Recent report published by research nester titled “Global Weather Forecasting System Market Analysis & Opportunity Outlook 2024” delivers detailed overview of the global weather forecasting system market in terms of market segmentation by end users, by component, by equipment, by system type, by forecast type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global market of weather forecasting system accounted for USD 1.5 Billion in 2015 and is anticipated to reach market valuation of USD 2.2 Billion by the end of 2021 by registering a compound annual growth rate of 7.0% over the forecast period. The demand for weather predictions to avoid or be prepared for nature uncertainties such as rain, snow etc. and overall disaster management are the major factors that are driving the growth of the market. Further, the increasing adoption of technological advancements is anticipated to enhance the growth of weather forecasting system market during the forecast period.
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The global weather forecasting system market has been segmented by component into data software, hardware, data loggers and sensors, out of which, data software segment is anticipated to grow with significant compound annual growth rate during the forecast period. This can be attributed to the growing use of software for weather prediction based on present and previous weather data via weather monitoring, data collection, processing and display.
Further, the Weather Forecasting System finds its applications in various fields such as agriculture, aviation, marine, energy, military and transportation.
In the regional segment, the weather forecasting system market in North America is anticipated to hold the highest rank followed by Europe. Whereas, Asia Pacific weather forecasting system market is estimated to witness the highest compound annual growth rate of 7.5% over the period 2015-2021 owing to rapid growth in transportation in some of the major countries such as India and China.
Unpredictability in Rainfall Reflects Significant Opportunities
The growth of the weather forecasting system market depends on its ability to foresee the environmental and atmospheric conditions to avoid weather uncertainties while traveling or driving automobiles. Further, the strengthening economy of some of the developing economies combined with increase in travel via air and sea, growing safety concerns, and unpredictability in rainfall are expected to benefit the expansion of the global weather forecasting system market.
However, difficulty to attain weather forecasting procedures and higher equipment cost are likely to inhibit the growth of the global weather forecasting system market in the near future.
This report also provides the existing competitive scenario of some of the key players of the global Weather Forecasting System Market which includes company profiling: Campbell Scientific Inc., Vaisala Oyj, Airmar Technology Corporation, Columbia Weather Systems, Morcom International Inc., All Weather Inc., Thales S.A. and others.
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The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global weather forecasting system market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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