PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1540320
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1540320
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. The growth of market is primarily driven by technological advancements in the development of weather forecasting systems for accurate weather data. Weather forecasting systems are essential for predicting severe weather events which helps to reduce potential damage and enhance public safety. The rising demand for weather monitoring systems by various industries to align their business activities as per the changes in prevalent weather conditions drives the overall market growth.
Scope of the Report | |
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Years Considered for the Study | 2020-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million) |
Segments | By Solution, Application, Forecasting Type, Vertical, Purpose |
Regions covered | North America, Europe, APAC, RoW |
"Based on Solution, the software segment is estimated to show the highest CAGR during the forecast period."
The Software segment by Solution is estimated to grow at highest CAGR during the forecast period. The growth of the segment is attributed to the increasing use of advanced software algorithms and the integration of advanced technologies such as artificial intelligence (AI) and machine learning (ML). These technologies enhance the predictive capabilities and accuracy of weather forecasting systems by efficiently processing large volumes of data from various sources such satellites and sensors. The continuous upgradationg of software solutions for more precise and timely weather predictions drives the market growth of the segment.
"Based on Application, the Weather Satellite segment is estimated to dominate the market during the forecast period."
The Weather satellite segment by Application is estimated to hold for the highest market share during the forecast period. The growth of the segment is being driven by the innovations in satellite technology, such as improvements in sensor accuracy, data processing speeds, and real-time data transmission to enhance the overall effectiveness of weather forecasting. Global initiatives to monitor climate change and environmental conditions foster collaborations that support the deployment and maintenance of advanced weather satellites. The increasing deployment and maintenance of advanced weather satellites due to the growing global initiatives to monitor climate change and environmental conditions drives the market growth of the segment.
"Based on regions, the Asia Pacific region is estimated to grow at highest CAGR during the forecast period."
The Asia Pacific region is estimated to show highest growth rate during the forecast period. The growth of the market in this region is due to the growing demand for advanced forecasting systems to enhance disaster preparedness and response. The growing focus on renewable energy projects, particularly in countries like China and India requires precise weather data to enhance energy generation and grid management. The rising need of advanced weather forecasting systems in agriculture industry for effective crop management, optimizing yields, and minimizing losses due to adverse weather conditions drives the market growth in the region.
Major companies profiled in the report include Vaisala (Finland), DTN (US), Accuweather, Inc. (US), The Weather Company LLC (US), and StormGeo (Norway) among others.
This market study covers the Weather forecasting systems market across various segments and subsegments. It aims to estimate this market's size and growth potential across different parts based on solution, vertical, application, forecasting type, purpose and region. This study also includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies they adopted.