Report ID : 10049525 |
Published Date : 21 Oct 2022 |
Report Format : PDF,PPT |
Delivery Timeline :48-72 Business Hours
Global weather forecasting systems market reached USD 3,526.1 Million in 2015 and is expected to reach USD 5,261.7 Million by the end of 2024, expanding at a CAGR of 5.2% over the forecast period i.e. 2018-2024. Moreover, the growth of weather forecasting systems market is attributed to the increasing incidence of natural disasters in the world and rising climatic changes.
Asia Pacific is slated to account for a leading share of 37.4% in the terms of revenue by 2024 in the weather forecasting systems market. Asia Pacific weather forecasting systems market reached USD 1,258.8 Million in 2015 and is expected to reach USD 1,967.9 Million by the end of 2024, expanding at a CAGR of 5.8% over the forecast period i.e. 2018-2024. Further, the market of Asia Pacific weather forecasting systems is anticipated to achieve a Y-o-Y growth rate of 7.4% in 2024 as compared to the previous year.
In addition to this, China weather forecasting systems market was held at USD 290.8 Million in 2015 and is anticipated to reach USD 490.0 Million by the end of 2024. China weather forecasting systems market accounted for a market share of 23.1% in 2015 and further, is expected to increase to a market share of 24.9% by the end of 2024. China weather forecasting systems market is expected to achieve Y-o-Y growth rate of 8.3% in 2024 as compared to previous year.
North America is expected to showcase substantial growth over the forecast period i.e. 2018-2024 by registering a CAGR of 6.0% over the forecast period. Further, the market is expected to account for USD 1,515.4 Million by 2024 from USD 948.5 Million in 2015.
Europe market is expected to expand at a CAGR of 4.2% during the forecast period i.e. 2018-2024. Further, U.K. & Germany are the major contributors to the growth of weather forecasting systems market. In addition to this, U.K. weather forecasting systems market is expected to reach USD 179.6 Million by the end of 2024 from USD 124.6 Million in 2015. Further, U.K. is anticipated to flourish at a CAGR of 4.8% over the forecast period. U.K. weather forecasting systems market contributed around 15.3% market share of total Europe weather forecasting systems market in 2015. Further, U.K. is projected to capture 16.1% market share by 2024. U.K. weather forecasting systems market expected to achieve Y-o-Y growth rate of 6.4% in 2024 as compared to previous year.
Global weather forecasting systems market is segmented on the basis of offering into software and hardware. Hardware weather forecasting systems (74.1% share in 2015) occupies the largest market of weather forecasting systems across the globe. Further, global hardware weather forecasting systems market is anticipated to reach USD 3,972.7 Million by the end of 2024 from USD 2,611.7 Million in 2015.
In addition to this, global weather forecasting systems market is segmented into forecast, transmission and end user. The forecast segment is further segmented into normal range, short range, medium range and long range, out of which, short range segment with 31.2% market share is anticipated to have largest share by the end of 2024
End User segment is further segmented into media, energy, aviation, marine, agriculture, transportation and defense, out of which, aviation segment with 22.0% share is anticipated to have the largest share by 2024. Additionally, aviation segment accounted for USD 733.8 Million in 2015 and is forecasted to reach USD 1,159.4 Million by the end of 2024. Further, aviation segment is forecasted to observe a growth rate of 1.4x over the forecast period.
