Global Weather Forecasting Systems Market is projected to be valued at USD 3,870 Million by 2028, registering a CAGR of 5.47% from 2020 to 2028.
Rapid global warming has significantly contributed to the expansion of the weather forecasting systems market. High competition owing to the presence of several players in the market has led weather forecasting systems providers to focus on innovation. Furthermore, increasing mergers & acquisitions undertaken by companies is also expected to drive market growth during the review period. For example, in September 2019, DTN acquired Weatherzone, a private weather service provider based in Australia. This acquisition enabled the company to strengthen its presence in the global weather forecasting systems market.
However, issues related to inaccuracy and false weather alarms could restrict the growth of the global market.
Growing demand for accurate numerical weather prediction and increasing concern pertaining to safety and security is expected to drive the demand for weather forecasting systems.
Growth Opportunities in the Market
Software segment to register the higher growth rate: The software segment is expected to register the higher CAGR during the forecast period, 2020 to 2028. Software offers benefits such as ease of implementation, accuracy, and reduced ownership cost, driving the growth of the segment.
The long-range segment is expected to be the fastest-growing: The long-range segment is expected to register the highest CAGR during the forecast period, 2020 to 2028. Increasing demand for weather forecasting services by industries such as agriculture, renewable energy, and aviation is expected to drive the growth of the segment.
Whether the drones segment expected to register the highest CAGR: The weather drones segment is expected to exhibit the highest growth rate during the forecast period. The rising adoption of drones for industrial and commercial applications is expected to drive the growth of the segment. Furthermore, the increasing product launches by companies such as Earth Networks is also likely to drive the growth of the segment.
The meteorology segment dominated the market in 2019: The meteorology segment dominated the market in 2019, owing to the rapidly growing global aviation industry. Furthermore, the growing demand for accurate weather information is also expected to drive the growth of the segment.
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Honeywell International, Inc. (US)
IBM Corporation (US)
AccuWeather, Inc. (US)
Raytheon Company (US)
Campbell Scientific, Inc. (US)
Airmar Technology Corp (US)
MORCOM INTERNATIONAL, INC. (US)
Met One Instruments Inc. (US)
Other Prominent Players
Gill Instruments Limited (India)
Skye Instruments Limited (UK)
Hoskin Scientific (UK)
Speedwell Weather Ltd (US)
Davis Instruments (US)
ENSCO, Inc. (US)
Columbia Weather Systems, Inc. (US)
Lockheed Martin Corporation (US)
Munro Instruments Limited (UK)
SPIRE GLOBAL, INC (US)
Athenium Analytics (US)
UBIMET GmbH (Austria)
Universal Weather and Aviation, Inc. (US)
Weather Routing Inc. (US)
Cray Inc. (US)