The Weather Forecasting Systems Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Weather Forecasting Systems Global Market Report 2024, The weather forecasting systems market size has grown steadily in recent years. It will grow from $2.52 billion in 2023 to $2.64 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to growth in climate research and monitoring, natural disaster preparedness, agriculture and crop management, air and sea transportation, climate change impact.
The weather forecasting systems market size is expected to see steady growth in the next few years. It will grow to $3.14 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to renewable energy integration, increasing smart agriculture, extreme weather events, environmental conservation, space exploration and astronomy. Major trends in the forecast period include high-resolution weather modeling, ai and machine learning integration, weather data visualization, weather app integration, space-based weather monitoring.
The increasing adoption of renewable energy sources is significantly driving the growth of the weather forecasting systems market. Renewable energy generation, particularly wind and solar power, is volatile due to its reliance on weather, necessitating the use of proper forecasting systems to avoid downtime and improve efficiency. For instance, in December 2021, according to International Energy Agency, a France-based intergovernmental agency, global renewable electricity capacity is projected to increase by over 60% from 2020 to reach 4,800 GW by 2026, surpassing fossil fuels and nuclear power combined. Nearly 95% of the global power capacity growth by 2026 will come from renewables, with solar PV accounting for more than half, marking a 50% increase compared to 2015-2020. As a result, the growing use of renewable energy sources is expected to drive the growth of the weather forecasting systems market in the coming years.
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The weather forecasting systems market covered in this report is segmented –
1) By Type: Short-Range, Medium-Range, Long-Range
2) By Component: Data Loggers, Software, Sensors And Hardware
3) By Equipment: Barometer, Anemometer, Hygrometer, Rain Gauge, Thermometer, Sling Psychrometer, Weather Balloons
4) By End User: Aviation, Military, Energy, Agriculture, Marine, Transportation
The adoption of sophisticated weather monitoring systems is a key trend gaining popularity in the market. Major companies operating in the weather forecasting systems sector are focused on developing sophisticated weather monitoring systems to strengthen their position. For instance, in October 2021, Finland-based environmental and industrial measurement company Vaisala introduced the AWS810 Automatic Weather Station, which integrates several analogue and digital sensors, offering a range of configuration and connectivity options. The new system has robust data security mechanisms built into the hardware and software to protect against security threats and unauthorised access and ease of remote maintenance to enable efficient management of large networks. The AWS810 enables users to access real-time synoptic observation and monitoring of weather-critical events as well as continuous, traceable climatological data for a number of agency, government, and research purposes.
The weather forecasting systems market report table of contents includes:
1. Executive Summary
2. Weather Forecasting Systems Market Characteristics
3. Weather Forecasting Systems Market Trends And Strategies
4. Weather Forecasting Systems Market – Macro Economic Scenario
5. Global Weather Forecasting Systems Market Size and Growth
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26. South America Weather Forecasting Systems Market
27. Brazil Weather Forecasting Systems Market
28. Middle East Weather Forecasting Systems Market
29. Africa Weather Forecasting Systems Market
30. Weather Forecasting Systems Market Competitive Landscape And Company Profiles
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