According to a report by Grand View Research, Inc., global weather forecasting system and solutions market is anticipated to value USD 4.63 billion by 2025. Growing requirement for reliable information related to climate and constant monitoring for safety & security purposes is anticipated to propel demand for weather forecasting system. These systems can help gain real-time insights into atmospheric conditions, which can ensure sustainability, security, and safety.
Increasing number of stringent regulations pertaining to environmental protection can influence growth of market. Growing adoption of air and sea transportation can surge demand for reliable information related to weather conditions to prevent damage through natural disasters. Moreover, high dependency on rainfall for adequate water supply is expected to fuel growth of market during the forecast period (2014 to 2025).
The weather forecasting system and solutions market can be segregated on the basis of forecast range type, component type, end-use, and region. Based on forecast range type, the market can be categorized into medium-range forecast, short-range forecast, and long-range forecast. Medium range segment is likely to grow fast over the forecast period. This range type can vary from 7 to 10 days. It can be used for applications such as water & flood management and agriculture. In addition, it can help enterprises in making small operational strategic decisions.
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Similarly, short range and long range segments are also expected to witness significant growth over the forecast period owing to rising need for security and safety.
Based on component type, the market can be bifurcated into systems and solutions. In 2016, solutions segment dominated the market and can continue to grow at similar pace during the forecast period. Enhanced data analytics and advanced computing offered by solutions can reduce operational and maintenance costs.
On the contrary, systems segment is estimated to grow at highest CAGR during the forecast period. Growing need for radars and weather stations for accurate weather predictions can influence growth. In addition, demand for ground-based and air-based systems owing to need for reliable climate data and growing overseas business can stimulate growth of segment.
Based on end-use, the market can be classified into defense & military, enterprise, and meteorology & weather service provider. In 2016, enterprise segment dominated the market and can grow well over the forecast period. Weather forecasting systems can provide accurate climate predictions that can help enterprises in strategic decision-making. In addition, growing requirement for advanced weather monitoring technologies can fuel market growth.
Similarly, defense and military segment is anticipated to witness significant growth over the forecast period attributed to rising security and safety concerns across countries.
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Moreover, meteorology & weather service provider segment can grow at CAGR of 6% over the forecast period. Uncertain rainfall and natural disasters can fuel adoption of weather forecasting systems and solutions in this sector.
Regional segmentation includes Europe, North America, Asia Pacific, and rest of the world (ROW). In 2016, North America dominated the market and accounted for largest market share during the forecast period. High prevalence of prominent players such as Lockheed Martin Corporation; Campbell Scientific, Inc.; and Skye Instruments Limited can influence growth of market in the region. In addition, proliferation of digital services in multiple verticals coupled with early adoption of latest technologies in various sectors such as defense & military, transportation, renewable energy can fuel market growth. Moreover, continual technological advancements in weather forecasting system to enhance accuracy can augment growth of market in the region.
On the contrary, Asia Pacific is expected to emerge as fastest growing regional market with CAGR of 9.7% during the forecast period. Rising sea & air transportation coupled rainfall dependence for water supply can surge demand for advanced weather forecasting systems and solutions. In addition, growing need for disaster management attributed to natural calamities can stimulate growth of market
Some of the leading companies offering weather forecasting system and solutions are Airmar Technology Corp., Gill Instruments Limited, Lockheed Martin Corporation, MORCOM International, and Munro Instruments Limited. Most companies are likely to focus on providing innovative yet cost-effective solutions. In addition, companies can increase their R&D investments to develop these innovative solutions and gain traction among consumers.
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