Global demand for weather information technology is set for a healthy growth outlook over the following years, surpassing estimated revenues of US$ 7 Bn in 2029. As suggested by a new Future Market Insights (FM) report, weather information technology market would receive a prominent push from the growing adoption of real-time weather forecasting solutions.
Rising demand for efficient data analytics for weather forecasting and continuous changes in climatic patterns have boosted the demand for weather information technology for continuous weather monitoring enabling disaster management. The intergovernmental panel on climate change (IPCC) highlighted various climatic risks for food security and farming as well as the potential of enhanced climate and weather early warning systems to assist farmers.
Key Takeaways – Weather Information Technology Market Study
- Demand from aviation industry would witness a high growth rate, owing to rising adoption of weather information technology in military & defense sectors.
- Market share held by air quality monitoring is projected to increase at a striking CAGR during the forecast period, due to increasing focus to monitor and control levels of air pollution.
- North America is anticipated to dominate the weather information technology market due to increasing application of supercomputing for weather forecast in the region.
- Management of climate and weather information technology can help better-informed policy for community and institutions that decrease related risks and offer efficient use of limited resources, livestock, improve fishery production, and increase the crop yield.
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Weather information through mobile apps and websites, and promotion of commercial applications such as hyper-local forecast, stunning weather virtualization, and smart notification in APEJ are creating opportunities for global players.
Increasing Environmental Observations and Monitoring of Weather Information Technology Boost the Market Growth
Various technological trends that are changing all areas of the market are fueling advances in weather prediction. Advances in modeling and forecasting, cloud, big data and analytics, smart devices, and mobile computing are fueling innovations in service delivery. Rapid growth in personal weather stations and smart connected devices has increased the data available for weather observation and monitoring and may have the potential to improve the accuracy of hyperlocal weather forecasts. Hence, the adoption of monitoring and environment observations is driving the growth of the weather information technology market.
For instance, in March 2018, the Lockheed martin Corporation successfully launched GOES-17 Satellite to provide broad coverage with powerful new weather monitoring technology for meteorologists. This satellite will continue to produce dazzling weather data that has captivated forecast.
More Valuable Insights on Weather Information Technology Market
FMI’s report on the weather information technology market is segmented into six major sections such as solutions (systems, and services), applications (air quality monitoring, weather monitoring, weather forecasting, and others (chemical & space weather monitoring)), industry (utilities, agriculture, military & defense, transportation, marine, aviation, and others(mining, energy utilities, chemicals)), and region to help readers understand and lucrative evaluate opportunities in the weather information technology market.
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FREQUENTLY ASKED QUESTIONS ABOUT WEATHER INFORMATION TECHNOLOGY MARKET
What are the future prospects of weather information technology market?
The development of new weather information technologies such as Internet, wireless devices, etc. has increased the availability of weather-related data, decreased diffusion costs, and created new markets for climate and weather information technology.
What are the major challenges for weather information technology market?
A large number of analytics companies are providing industry-specific weather information, which is a major challenge for the weather information technology market.
Which industry will have significant revenue growth in the next five years?
The aviation industry has been considered as largest meteorological customer and most of the developments made in forecasting services are becoming increasingly important for airlines. This is projected to offer significant growth opportunities for market players during the forecast period.
Which technologies are providing efficient weather forecasting?
The introduction of technologies such as radar, remote sensing from satellites, computers, information and communication, numerical modelling, and sensors are responsible for efficient weather forecasting and significantly boosting the weather information technology market growth.
Which region is expected to be at forefront in the weather information technology market?
Owing to significant need for weather forecasting from defence and agriculture sectors, Asia Pacific excluding Japan is expected to remain at forefront of high growth opportunities. The demand for efficient technology for weather forecasting is expected to increase in the region, thereby providing lucrative opportunities for leading market players.
Who are the major companies leading weather information technology market?
Prominent companies in the weather information technology market includes Lockheed Martin Corporation, Vaisala OYJ, The Weather Company, Accuweather Inc., Vaisala OYJ, Campbell Scientific Inc., Munro Instruments Ltd, Columbia Weather Systems Inc., Coastal Environmental Systems, Inc., and Morcom International Inc.
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