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Weather Forecasting Systems Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Weather Forecasting Systems Market Size
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According to The Business Research Company's, The weather forecasting systems market size has grown steadily in recent years. It will grow from $2.52 billion in 2023 to $2.64 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to growth in climate research and monitoring, natural disaster preparedness, agriculture and crop management, air and sea transportation, climate change impact..
The weather forecasting systems market size is expected to see steady growth in the next few years. It will grow to $3.14 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%. The growth in the forecast period can be attributed to renewable energy integration, increasing smart agriculture, extreme weather events, environmental conservation, space exploration and astronomy. Major trends in the forecast period include high-resolution weather modeling, ai and machine learning integration, weather data visualization, weather app integration, space-based weather monitoring..
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Market Drivers and Trends:
The increasing adoption of renewable energy sources is significantly driving the growth of the weather forecasting systems market. Renewable energy generation, particularly wind and solar power, is volatile due to its reliance on weather, necessitating the use of proper forecasting systems to avoid downtime and improve efficiency. For instance, in December 2021, according to International Energy Agency, a France-based intergovernmental agency, global renewable electricity capacity is projected to increase by over 60% from 2020 to reach 4,800 GW by 2026, surpassing fossil fuels and nuclear power combined. Nearly 95% of the global power capacity growth by 2026 will come from renewables, with solar PV accounting for more than half, marking a 50% increase compared to 2015-2020. As a result, the growing use of renewable energy sources is expected to drive the growth of the weather forecasting systems market in the coming years.
The adoption of sophisticated weather monitoring systems is a key trend gaining popularity in the market. Major companies operating in the weather forecasting systems sector are focused on developing sophisticated weather monitoring systems to strengthen their position. For instance, in October 2021, Finland-based environmental and industrial measurement company Vaisala introduced the AWS810 Automatic Weather Station, which integrates several analogue and digital sensors, offering a range of configuration and connectivity options. The new system has robust data security mechanisms built into the hardware and software to protect against security threats and unauthorised access and ease of remote maintenance to enable efficient management of large networks. The AWS810 enables users to access real-time synoptic observation and monitoring of weather-critical events as well as continuous, traceable climatological data for a number of agency, government, and research purposes.
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Major Key Players of the Market:
The Weather Company, Sutron Corporation, Campbell Scientific Inc., Airmar Technology Corporation, All Weather Co., Morcom International, Columbia Weather Systems, G. Lufft Mess-und Regeltechnik, Vaisala Oyj, Skye Instruments Ltd., AccuWeather Inc., StormGeo AS, Lockheed Martin Corporation, Liquid Robotics Inc., Spire Global Inc., Earth Networks Inc., Skymet Weather Services, DTN Inc., Honeywell International Inc., International Business Machines Corporation, MeteoGroup, Raytheon Company, Tomorrow.io, OTT HydroMet Ltd., Athenium Analytics, WeatherOps, Fugro Inc., The Weather Network, Met Office, WeatherBug Org., Weatherzone Org., WeatherBell Analytics Org., Meteoblue AG, Meteo-France SA
Weather Forecasting Systems Market 2024 Key Insights:
• The weather forecasting systems market size is expected to see steady growth in the next few years. It will grow to $3.14 billion in 2028 at a compound annual growth rate (CAGR) of 4.4%.
• Renewable Energy Adoption Boosts Weather Forecasting Systems Market
• Rising Adoption Of Sophisticated Weather Monitoring Systems To Drive Market Growth
• North America was the largest region in the weather forecasting systems market share in 2023
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