Weather forecasting system Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030
The global Weather Forecasting System Market size was valued at USD 2.29Billion in 2022, and is projected to grow at a CAGR of 5.30% during the forecast period 2022 to 2030.
Weather forecasting system Market Overview:
Weather forecasting is the classic combination of science and technology for predicting atmospheric and environmental conditions in a specific area. Weather forecasting is the collection of quantitative data on the atmosphere at a specific location and processing this data through various scientific techniques to predict atmospheric changes.
Some of the key factors driving market revenue growth are increasing integration of big data analytics for weather forecasting, unpredictable climate change patterns, and increasing deployment of advanced weather forecasting systems for military and defense applications. Growing need to generate and access more reliable information related to climate and continuous monitoring is another factor supporting market revenue growth to a significant degree. Unexpected climate change and weather conditions cause property damage and loss of life. Growing concerns in this regard are driving interest in the development of more advanced and efficient weather monitoring and forecasting systems and technologies, which is another major factor expected to continue supporting market growth in the coming years. Weather predictions made using these weather forecasting systems, if reliable, can help predict ecological catastrophes and natural disasters and take appropriate precautions to reduce rising pollution levels. The importance of weather forecasting systems has gained traction in military applications due to the need for continuous real-time updates on the weather and efficient air traffic control. These systems also help businesses gain real-time insights and improve decision-making to optimize profits.
Weather forecasting system market size estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Weather forecasting system market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and other global crisis.
Significant Weather forecasting system Market Dynamics and Growth Factors:
Driver: surge in renewable energy production
Over the past decade, renewable energy has grown in importance as governments around the world have begun to accept that burning fossil fuels is rapidly changing the Earth's atmosphere, leading to climate change. To reduce carbon dioxide emissions into the environment, governments provide subsidies, tax incentives, and other programs designed to support the development of renewable energy. Renewable energy projects are usually located close to where the energy is consumed, almost always helping emerging economies become more independent. This provides government incentives to reduce environmental impact and fuel costs and reduce dependence on fuel imports. Renewable energy will grow rapidly over the next decade as the technology becomes more efficient and cost-competitive.
Renewable energy generation, especially wind and solar power, is weather dependent. The most important scheduling input comes from the company providing the weather forecasting system. Without accurate weather forecasts, renewable generators cannot submit accurate schedules. Based on modeling, historical data, machine learning and weather forecasting, generators need to predict demand and power generation for the next day. The need for accurate weather forecasting to improve renewable energy generation is expected to continue over the forecast period, driving the market for weather forecasting systems.
Restraint: complexity of weather forecasting models
Because weather conditions change frequently, forecast models must use current atmospheric and ocean conditions to predict future weather. Weather forecast considers humidity, temperature, air pressure, wind speed, direction and cloud cover. Weather forecast models also take into account geographic location, proximity to water sources, city structure, latitude and altitude. Accurate forecasting is possible based on a thorough understanding of the initial conditions of a weather forecasting numerical model, but weather conditions can be dynamic and sensitive due to numerous variables. The weather forecasting process is complicated by the nonlinearity inherent in weather forecasting models. In addition, properly integrating and analyzing vast amounts of data further complicates the process. Long-term weather patterns can be derived more accurately, but there is no appropriate method for accurate weather analysis in a short period of time. This is expected to restrain the growth of the market as the entire weather forecasting process entails various features that need to be considered to arrive at an accurate analysis.
Opportunity: Improving the Computing Capabilities of Supercomputers for Weather Forecasting
Weather forecasting centers use complex and energy-intensive infrastructure. Environmental observation data is part of big data and has grown exponentially over the past few years. Weather forecasting centers are therefore expected to provide an integrated solution that not only addresses the computing needs of weather forecasters, but also enables data movement and management along with ownership of the total cost associated with these processes.
It is expected that high-resolution weather forecasts and high-accuracy weather forecasts can be obtained by supporting the execution of high-resolution weather forecasts and global climate models by improving the computing power of supercomputers. Additionally, a simulation-based approach and advanced software models enable weather forecasters to better understand weather trends. Because weather forecasting is powered by data-driven models for predictive modeling and knowledge discovery, simulation-based approaches are coupled with the computing power of supercomputers to ensure highly accurate weather forecasts. Therefore, the improvement in computing power of supercomputers is expected to act as a growth opportunity for the weather forecasting system market.
- In August 2019 Vaisala acquired Professional B2B Weather Services from Foreca. The acquisition enables Vaisala to provide weather services and accurate weather forecasts to consumers, media houses and digital media channels.
- In June 2019, AccuWeather developed a new AccuWeather RealFeel temperature tool used to assess the expected risk from extreme weather conditions.
- In November 2019, IBM Corporation launched the Global High-Resolution Atmospheric Forecasting System (GARF), a weather forecasting system that can predict weather conditions up to 12 hours in advance.
The Weather forecasting system market research report is categorized based on type, applications and region.
Market Key Players:
The Weather Company, AccuWeather Inc., DTN, Vaisala Oyj, and StormGeo, Sutron Corporation, Campbell Scientific, Airmar Technology Corporation, and others.
- Rain Gauges
- Communication & Data Loggers
- Sounding Systems & Radiosondes
- Data Collection & Processing Software
- Weather Monitoring & Display Software
- Big Data Analytics
- Weather Satellites
- Weather Observing Systems
- Weather Stations
- Weather Drones
- Weather Balloons
- Weather LiDAR
- Weather Radar
- Renewable Energy
- Oil & Gas
- Transport & Logistics
- Weather Service Providers
By Forecast Type
- Medium range
- Extended range
- Long range
Geographically, the global Weather forecasting system market has been analysed in various regions such as North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA).
North America accounted for the largest revenue share in the global weather forecast systems market in 2020.
Among regional markets, North America accounted for the largest revenue share contribution in the global market in 2020, which is expected to increase significantly over the forecast period. This may be due to the increased demand for highly accurate weather forecasting systems in the aviation and commercial industries. The region is considered to be the largest developer, operator and exporter of weather forecasting systems worldwide. The US and Canadian governments are investing more and more to improve their respective weather forecasting agencies, which is expected to significantly support the market growth.
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Weather forecasting system Market report scope
Key Takeaways from this Weather forecasting system Report
- Estimate Weather forecasting system market potential through analysing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Weather forecasting system market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions
What is the CAGR of the global Weather forecasting system market?
The Weather forecasting system Market is growing at a CAGR of 5.30% During Forecast Period.
Which region would offer high growth for vendors in the Weather forecasting system market?
North America accounted for the largest revenue share in the global weather forecast systems market in 2020
Which are the top industry players in the market?
The Weather Company, AccuWeather Inc., DTN, Vaisala Oyj, and StormGeo, Sutron Corporation, Campbell Scientific, Airmar Technology Corporation