Weather Forecasting Systems Market Size to Reach USD 3.61 Billion in 2028 | Rising Demand from Military and Growing Sea and Air Transportation are Some Key Factors Driving Industry Growth, says Emergen Research
Vancouver, British Columbia, April 12, 2021 (GLOBE NEWSWIRE) — The global weather forecasting systems market size is expected to reach USD 3.61 Billion at a CAGR of 5.4% during the forecast period, according to latest analysis by Emergen Research. Some key factors driving market revenue growth are increasing incidence of unexpected and sudden climatic changes that have been the cause of major damage to property and even loss of life, rising concerns regarding ongoing global warming and changing weather patterns, and need to more accurately monitor and predict the weather. In addition, this trend is expected to continue over the forecast period.
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Weather prediction is done by weather forecasting systems, and if reliable, can help governments to take preventive and precautionary measures against ecological catastrophes and natural disasters. Demand for more advanced weather forecasting systems have been gaining rapid traction in military applications due to rising need for constant updates on the weather and to enable more efficient air traffic control. These systems also aid enterprises in gaining real-time insights and improving decision-making processes for profit optimization. Weather warnings help in protecting life and property, and increasing use of sea and air modes for transportation, increasingly stringent norms pertaining to environmental protection, and high dependency on need to predict rainfall are among other key factors stimulating market growth.
However, issues related to inaccuracy and false weather alarms are expected to hamper growth of the market to a moderate extent going ahead.
Some Key Highlights from the Report
- In November 2019, IBM Corporation launched Global High-Resolution Atmospheric Forecasting System (GARF), which is a weather forecasting system that can forecast weather conditions up to 12 hours in advance.
- The weather forecasting system market in Asia Pacific is expected to register rapid revenue growth rate due to rapid industrialization and growth of sea and air transportation sectors in countries such as China and India. In addition, changing weather patterns and conditions and need to accurately predict rainfall, and improving economic conditions in developing countries in the region are other factors expected to contribute significantly to revenue growth of the Asia Pacific weather forecasting market over the forecast period.
- The medium-range segment accounted for largest revenue share in the global weather forecasting systems market in 2020, and is expected to register a steady growth rate during the forecast period. Medium range weather information is helpful in making small operational strategic decisions for enterprises. This range type varies from 7 to 10 days, and is used for applications such as water and flood management and in agriculture sector.
- Major companies operating in the market are The Weather Company, Sutron Corporation, Campbell Scientific, Airmar Technology Corporation, All Weather, Inc., Morcom International, Columbia Weather Systems, G. Lufft Mess-und Regeltechnik, Vaisala, and Skye Instruments.
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For this report, Emergen Research has segmented the global weather forecasting systems market based on solution, forecast type, application, and region.
- Solution Outlook (Revenue, USD Billion; 2018–2028)
- Forecast Type Outlook (Revenue, USD Billion; 2018–2028)
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Weather Satellites
- Weather Observing Systems
- Weather Stations
- Weather Drones
- Weather Balloons
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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