Weather Forecasting System Market 2021 Industry Recent Developments and Latest Technology, Future Growth, Supply-Demand Scenario, Forecast Research Report 2030

In a recent published report, Kenneth Research has updated the market report for Weather Forecasting System Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Weather Forecasting System Market products.

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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.

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.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

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.

“The Final Report will cover the impact analysis of COVID-19 on this industry (Global and Regional Market).”

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.

“The Final Report will cover the impact analysis of COVID-19 on this industry.”

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.

Download Sample of This Strategic Report-
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About Kenneth Research:

Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

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