A survey of the global weather information technologies market predicts steady growth, helped by high demand for monitoring devices.
The report by the consulting firm Future Market Insights said the market is expected to grow in value from US$800m in 2017 to US$1.3bn by 2027.
By that time, the report predicts, sales of weather monitoring devices will make up more than 35% of the overall market value. This will represent the largest revenue share. The report attributed the rise in demand for monitoring devices with the growth in precision weather forecasting.
The report found that the highest share of weather information technologies was in aerospace and defense, due to the importance of accurate forecasting in aviation and in devising tactical defense operations.
These sectors are expected to continue to dominate demand going forward with the report predicting that by 2027 they will account for US$300m of revenues for weather tech firms.
Geographically, the largest share of the market is in North America. This trend is also expected to continue, helped in large part by US defense spending. By 2027 more than US$400m-worth of weather information technologies will be deployed across North America.
Meanwhile, the Asia-Pacific region, excluding Japan, (APEJ) will record the highest growth in terms of value, with its weather information technologies market rising by 5.4% annually until 2027.