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Weather Forecasting Systems Market is set to grow at a CAGR of 5.81% over the forecast period 2020-2026. Based on 2020 analysis of the weather forecasting systems market, OG Analysis identifies ongoing climatic change patterns causing uncertainties in rainfall, increasing concerns for continuous weather monitoring to aid in disaster management and lucrative investments by various governments for weather forecasting systems market as key market drivers to harness growth opportunities.
Further, increasing demand for accurate weather forecasting systems from various end-user industries and rising investments by key companies for the development of advanced weather forecast systems to propel the weather forecasting systems market growth over the forecast period 2020-26.
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The emergence of next level RADAR systems and integration of weather forecasting systems with IoT, AI, and Big Data are the weather forecasting systems market trends, noted Snehith Reddy, Senior Analyst, Information and Communication Technology sector, OG Analysis.
Furthermore, penetration of small satellites and high-end radars in weather monitoring applications to improve the accuracy of long-range weather forecasting and computing capacities of s for weather forecasting creates growth opportunities for market size.
Adoption of weather forecasting systems by the military sector along with increase percentage in installations of weather stations as home weather stations, personal weather stations, and professional weather stations globally captures macro share for weather forecasting systems market application.
Accordingly, among key forecast types, Nowcast type is set to proceed growth phase with potential to provide detailed description of the approaching weather conditions in advance to high-impact weather conditions.
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However, adoption of weather forecasting technologies is limited by high capital investment, unavailability of efficient automation, and emergence of false weather alarm which hindrances the weather forecasting systems market growth, said Snehith.
By solution, hardware segment emerges with strong growth opportunities across weather forecasting systems market, 2019
The weather forecasting systems market growth is driven by strong emergence of hardware solutions with potential to integrate systems together and predict weather conditions accurately. Accordingly, this segment is set to capture share attributed to large consumption of sensors being integral part of the weather forecasting hardware. Sensors that are small and highly energy-efficient are increasingly penetrating weather forecasting systems market growth.
Whereas, software segment is set to enter growth phase driven by consumption from meteorological and hydrological data centers for consolidation of satellites, radars and to integrate various weather forecasting systems for reliable and accurate weather prediction.
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Americas emerge with strong market share driven by technology advancements and key end-users during forecast period
Based on regional synopsis, North America led the weather forecasting systems market during 2019 driven by strong demand from medium-term industry forecasts subjected to economic climate for the growth momentum of certain sectors inclusive of marine, aviation, and commercial industries.
In addition, to empower with weather predictions which influence the economic growth, governments of the U.S and Canada are investing increasingly for the enhancement of their respective weather forecasting agencies.
Weather forecasting systems market players strengthen their product portfolios to harness lucrative growth prospects
Key players are engaged in the improvement and innovation of new products combined with increased expenditure on R&D activities to supplement the weather forecasting systems market growth worldwide. For instance, in 2019, AccuWeather developed the new AccuWeather RealFeel temperature tool which is used to evaluate expected dangers due to extreme weather conditions. In addition, in 2018, Delta Meteorology launched a new Weather Information Tool to track advancing weather data in one centralized location.
Further, market participants are entering into strategic contracts and M&A activities to capitalize on market growth opportunities. For example, in 2019, Vaisala acquired professional business-to-business weather services from Foreca to serve consumers across the commercial and industrial sector.
Additionally, in 2019, Iteris Inc. granted a five-year software-as-a-service (SaaS) contract to provide hyperlocal weather data to support road maintenance operations across a state in the U.S.
Key companies contributing to the weather forecasting systems market growth include Accuweather, Inc., The Weather Company, Vaisala OYJ, Sutron Corporation, MeteoGroup, Campbell Scientific, Airmar Technology Corporation, Raytheon, All Weather, Inc., and Morcom International among others.
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