Weather Monitoring Solutions and Services Market – Moving Past the Sole End User to Reap Opportunities in Numerous Industries
In recent times, abrupt climate change has led to high loss of human lives and severe damage to nature, which has attracted conscientious efforts from the governments of numerous countries in the form of investments toward technology to predetermine the intensity of extreme weather conditions. According to the World Health Organization (WHO), climate change between 2030 and 2050 is anticipated to cause nearly 250,000 additional deaths per year. Such eye-opening stats have been found to be favorable to the rising deployment of weather monitoring solutions and services in government sectors.
Since weather has a huge impact on numerous industries and their operations, right from the production of raw materials to product development, with the impact even extending beyond distribution channels to transportation and logistics, developers of weather monitoring solutions and services are reaping steady sales opportunities. The trend is fast-penetrating into agriculture and fishing industries, the ones that traditionally relied on weather forecast done by national meteorological departments and distributed over TVs, mobiles, and radios. The local relevance of weather monitoring services is increasing, since these are integrated with global positioning systems to facilitate accurate weather forecasts for local farmers who depend on rain-fed agriculture.
On account of numerous success factors implying the steady demand for weather monitoring solutions and services, a study published by Transparency Market Research (TMR) opines that, the industry will advance at an above-average CAGR of ~7% during the period of 2019-2027.
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IoT Technology to Power Frontiers of the Landscape
A moderate-to-high level of competition implies that, survival in the weather monitoring solutions and services market relies on the hands-on experience of market players regarding advanced technologies to keep up with the evolutionary nature of the landscape. This has extended the traditional frontiers of monitoring systems with novel IoT technology. This IoT technology is projected to offer a new paradigm to the weather monitoring solutions and services landscape by integrating telecommunication solutions with sensors and microcontrollers for providing accurate weather information with a ‘one-tap’ convenience to end users.
Another crucial feature attributed to modern weather monitoring systems is smart size. A compact and lightweight weather monitoring system is increasingly preferred as a viable solution to the space dilemma, especially for small commercial players operating in manufacturing and agriculture industries. The introduction of technology is likely to have a high impact on the short-term as well as long-term growth of the weather monitoring solutions and services market.
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Developed Vs. Developing Countries – Adoption Scenario
According to Winrock International, the U.S. government invests nearly US$ 1 Bn/year to underpin operations of the National Weather Service, which helps create a nearly US$ 7 Bn market for the private sector with commercial opportunities. In recent times, the governments of numerous countries are realizing the extended scope of benefits and high returns on investments offered by weather monitoring solutions and services, which is likely to lead to high deployment in developed countries. However, despite the clear social and commercial benefits offered by these systems, developing countries lack sufficient resources to invest in the proper operation and maintenance of meteorological and hydrological services, which makes these regions less attractive for the industry.
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Analysts’ Inference of the Market
Authors of the report opine that, the weather monitoring solutions and services market will rise from a valuation of ~US$ 896 Mn in 2019 to ~US$ 1.6 Bn by 2027, and the growing relevance of weather forecast in transportation and logistics applications will remain pivotal to market growth. Gains from the deployment of these solutions and services in agriculture and fishing industries will witness an exponential rise.
Investment in the development of data services for weather monitoring will offer long-term growth opportunity, while hardware and software will continue to remain popular among end-use industries. Usually, it has been observed that, local players target internal markets, as they lack expertise in using sophisticated technologies, while their global counterparts are vying to gain large geographical exposure. For instance, Campbell Scientific, Inc. announced the inauguration of a new office in India, to offer weather forecast services to Asian countries such as Nepal, Sri Lanka, Bhutan, and Bangladesh.
Since technological advancement is the only way ahead towards consolidation, market players can collaborate with technologically-advanced companies to gain a competitive edge in the market.
Weather Monitoring Solutions and Services Market in Brief
- The global weather monitoring solutions and services market is expected to expand at a CAGR of ~7% during the forecast period, primarily driven by the introduction of technologically-advanced weather monitoring solutions, resulting in real-time monitoring and increased system automation.
- The weather monitoring solutions and services market is expected to reach a value of ~US$ 896 Mn by the end of 2019, and expand to reach ~US$ 1.6 Bn by 2027. Market players are making efforts to introduce sensors that can survive in rugged and harsh environments, in order to improve the overall efficiency of these systems.
- The hardware segment is anticipated to account for a notable share as compared to that of other component segments of the weather monitoring solutions and services market.
- North America remains a prominent market for weather monitoring solutions and services, globally, and the market in the region is estimated to be valued at ~US$ 280 Mn by the end of 2019. The presence of a large number of airports is a major factor attributed to the dominance of the region.
- In terms of end-use industry, the transportation and logistics segment is expected to dominate the market during the forecast period. Increasing usage of weather monitoring solutions and services by airports, due to stringent regulations by aviation authorities, has resulted in this dominance.
Weather Monitoring Solutions and Services Market Definition
- The weather monitoring solutions and services market report provides analysis of the global weather monitoring solutions and services market for the period of 2017–2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- In this report, we analyze the growth drivers that are enhancing the value of the weather monitoring solutions and services market, and various opportunities prevailing in the market space.
- Weather monitoring solutions and services providers are focused on developing innovative and differentiated hardware components to serve the specific requirements of end-use industries, which is expected to drive market demand in the coming years.
Asia Pacific Weather Monitoring Solutions and Services Market – Snapshot
- Asia Pacific is a rapidly expanding market, as the region faces a significant risk of natural disasters and experiences frequent climate changes.
- Asia Pacific also has a prominent agriculture industry, which is majorly dependent on weather conditions. The agricultural industry in Asia Pacific is estimated to witness a significantly high rate of adoption of weather monitoring solutions and services during the forecast period.
- The region is also witnessing a huge shift toward renewable sources of energy, which is projected to boost the adoption of weather monitoring solutions.
- These factors are expected to fuel the demand for weather monitoring solutions and services, considerably, in the near future, in this region.
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