CHICAGO, Jan. 11, 2022 /PRNewswire/ -- According to the new research report, the "Weather Forecasting Systems Market by Vertical (Agriculture, Aviation, Transportation & Logistics, Oil & Gas, Marine, Renewable Energy, Meteorology, Weather Service Providers), Application, Solution, Forecast Type and Region - Forecast to 2026", published by MarketsandMarkets, the market is projected to grow from USD 2.7 billion in 2021 to USD 3.5 billion by 2026, at a CAGR of 5.1% in terms of value during the forecasted period. The market exhibits lucrative growth potential during the forecast period primarily due to the increasing demand for weather monitoring systems by end-user industries to align their business activities as per the changes in prevalent weather conditions. The market is also driven by the enhanced need for weather monitoring to support disaster management at a local, regional, and global level.
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The COVID-19 pandemic has deleteriously impacted the weather forecasting systems market. The short-term outlook for the weather forecasting systems market is ultimately dependent on the quick response of the governments to contain the COVID-19 outbreak, the effectiveness of their efforts, and the lingering impact of the ongoing pandemic on the global economic activity.
Based on application, the weather satellites segment is estimated to account for the largest market share from 2021 to 2026.
Based on application, the weather satellites segment is estimated to lead the weather forecasting systems market from 2021 to 2026 and is projected to grow further due to the increasing need for earth monitoring and weather observing systems to measure, monitor, and provide valuable inputs on several climatic parameters.
Based on forecast type, the short-range segment is projected to grow at the highest CAGR during the forecast period.
Short-term weather forecasting method provides information on the upcoming weather where the projection time ranges from few hours to 48 hours or in some cases up to 72 hours. A short-range forecast is based on weather charts, maps, satellite images, weather balloons and ground-based information. The information provided is not only used for weather prediction, but it also serves in other applications like aviation, ship routing etc. Hence, the increasing demand for weather forecasts by fisheries and transportation sectors is anticipated to drive the growth of the short-range segment of the weather forecasting systems market from 2021 to 2026.
Based on vertical, the others segment is estimated to exhibit the fastest growth in the weather forecasting systems market from 2021 to 2026
Based on vertical, the others segment is expected to witness the fastest growth during the forecast period. 2021 to 2026. The requirement of weather forecasting systems in media and telecommunications, sports complexes, and other private enterprises are driving the growth of weather forecasting systems market.
Browse in-depth TOC on "Weather Forecasting Systems Market"
142 - Tables
38 - Figures
248 - Pages
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The Asia Pacific market estimated to lead the Weather Forecasting Systems market in the forecast period
Based on region, Asia Pacific is expected to lead the weather forecasting systems market from 2021 to 2026. The growth of the Asia Pacific weather forecasting Systems market is primarily driven by increasing focus on increasing investments in weather forecasting Systems technologies by countries in this region Besides, the regional economies have undertaken several projects related to sustainable and renewable energy generation to protect the environment and avoid energy crises in the future. Since most renewable energy sources are vulnerable to weather fluctuations, the need to maximize energy output necessitates the adoption of sophisticated weather monitoring and forecasting systems to ensure optimal output, thereby driving the weather forecasting systems market in the region.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such The Weather Company (US), Vaisala OYJ (Finland), AccuWeather Inc. (US), StormGeo (Norway), Sutron Corporation (US), Campbell Scientific (US), Airmar Technology Corporation (US), All Weather, Inc. (US), G. Lufft Mess-und Regeltechnik (Germany), and Skye Instruments (UK)
Related Reports:
Weather Forecasting Services Market by Industry (Aviation, Agriculture, Marine, Oil & Gas, Energy & Utilities, Insurance, Retail, Media), Forecasting Type (Nowcast, Short, Medium, Long), Purpose, Organization Size & Region - Global Forecast to 2025
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