Weather Forecasting Systems and Solutions Market Worth 3.80 Billion USD by 2022

Manish Arya / On 2017-11-10 04:25:39

According to the new market research report "Weather Forecasting Systems & Solutions Market by Type (Solutions, Systems), End User (Commercial, Military, Meteorology, Weather Service Providers), Component (Hardware, Software), System (Satellite, Ground, Air), Range, Region - Global Forecast to 2022" , published by MarketsandMarkets™, the market is estimated to be USD 2.68 Billion in 2017 and is projected to reach USD 3.80 Billion by 2022, at a CAGR of 7.21% from 2017 to 2022. The growth of the Weather Forecasting Systems and Solutions Market can be attributed to the increasing demand for highly accurate weather forecasting systems from various end-use industries and growing investments being made by governments of various countries and a number of companies to develop advanced weather forecasting systems.

Based on end user, the Weather Forecasting Systems and Solutions Market has been segmented into commercial, military, and weather service providers. The commercial end user segment of the Weather Forecasting Systems and Solutions Market is projected grow at the highest CAGR during the forecast period due to increasing use of weather forecasting systems in various industries such as energy & power, hydrology, aviation, and agriculture among others.

Based on component, the Weather Forecasting Systems and Solutions Market has been segmented into software and hardware. The software component segment of the Weather Forecasting Systems and Solutions Market is projected to grow at the highest CAGR between 2017 and 2022 due to the increasing use of weather monitoring & display software and data collection & processing software for weather predictions by using present and historical weather data.

Factors such growth in air and sea transport, increased demand for continuous weather monitoring for disaster management, and improvement in the economy of the Asia Pacific region are expected to drive the growth of the Asia Pacific Weather Forecasting Systems and Solutions Market during the forecast period. Moreover, rapid industrialization and growth of the transportation sector in emerging economies such as China and India are also leading to the growth of the Asia Pacific Weather Forecasting Systems and Solutions Market.

The complexity of weather forecasting processes and weather forecasting models and uncertainty in the weather forecasts made are the factors expected to restrain the growth of the Weather Forecasting Systems and Solutions Market during the forecast period. However, increasing computing capabilities of supercomputers used for weather forecasting and improving the efficiency of long-range forecasting systems offer new growth opportunities for the players operating in the Weather Forecasting Systems and Solutions Market.

Vaisala (Finland), Sutron Corporation (US), Campbell Scientific (US), Airmar Technology Corporation (US), Liquid Robotics (US), All Weather, Inc. (US), Morcom International (US), Columbia Weather Systems (US), G. Lufft Mess-und Regeltechnik (Germany), and Skye Instruments (UK) among others are the key players operating in the Weather Forecasting Systems and Solutions Market.

The report segments and analyzes the Weather Forecasting Systems and Solutions Market based on end user (commercial, military, and weather service providers), component (hardware and software), system type (satellite-based systems, ground-based systems, and airborne systems), forecasting type (nowcast, short range, medium range, extended range, and long range) and maps these segments and subsegments across five major regions, namely, North America, Europe, Asia Pacific, the Middle East, and Rest of the World (RoW).

Weather Forecasting Services Market by Industry (Renewable Energy, Oil & Gas, Shipping, Media, Agriculture, Insurance, Retail, Aviation), Purpose (Safety, Operational Efficiency), Forecasting Type (Short, Medium, Long) and Region - Global Forecast to 2021.

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