Weather Forecasting Systems Market Worth 1.99 Billion USD by 2020

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Oct 08, 2015, 11:00 ET

PUNE, India, October 8, 2015 /PRNewswire/ --

The report "Weather Forecasting Systems Market by End User (Agriculture, Energy, & Others), by Equipment (Barometer, Hygrometer, & Others), by Component (Data Loggers, Sensors, & Others), by System Type, by Forecast Type, and by Geography - Global Forecast to 2020", published by MarketsandMarkets, The market is estimated to be USD 1.50 Billion in 2015, and is projected to reach USD 1.99 Billion by 2020, at a CAGR of 5.81% during the forecast period.

Browse 81 market data Tables and 109 Figures spread through 172 Pages and in-depth TOC on "Weather Forecasting Systems Market".

http://www.marketsandmarkets.com/Market-Reports/meteorological-weather-forecasting-systems-market-29645152.html

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The market report analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia-Pacific, and rest of the world.

This report studies the weather forecasting systems market from 2015 to 2020. The market is estimated to be USD 1.50 Billion in 2015, and is projected to reach USD 1.99 Billion by 2020, at a CAGR of 5.81% during the forecast period.

The Weather Forecasting Systems Market is classified on the basis of five major segments, namely, end user, component, equipment, system type, forecast type, and region.

According to end user, this market is further classified into aviation, agriculture, energy, marine, military, and transportation. On the basis of component, this market is categorized into data loggers, sensors, software, and hardware.

Similarly, with respect to system type, this market is segmented into weather satellite systems, weather radar, weather station, and sounding systems & radiosondes. Lastly, on the basis of forecast type, this market is classified into normal range, short range, medium range, and long range.

Factors such as rise in air & sea transport, uncertainty of rainfall, increase in safety & security concerns, and improving economic conditions in Asia-Pacific, the Middle East, and Africa are expected to drive the growth of the weather forecasting systems market. In contrast to this, factors that are expected to restrain its market growth include complexity involved in the process of forecasting and uncertainty in weather forecasting. However, rise in supercomputing capabilities and increase in efficiency of long-range forecasting offer new growth opportunities for market players.

The weather satellite systems segment accounts for more than ~35.0% of the weather forecasting systems market, by system type. This is followed by the weather radar segment that accounts for more than ~25.0%, weather station and sounding systems & radiosondes segments, which collaboratively account for ~30.0% of the weather forecasting systems market in 2015.

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As of 2015, North America is estimated to hold the largest share of the weather forecasting systems market, in terms of overall revenue, followed by Europe. The Asia-Pacific region is expected to witness a substantial growth in the weather forecasting system market, progressing at the highest CAGR of 7.21% during the forecast period. This growth is mainly attributed to rapid industrialization and growth in transportation in emerging economies, such as China and India. Latin America and Africa are considered as worthy growth prospects, as they offer investment opportunities for major market players operating in the weather forecasting systems market in the next five years.

The report also draws the competitive landscape of the weather forecasting systems market, providing an in-depth comparative analysis of the technological and marketing strategies adopted by key players to gain a competitive edge over other market players. The key strategies followed by most companies in the weather forecasting systems market include new product developments, offering customized solutions, and mergers & acquisitions.

Vaisala Oyj (Finland), Campbell Scientific, Inc. (U.S.), Airmar Technology Corporation (U.S.), Thales S.A. (France), Liquid Robotics, Inc. (U.S.), Lockheed Martin Corporation (U.S.), All Weather, Inc. (U.S.), Morcom International, Inc. (U.S.), Columbia Weather Systems, Inc. (U.S.), and Skye Instruments Ltd (U.K.) are some of the major players involved in the weather forecasting systems market.

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