in 2015 by expanding at a CAGR of 5.2% over the forecast period i.e. 2018-2024.
- Growth Highlights based upon Regional Platform during 2018-2024
Asia Pacific weather forecasting systems market is slated to account for a leading share of 37.4% in the terms of revenue by 2024 expanding at a CAGR of 5.8% over the forecast period
- China to dominate Asia Pacific weather forecasting systems market with CAGR of 6.7%
- Government initiatives to expand India weather forecasting systems market
North America weather forecasting systems market to expand with second largest market share of about 28.8% by 2024
- U.S. to dominate the North America market with significant market valuation
- Canada to expand with CAGR of 5.1%
Europe weather forecasting systems market to expand with compound annual growth rate of 4.2% over the forecast period
- Germany to mark highest market valuation by 2024
- Increasing adoption of advanced weather forecasting technology is expected to drive the growth of U.K. weather forecasting systems market.
Latin America weather forecasting systems market to account for market valuation of USD 389.4 Million by 2024
- Brazil to grow with highest CAGR of 4.2% and achieve absolute $ opportunity of USD 21.8 Million between 2018-2024
- According to figure 1, short range segment is anticipated to be the most attractive market in Latin America.
Middle East & Africa Weather Forecasting Systems Market to expand with CAGR of 4.0% over the forecast period
- GCC weather forecasting systems market is anticipated to be the most attractive market.
- Hardware segment is expected to achieve Y-o-Y growth rate of 5.3% in 2024.
Market Segmentation Synopsis
- Weather forecasting system is segmented by offering into hardware and software.
- According to the BPS analysis graph (figure 2), the hardware segment is anticipated to grow by 140 BPS and contribute a market share of 75.5% in global weather forecasting systems market over the forecast period i.e. 2018-2024.
- Weather forecasting system is segmented by forecast into normal range, short range, medium range and long range.
- Normal range segment is anticipated to achieve absolute $ opportunity of USD 351.8 Million between 2018-2024.
- Weather forecasting system is segmented by transmission into images, presentations and video clips.
- Images segment is expected to dominate the transmission segment by marking USD 2,107.8 Million by the end of 2024 from USD 1,349.3 Million in 2015.
- Weather forecasting system is segmented by end user into media, energy, aviation, marine, agriculture, transportation and defense.
- Media segment is expected to observe the growth rate of 1.3x over the forecast period.
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Market Drivers & Challenges
- Increasing Adoption Of Digital Wireless Weather Forecasting Device
- Increasing Research & Development Activities
- Rising Air and Sea Transportation Activities Across the Globe
- Wide Scale Equipment Usage of Weather Forecasting System
- High Equipment Cost
- Limited Data Consistencies
- Lack of Skilled Workforce
Some of the affluent global leaders in weather forecasting system market are Sutron Corporation, Vaisala, Campbell Scientific Inc., Lockheed Martin Corporation, Columbia Weather Systems and Liquid Robotics Inc.
- Sutron, a part of Danaher Corporation, provides real-time hydro-met/oceanic monitoring & control systems, stations, software & services. It is focusing on the expansion of its product portfolio by adding new products such as SatLink3 and similar others in the product range. These factors regarding innovation and product launch are projected to increase the growth of the company in the market over the upcoming years.
- Vaisala, a leading company in the field of weather and industrial measurements has witnessed a growth of 4.2% in total sales in FY2017 as compared to FY2016 owing to the increase in sales from weather and environment business segment.
- Campbell Scientific Inc., a leading manufacturer and designer of data loggers, data acquisition systems and measurement & control peripherals is continuously working on innovation of new data-acquisition product i.e. CR310
As a whole, other key players are also engaged in the improvement and innovation of new products combined with increased spending on research and development activities to supplement the worldwide growth of the weather forecasting systems.