CHICAGO, Aug. 22, 2024 /PRNewswire/ -- The Weather Forecasting Systems Market is valued at USD 2.2 billion in 2024 and is projected to reach USD 3.1 billion by 2029, at a CAGR of 7.0% from 2024 to 2029 according to a new report by MarketsandMarkets. The weather forecasting systems market is driven by the growing need for accurate and timely weather predictions which is essential for sectors such as aviation, agriculture, and disaster management. Advancements in technologies such as enhancement in data analytics software, satellite sensors, and integration of AI & ML are driving the market growth for better accuracy and reliability. The impact of climate change globally is driving the demand for advanced weather forecasting systems to manage extreme weather events effectively.
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Browse in-depth TOC on "Weather Forecasting Systems Market"
213 - Tables
60 - Figures
276 - Pages
Weather Forecasting Systems Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 2.2 billion |
Estimated Value by 2029 | $ 3.1 billion |
Growth Rate | Poised to grow at a CAGR of 7.0% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Solution, Application, Forecasting Type, Vertical, Purpose |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Occurrence of false weather alarms |
Key Market Opportunities | Increasing computing capability of supercomputers for weather forecasting |
Key Market Drivers | Need for continuous weather monitoring to enable disaster management |
Based on the Vertical, the Renewable Energy segment is estimated to grow at highest CAGR during the forecast period.
Based on the Vertical, the Renewable Energy segment is estimated to grow at the highest CAGR during the forecast period. The renewable energy projects such as wind farms and solar panels heavily depend on accurate weather forecasts. Effective forecasting helps optimize energy production, manage grid stability, and reduce costs. The countries globally are adopting sustainable energy solutions regarding the climate change challenges which demand for the development of advanced weather forecasting systems to drive the market growth of the segment.
Based on the Solution, the Hardware segment is estimated to hold the highest market share during the forecast period.
Based on the Solution, the Hardware segment is estimated to hold the highest market share during the forecast period. The hardware segment by solution is divided into a Barometer, Anemometer, Hygrometer, Rain Gauge, Thermometer, Communication & Data Loggers, Sounding systems & Radiosondes, Satellite sensors, Weather antennas, and others. These components are essential for collecting and analyzing atmospheric data and are expected to be in high demand as compared to software. The growing need for accurate and reliable physical data collection tools for effective and enhanced weather forecasting drives the market growth of the segment.
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Based on regions, the Asia Pacific is projected to grow at the highest CAGR for the Weather forecasting systems industry during the forecast period.
Based on region the Asia Pacific region is estimated to account for the highest CAGR during the forecast period. The growth of the market in this region is attributed to the rising need of modern weather forecasting systems for disaster preparedness and response. The countries in this region, such as India and China, are going through rapid economic and industrial development which is increasing the demand for precise weather data for sectors such as agriculture, aviation, and shipping. The Asia Pacific weather forecasting systems market is expected to witness significant growth due to advanced technological innovations, and growing investments in development of advanced weather forecasting systems in the region.
Key Players
The Weather forecasting systems companies is dominated by a few globally established players such as Vaisala (Finland), DTN (US), Accuweather, Inc. (US), The Weather Company LLC (US), and StormGeo (Norway).
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