According to the new market research report "Weather Forecasting Systems Market by Vertical (Aviation, Agriculture, Renewable), Solution (Hardware: Data Loggers, Anemometers, Software: Big Data, Super Computing), Application, Forecast Type, Region - Global Forecast to 2025", published by MarketsandMarkets, the weather forecasting systems market is estimated to be USD 2.3 billion in 2019 and is projected to reach USD 3.3 billion by 2025, at a CAGR of 5.7% from 2019 to 2025.
Growth of the weather forecasting systems market can be attributed to the increasing demand for highly accurate weather forecasting systems from various end-use industries and investments by governments of various countries and a number of companies for the development of advanced weather forecasting systems.
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Based on vertical, the renewable energy segment is projected to grow at the highest CAGR from 2019 to 2025
Based on vertical, the renewable energy segment is projected to grow at the highest CAGR during the forecast period. Weather forecasting systems play a crucial role in designing optimal offshore wind turbine capacities, depending on climatic conditions. Therefore, there is a need for accurate weather forecasts for the integration of large amounts of power generated from renewable sources of energy into power supply grids. This is expected to help meet the increased demand for power from consumers across the globe.
Based on solution, the software segment of the weather forecasting systems market is projected to grow at the highest CAGR during the forecast period
Based on solution, the software segment of the weather forecasting systems market is projected to grow at the higher CAGR between 2019 and 2025 due to the increasing demand for weather analytics, monitoring & display software, and data collection & processing software for weather predictions with the use of present and historical weather data. Increasing capabilities of supercomputers used for weather forecasts and improvements in the efficiency of long-range forecasting systems offer new growth opportunities for players operating in the market.
The Asia Pacific weather forecasting systems market is projected to grow at the highest CAGR from 2019 to 2025
Based on region, the Asia Pacific weather forecasting systems market is projected to grow at the highest CAGR during the forecast period. Market growth is primarily due to the increased demand for continuous weather monitoring for disaster management, and improvement in the economy of the Asia Pacific region. In addition, rapid industrialization and growth of the transportation sector in countries, such as Japan, China, and India, among others have led to a significant rise in the level of greenhouse gases in these countries. The harmful emissions of greenhouse gases can be monitored and consequently, measured with the help of advanced weather forecasting systems.
Some of the major players in the weather forecasting systems market in North America include The Weather Company (US), Sutron Corporation (US), Campbell Scientific (US), Airmar Technology Corporation (US), All Weather, Inc. (US), Morcom International (US), Columbia Weather Systems (US). G. Lufft Mess-und Regeltechnik (Germany), Vaisala (Finland), and Skye Instruments (UK) are some of the leading companies in Europe operating in the market in Europe.
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