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The global meteorological equipment market size was USD 2.04 billion in 2019 and is projected to reach USD 3.11 billion by 2027, exhibiting a CAGR of 5.5% during the forecast period.
Weather is a critical factor in business performance. The prediction of climatic conditions is vital to minimize the risk of losses by taking actionable decisions in the future. The weather elements include temperature, pressure, wind, humidity, and cloudiness. A reasonable amount of certainty to gauge these elements in advance may prove useful to fisheries, agriculture, defense, airlines, and other businesses. The market is anticipated to grow in the coming years owing to the rising dependency of major businesses on climatic conditions, involvement of various associations, and organizations to acknowledge the potential disaster risk in the future for developing combat techniques.
For instance, according to the National Oceanic and Atmospheric Administration, in the United States alone, weather is responsible for nearly half a trillion dollars of economic impact. This entails a high adoption of meteorological equipment in North America. Besides, meteorological equipment suppliers are focusing on introducing technologically advanced equipment to collect and interpret raw data in real-time for gearing up opportunities and managing the challenges.
COVID-19 Pandemic to Hamper Growth by Obstructing Production of Equipment
The impact of COVID-19 is creating misery and is expected to sustain for a considerable period in the near future. The immediate lockdown across the globe has had a drastic impact on the supply chain operations and transportation processes. It has also resulted in a severe downfall in the manufacturing and distribution of the equipment market across the globe. China, being the central manufacturing hub and the epicenter of the pandemic, has considerably slowed down the global business operations. It has created massive disruptions in the regional and global value chains.
Nevertheless, this market is expected to gain momentum post lockdown owing to the presence of large armed forces and troops that require protection and future weather prediction to ensure survivability and facilitate functioning without impairing operating efficiency.
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Evolvement of Various Technologies is a Prominent Trend
The traditional forecast process was majorly dependent on numerical weather prediction (NWP), as well as measuring maximum/minimum temperature, which was ideally a schedule-driven and labor involvement process. However, new communication networks and forecast system innovations have revolutionized the forecasting process with more accuracy and high reliability. Digital database and next-generation workstations streamlined with IoT, machine learning platform, and big data analytics have improved public weather services (PWS) and their dissemination and service delivery functions. This new wave of technology is further propelling the market. Also, the emergence of various sensors and measuring devices integrated into systems enables us to gauge the density and temperature pressure in real-time. It is creating a potential impact on the deployment of meteorological equipment.
Moreover, today, people worldwide rely on technologies to gain insights into precise and reliable weather conditions. In September 2018, the Weather Company and IBM collaboratively launched an all-new weather channel app to make better decisions about routine and run their businesses smarter and more efficiently. Also, the usage of this app is widespread across the aviation industry as it provides real-time insights to combat weather-induced flight delays. These factors are expected to boost the market.
Changes in Climatic Condition Patterns to Drive Growth
The major factor responsible for propelling the demand for meteorological equipment is the rising changes in weather patterns. It is creating a negative impact across various industries. This would compel end-users to deploy such equipment to improve business performance, gain precise and granular information, and make accurate predictions of the future weather.
Furthermore, according to a survey of the Carbon Disclosure Project (CDP), half of the biggest companies believe that climate adaptation solutions could result in generating USD 236 billion to increase revenue, thereby creating an attractive return on investments. Owing to this, the market for meteorological equipment is expected to show a higher growth rate in the coming years.
Ignorance of Climate Risk by Many Businesses May Hinder Growth
The major industries are now rigorously adapting climate forecast as a significant parameter for sustainable business performance. However, the private sector and SMEs in developing economies still do not calculate climatic risk while performing business activities. This is a major factor that may inhibit meteorological equipment market growth. Besides, massive investment at the initial stage is another vital factor that can affect product demand.
Mixed Phenomenon Segment to Show Higher Growth Rate in Coming Years
Based on the product type, the market is segmented into cold cloud, warm cloud, and mixed phenomenon.
The mixed phenomenon segment is anticipated to flourish in the coming years owing to the rising investigation in complex weather conditions, emergence of various weather forecast agencies, and the evolvement of the latest technologies to predetermine the situation.
The cold cloud and hot cloud segments are anticipated to exhibit considerable growth in the near future, backed by rising global warming. It is further creating an adverse impact on the day-to-day climate. Hence, prior volatility prediction is required to analyze the combat techniques and perform preventive measures.
