Weather Radar Market Set to Witness Substantial Growth |...

Weather Radar Market Set to Witness Substantial Growth

Posted 2024-01-02 06:45:55

The global weather radar market is estimated to be valued at US$ 136.28 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis

Strength: Weather radars provide critical data for forecasting severe weather events in advance which helps save lives and property. Modern weather radars have higher resolution and accuracy compared to older systems. They are able to cover very large regions and provide spatial coverage for meteorological departments and disaster management authorities. Advancements in technology such as dual polarization capability have greatly enhanced their capabilities.

Weakness: High initial investment requirements for setting up weather radar networks across large regions. Maintenance of these radar systems also requires specialized manpower and recurring costs which puts strain on budgets. Accuracy of weather forecasting using radars can still be impacted by terrain variations, anomalous propagations effects, and other factors.

Opportunity: Growing climate change concerns are increasing investments in advanced weather monitoring systems globally. More countries are setting up radar networks or modernizing existing ones. Private weather companies are also deploying radar networks for commercial applications like aviation, energy, agriculture etc. Integration of radar data with other observational systems and use of AI/ML is opening new opportunities.

Threats: Budgetary constraints can pause or delay radar modernization plans for some countries. Technological obsolescence is also a risk if replacements are not timely. Natural disasters can damage radar installations requiring redundant deployments. Geopolitical tensions can interrupt import of critical radar components in some cases.

Key Takeaways

The Global Weather Radar Market Growth is expected to witness high. The global weather radar market is estimated to be valued at US$ 136.28 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030.

Regional analysis related content comprises Regional analysis related content: North America dominated the global market in 2022 with over 30% share. This was due to large networks deployed by countries like the US, Canada for critical weather monitoring. The Asia Pacific region is expected to be the fastest growing market during the forecast period supported by modernization plans in countries like India, China, Japan, South Korea and Southeast Asian nations.

Key players related content comprises Key players related content: Key players operating in the Weather Radar Market are Diageo PLC, Bacardi Ltd, Asahi Group Holdings Ltd, Pernod Ricard SA, and Suntory Beverage & Food Ltd, among others. They are focusing on R&D to enhance capabilities of their radar systems through technologies like dual polarization, phased array, and integration of AI/ML. Some of the companies have also diversified into commercial sector by providing specialized radar services to industries. Strategic partnerships with system integrators are helping key players strengthen their presence across different geographies.

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