VALLEY COTTAGE, New York, July 18, 2017 /PRNewswire/ --
Information technologies directed towards improving the accuracy of weather forecasts are witnessing a surge in terms of demand. Advancements in prominent technologies is further instrumenting the evolution of weather information technologies. Upgraded monitoring devices are stimulating the precision of weather forecasting, which in turn, is stimulating their demand. A recent study published by Future Market Insights predicts that revenues arising from global sales of monitoring devices will contribute over 35% of global weather information technologies market value through 2027.
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Apropos the report, the global market for weather information technologies is anticipated to reach US$ 800 Mn value by the end of 2017. Monitoring devices are forecasted to dominate the market by accounting for largest revenue share, turning into the most-selling product in the market. By the end of 2027, the global weather information technologies market is pegged to reach an estimated US$ 1,325.7 Mn value, reflecting a steady growth at 5.2% CAGR.
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Weather Information Technologies - Rising End-use in Aerospace & Defence
Key findings in the report indicate that in 2016, use of weather information technologies in aerospace & defence sectors from around the world attributed to highest revenue share in the global market. Application of weather information technologies in aerospace industries and defence sector is gaining traction due to significance of weather monitoring & forecasting solutions in the field of aviation, and their importance in devising tactical defence operations. By the end of 2027, more than US$ 300 Mn revenues recorded in the global weather information technologies market will be accounted by the aerospace & defence industry.
Construction industry, on the other hand, will register fastest revenue growth in the global weather information technologies market. In 2017, more than US$ 50 Mn worth of weather information technology solutions were used in the building & construction business. The brick-mortar application of weather information technologies is expected to gain traction during the forecast period. Through 2027, revenues accounted by adoption of weather information technologies in global construction industry will have soared at the fastest CAGR of 5.5%.
North America - Largest Market for Weather Information Technologies
The report predicts that adoption of advanced weather information technologies is rising in the US and Canada. North America will continue to dominate the global weather information technologies market, primarily due to its robust defence spending and evolving public infrastructure. By 2027-end, more than US$ 400 Mn worth of weather information technologies will be employed across North America. Meanwhile, the Asia-Pacific excluding Japan (APEJ) region will record the highest growth in terms of value. The APEJ weather information technologies market is expected to soar at a robust CAGR of 5.4% through 2027.
Preview Analysis on Global Weather Information Technologies Market Segmentation By Industry - Agriculture, Aerospace and Defence, Oil and Gas, Railways, Construction, Others; By Product - Weather System, Monitoring Devices, Software, Mounting Hardware, Communication Devices: http://www.futuremarketinsights.com/reports/weather-information-technologies-market
The report also profiles leading companies partaking in the growth of global weather information technologies market. Observed as the market's key players, these companies include All Weather Inc., Sutron Corporation, Campbell Scientific Inc., Climatronics Corporation, Morcom International Inc., Munro Instruments, Skye Instruments Ltd., Columbia Weather Systems Inc., Met One Instruments Inc., Lockheed Martin Corporation, Vaisala OYJ, Coastal Environmental Systems, Inc.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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SOURCE Future Market Insights