Meteorological Conditions Segment to Hold the Highest Share
Based on application, the market is segmented into the detection of meteorological conditions, field operation, process monitoring, and others
The meteorological conditions segment is expected to hold a major share owing to the growing concerns to determine wind velocity, air temperature, and humidity across the aviation, agriculture, and renewable industries. Moreover, predetermining the environmental conditions is vital to ensure the smooth functioning of trade and shipments. It would further lead to the growth of this segment.
The field operation and process monitoring segments are anticipated to generate considerable share in the coming years stoked by the rising government concerns for gauging adequate field information in real-time, determining, and monitoring processes at every level.
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Aviation Segment to Grow Significantly Fueled by Rising Need to Determine Weather Conditions
Based on the industry, the market is segregated into aviation, agriculture, energy & utilities, and others
The aviation segment is expected to flourish significantly in the forecast period owing to the growing concerns of determining weather conditions before scheduled flights. Also, to eliminate the risk of bad weather and provide pilots with more comfort, the deployment of meteorological equipment will surge rapidly in this industry. Moreover, the integration of automated bird radar systems, humidity profilers, and others is expected to propel the growth of this segment.
The agriculture and energy & utilities segments are anticipated to grow at a considerable rate in the forthcoming period fueled by the dependency of major countries on farming. Also, the emergence of the weather-readiness assessment concept allows the agriculture industry to determine climate variability at all timescales and better manage power systems with appropriate pressure and velocity in energy plants.
North America Meteorological Equipment Market Size, 2019 (USD Billion)
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Geographically, the market is segmented across five major regions, namely, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.
North America holds the highest share and is dominant in the market owing to the presence of major manufacturers operating in this business segment. Also, high deployments of such equipment in the aviation and commercial industries, government initiatives for investing hefty amounts in multiple weather forecasting agencies would bolster growth. At the same time, numerous equipment suppliers are focusing on adapting and integrating technologically advanced solutions to reap accuracy while determining weather conditions.
Asia Pacific is expected to grow significantly in the coming years with the rising number of small and medium businesses that are mainly dependable on weather conditions. In addition to that, the presence of organized and unorganized suppliers operating under this business segment would bolster growth. Countries, including China and Japan, are investing in research and development activities to gain a competitive edge in the global market. Moreover, agriculture is a major source of revenue in India. Therefore, this country requires highly accurate systems to predict climatic conditions. It is very important for conducting the farming activity. Farmers also need to learn all the necessary combat techniques in-case of future unprecedented incidents.
Europe, the Middle East and Africa, and Latin America are expected to show considerable growth in the coming years as the dependability of various businesses on weather is increasing. Additionally, the rising government initiatives to upgrade weather gauging equipment and measuring devices would create lucrative business opportunities for small and medium enterprises in developing countries of these regions.
Key Players to Focus on Upgrading the Existing Technology to Intensify Competition
It has been recognized in recent times that extreme weather conditions are causing havoc in supply chains and operations across the globe. Owing to that, the Weather Company has shifted strategically towards providing accurate climatic forecast solutions to the logistics and e-commerce industry for minimizing the risk of losses and ensuring better supply chain management. Similarly, to stay competitive in the meteorological equipment market, prominent players are emphasizing digitalization and upbringing advanced devices and solutions to provide its customers with a better experience. For instance, in August 2020, Biral, a U.K based meteorological equipment manufacturer, launched a new website for their lightning warning systems. This will allow its customer to predict and easily navigate the climatic conditions on both mobile and tablet devices.
Key suppliers are focusing on introducing their products streamlined with innovative technologies to gain recognition in the global market. Also, the rising government initiatives for releasing funds to boost weather forecasting agencies for combating future uncertainties would further supplement the meteorological equipment growth.
An Infographic Representation of Meteorological Equipment Market
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The market research report provides an in-depth analysis of the market dynamics and competitive landscape. It also offers various key insights, including recent industry developments in the market, such as mergers & acquisitions, macro, and microeconomic factors, SWOT analysis, and company profiles.
Value (USD Billion)
Product Type, Application, Industry, Geography
By Product Type
Fortune Business Insights says that the global market size was USD 2.04 billion in 2019 and is projected to reach USD 3.11 billion by 2027.
In 2019, the North America market value stood at USD 0.75 billion.
The market is projected to grow at a CAGR of 5.5% during the forecast period (2020-2027).
Within the industry, the aviation segment is expected to lead the market during the forecast period.
Technological advancements in AI, Big Data, and others are the key factors driving the market.
The Weather Company, Labom Mess- und Regeltechnik GmbH, and Sutron are the top companies operating in the global market
Asia Pacific is expected to hold the highest CAGR in the market
The evolution of various technologies embedded in the equipment is one of the key trends in the market.
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