Weather Forecasting System Market Size, Share, Opportunities, Trends & Growth Statistics 2024

Major Macro-Economic Indicators Impacting the Market Growth

The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.

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Global Weather Forecasting System Market: Growth Drivers and Challenges

Growth Drivers

Increasing Climate Change- Long-term shifts in temperature and weather patterns are referred to as climate change. These changes caused by natural processes, such as fluctuations in the solar cycle. According to the data provided by the National Centers for Environmental Information, the worldwide surface temperature in June 2022 was 0.87°C (1.57°F) above the 20th century estimate, the sixth highest in the 143-year record. This month was also 0.08°C (0.14°F) colder than the warmest June ever noted, which occurred in 2019.
Increasing Occurrences of Tropical Cyclones- Tropical cyclones carry one of the largest threats to property and human life, even in the early phases of their formation. They contain a variety of dangers that each have the potential to seriously harm people and property. As per a report, worldwide, around 5 tropical storms with winds >_ 39 mph have occurred in the month of June 2022.
Surge in Heavy Precipitation – The incidences of heavy rainfall or precipitation have been increasing on a global scale, which lead to the requirement of a precise prediction of such events. As per the data provided by the United States Environmental Protection Agency, by July 2022, global precipitation has grown at a rate of 0.04 inches per decade on average as of 1901, while precipitation in the contiguous 48 states has raised at a rate of 0.20 inches per decade.
Escalating Use of AI for Weather Forecasting- Since the researchers are utilizing varied ways of AI i.e., deep learning, machine learning, and neural networks to predict and analyze the weather conditions, the process of weather forecasting has become swift and cheaper. For instance, Deep Weather, a computer that costs around USD 10170 is efficient to make the same forecast in 100 milliseconds, as compared to the outdated way of weather forecasting, which takes three hours and is significantly more expensive.

Challenges

Lack of Efficient Automation
Barriers of Complexities in Climate Models
High Cost for the Installation of the Weather Forecasting System

The global weather forecasting system market is segmented and analyzed for demand and supply by end- use into agriculture, transportation, aviation, energy & utilities, marine, BFSI, meteorology, and weather service providers, out of which, aviation segment is projected to significantly grow over the forecast period owing to its large dependency on weather condition that result in rising number of flight delay and cancellation. For instance, in January 2022, a winter storm that was approaching the mid-Atlantic caused more than 3,305 globally and 1,905 aircraft in the US to be cancelled or delayed.

Global Weather Forecasting System Market Regional Synopsis

Regionally, the global weather forecasting system market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in the Asia Pacific region is projected to hold the largest market share by the end of 2031, backed by the occurrences of most natural disasters, and the presence of various meteorological agencies. Within the last 30 years, around 2,848 natural disasters have struck the region.

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The global weather forecasting system market is further classified on the basis of region as follows:

North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global weather forecasting system market includes the following segments:

By Component Type	Solutions Systems
By Forecast Range	Nowcast Short-Range Forecast Medium Range Long Range
By Application	Weather Observing Systems Weather Satellites Weather Stations Drones Weather Balloons
By End-Use	Agriculture Transportation Aviation Energy & Utilities Marine BFSI Meteorology Weather Service Providers

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Top Featured Companies Dominating the Global Weather Forecasting System Market

AccuWeather, Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis

All Weather, Inc.
Fugro
MORCOM INTERNATIONAL, INC.
ENAV S.p.A.
Hoskin Scientific
Raytheon Technologies Corporation
AIRMAR Technology Corp.
Columbia Weather Systems, Inc.
Skyview Systems Ltd

In The News

June 1^st, 2022: AccuWeather, Inc. announced the introduction of its AccuWeather API in association with API3. Using API3's Airnode, the AccuWeather API provides numerous weather-related endpoints directly to Web3 developers.
March 8^th, 2022: All Weather Inc., an ADB SAFEGATE company, recently provided and inducted eight new Automated Weather Observing Systems (AWOS) in Alaska.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the weather forecasting system market?

Ans: Increasing climate change, increasing occurrences of tropical cyclones, and escalating use of AI for weather forecasting are some major factors driving the growth of the weather forecasting system market.

2) What would be the CAGR of weather forecasting system market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.

3) What are the challenges affecting the weather forecasting system market growth?

Ans: Lack of efficient automation, and barriers of complexities in climate models are estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of weather forecasting system market in future?

Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.

5) Who are the major players dominating the weather forecasting system market?

Ans: The major players in the market are AccuWeather, Inc., All Weather, Inc., Fugro, MORCOM INTERNATIONAL, INC., ENAV S.p.A., Hoskin Scientific, Raytheon Technologies Corporation, AIRMAR Technology Corp., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the weather forecasting system market?

Ans: The market is segmented by component type, forecast range, application, end-use, and by region.

8) Which segment captures the largest market size in end-use segment in the weather forecasting system market?

Ans: The aviation segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.