Global Weather Forecasting System Market Size, Forecast, and Trend Highlights Over 2022 - 2031
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Base Year |
2021 |
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Forecast Year |
2022-2031 |
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CAGR |
~23% |
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Base Year Market Size (2021) |
~USD 2 Billion |
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Forecast Year Market Size (2031) |
~USD 4 Billion |
The global weather forecasting system market is estimated to garner a revenue of USD 4 Billion by the end of 2031 by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
Further, the market generated a revenue of USD 2 Billion in the year 2021. The growth of the market can primarily be attributed to the increasing need for precise climate information and regular monitoring to forecast varying atmospheric conditions. For instance, tropical cyclones have been credited for 1 942 catastrophes over the previous 50 years that resulted in 780 328 fatalities and approximately USD 1 408 billion financial damage, which is an average of 45 fatalities and USD 79 million in destruction each day.
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A weather forecasting system employs both science and technology to predict weather patterns for a specific time and place. As a result, these systems assist industries in accurately predicting weather patterns and preparing weather-sensitive operations to ensure people's safety. The global economy is now 70% weather-sensitive. Accessibility to the modern technological weather forecasting and climate information is still limited in 2 out of every 3 nations.
Global Weather Forecasting System Market: Growth Drivers and Challenges
Growth Drivers
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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.
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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.
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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.
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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.
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.
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:
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By Component Type |
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By Forecast Range |
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By Application |
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By End-Use |
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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
