Weather Radar Market size was over USD 137.64 million in 2023 and is poised to exceed USD 1.44 billion by the end of 2036, witnessing over 19.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of weather radar is estimated at USD 159.44 million.
The growth of the market can be attributed to the growing government concerns to minimize damage caused by harsh weather conditions, which increases the demand for weather radars in the weather stations. There have been several natural calamities in the recent past which created havoc for the human and other organisms. Incidences, such as, wild forest fires of Australia and Amazon, hurricane Laura in the U.S., Cyclone Amphan in South Asia, and flash floods in regions of India and Indonesia occurred in 2020 alone. Governments of various nations are focusing on efficient prediction of climatic conditions, to reduce the damage caused by such weather conditions, which is estimated to be the primary growth driver for the market. Moreover, increasing air travels and use of aircrafts for transport of goods, has raised the need for weather radars, which, in turn, is projected to boost the market growth.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
19.8% |
|
Base Year Market Size (2023) |
USD 137.64 million |
|
Forecast Year Market Size (2036) |
USD 1.44 billion |
|
Regional Scope |
|
The market is segmented by installation into airborne, land-based, and others out of which, the airborne segment is anticipated to hold the largest share in the global weather radar market over the forecast period on account of higher accuracy of airborne weather radars, backed by rising fluctuations in the climatic conditions. The market is segmented on the basis of end-user into aviation, industrial, weather monitoring, military & defense, and others, out of which, the aviation segment is estimated to gain significant market share over the forecast period, owing to the escalating air travel and delivery through air. According to the data by the International Civil Aviation Organization, 4.397 billion people travelled through airways in 2019. Over 35 million flights were performed by aircrafts in the same year. People are choosing airways over roadways to save time, which is why aviation industry is focusing on weather forecast systems to ensure safe and smooth travel. This is estimated to boost the segment growth. Moreover, the military & defense segment is anticipated to garner notable share by the end of 2030, owing to increasing demand for independent weather radars in the military bases for efficient observation of weather conditions in the area.
Our in-depth analysis of the global market includes the following segments
|
By Installation |
|
|
By Component |
|
|
By End-User
|
|
North America Market Statistics
On the basis of geographical analysis, the global weather radar market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America industry is set to dominate majority revenue share by 2036, propelled by high government expenditure on advanced technology in the region. Moreover, higher adoption of technology in the military and defense sector, along with huge budget for security forces in the region, are estimated to boost the market growth.
APAC Market Analysis
The market in the Asia Pacific is estimated to witness highest CAGR during the forecast period, as the region is prone to weather disturbances, owing to its geographical position, especially countries, such as, Indonesia, Singapore, Japan, and India. This is expected to raise the demand for weather radar amongst various end-users. The economic and technological development in the region also plays significant role in the market growth.
22 July, 2021: AccuWeather Launched a new feature on their application, called Digital Hurricane Tracker, which will help users get live updates about the movement of hurricanes in their region.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?