The global Weather Information Technologies market size is expected to be worth around US$ 17.77 billion by 2027, according to a new report by Vision Research Reports.
The global Weather Information Technologies market size was valued at US$ 9.40 billion in 2019 and is anticipated to grow at a CAGR of 8.4% during forecast period 2020 to 2027.
Growth Factors
The increasing need for real-time weather predictions and air quality index is one of the significant factors contributing to market growth. Furthermore, the prevalence of digital transformation technologies for determining highly accurate estimations has led to numerous growth opportunities for industry players.
Over recent decades, the weather conditions have deteriorated due to extreme global warming events caused by hazardous gas emissions. This has led to an increased demand for solutions that can continuously monitor weather changes and other unforeseen activities. Ongoing advances in Information Technology (IT), coupled with communication capabilities, have led to the emergence of state-of-the-art technologies that help to examine the weather circumstances and make precise calculations. The key offerings of one of these technologies are computing thousands of algorithms on a real-time basis and assisting end-users in the preparations against critical warnings and forecasts.
The novel coronavirus outbreak has adversely affected some of the major economies owing to the ‘shelter-in-place norms’ and travel restrictions. The temporary production shutdowns during the last few months have disrupted the supply chain. World Meteorological Organization announced that there had been a sharp decrease in the amount of atmospheric data gathered regularly on account of the diminished frequency of commercial aircraft and cruises during this pandemic, thus affecting the accuracy of forecasts that are largely dependent on predictions attained by sensors mounted on the aircraft and cruises.
Report Highlights
The monitoring devices segment accounted for a high revenue share of around 40.02% in 2019 and is expected to continue dominating the market over the forecast period. The segment is also expected to register a higher CAGR during the forecast period. Monitoring devices are essential components of weather information solutions. These devices are corrosion-resistant and designed to withstand the harshest environments.
The software segment is anticipated to witness the fastest growth over the forecast period. The integration of state-of-the-art meteorological information software with hardware equipment that can offer continuous predictions has increased the demand for weather information technologies. To cope with this demand, certain start-ups and well-established companies are offering upgrades in the computation and visualization methods. The usage of monitoring, display, data collection, and processing software for weather forecasting by using historical and present weather information, is anticipated to majorly contribute to the segment growth.
The weather monitoring and forecasting segment accounted for a dominant share of over 55.02% of the overall weather information technologies market in 2019. The segment is also expected to register a high CAGR over the forecast period. The weather monitoring and forecasting technique is deployed by almost every industry participant that relies on weather conditions, such as agriculture, meteorology, and transportation sectors. It has emerged as a significant method for determining future critical events and related strategic decisions to be made.
The transportation segment is held the largest revenue share of around 18.02% in 2019 and is expected to witness the fastest CAGR from 2020 to 2027. The growth can be attributed to the rapid deployment of weather information technologies in the marine, roadways, and airways sectors for analyzing the favorable conditions for functioning. The aviation industry is one of its primary applications, wherein these technologies are widely used for air traffic control and coherent updates during take-off and landing. These technologies also enable real-time monitoring of air quality levels, allowing users to adopt precautionary strategies to attain human health objectives.
The power and energy segment is expected to witness rapid growth over the forecast period. Precise forecasts are one of the prominent elements needed for energy generation from solar, wind, hydro, and other renewable energy sources. With an immense requirement to keep the grids stable, energy generation from renewable sources is entirely dependent on weather conditions and requires continuous monitoring for making energy generation-related decisions.
The medium-range forecast segment accounted for the largest revenue share of over 44.01% in 2019. Medium-range forecasts help in scenario planning and risk management to reflect likely conditions. Moreover, improvements in numeric prediction models are expected to contribute to the segment growth. The short-range forecast range offers higher accuracy for day-to-day weather event forecasts. On the other hand, long-range forecasting is preferred for determining the change in seasons for preparedness. Long-range forecasting is a significant tool for predicting erratic temperature fluctuations as a result of climate change. Moreover, improvements in numerical prediction models coupled with digitization are expected to increase the segment growth over the forecast period.
The short-range forecast segment is expected to register the highest CAGR of around 10.01% over the forecast period. The growth can be attributed to the system’s ability to generate warnings related to critical weather events, including typhoons, hurricanes, and cyclones, several hours in advance. These short-range forecasting techniques prompt end-users to adopt disaster management programs at the initial stages to avoid reparations. Moreover, significant developments in the internet, wireless communication, computing systems, and smartphones are anticipated to lead to effective real-time transmission of atmospheric conditions over the forecast period.
The Asia Pacific dominated the market with a revenue share of over 30.01% in 2019. The region is expected to continue its dominance over the forecast period. Countries such as China, Japan, and South Korea are contributing to market growth. Furthermore, the rising government investments in commercial solutions, apart from their privately launched satellites, are also anticipated to drive growth. For instance, the Meteorological Service Act of Japan intends to increase commercial opportunities for private meteorological services in Japan.
Key Players
All Weather, Inc. (AWI)
Campbell Scientific, Inc
Columbia Weather Systems, Inc.
General Acoustics e.K.
Gill Instruments Limited
IBM
Lockheed Martin Corporation
Met One Instruments Inc.
MORCOM International
Optical Scientific, Inc.
Pulsonic
Skye Instruments Limited
The Weather Company
Vaisala
Market Segmentation
Component Outlook
Communication Devices
Monitoring Devices
Software
Others
Forecast Range Outlook
Short-range Forecast
Medium-range Forecast
Long-range Forecast
Application Outlook
Air Quality Monitoring
Weather Monitoring & Forecasting
End-use Outlook
Agriculture
Industrial
Transportation
Power & Energy
Government & Defense
Meteorology & Weather Service Providers
Others
Regional Outlook
North America
The U.S.
Canada
Europe
The U.K.
Germany
France
Asia Pacific
China
India
Japan
South Korea
Latin America
Brazil
Mexico
Middle East & Africa
The Weather Information Technologies market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Weather Information Technologies market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Weather Information Technologies market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Weather Information Technologies market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Weather Information Technologies market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Weather Information Technologies capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Weather Information Technologies by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Weather Information Technologies market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Weather Information Technologies market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Weather Information Technologies market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Weather Information Technologies industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Weather Information Technologies market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Weather Information Technologies market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Weather Information Technologies market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Weather Information Technologies market. These factors have benefited the growth of the global market for Weather Information Technologies. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Weather Information Technologies. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Weather Information Technologies are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers