by The Global Weather Radar Market is estimated to be valued at US$ 117.29 million in 2023 and is expected to exhibit a CAGR of 19.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Weather radars are devices that detect precipitation, detection of storms and wind speed and provide vital information for weather monitoring and forecasting. They are equipped with technology that emits radio waves and uses the reflected pulses to analyze precipitation, wind speed, and other atmospheric properties. Weather radars are used by meteorologists to understand thunderstorms and predict hazardous weather. They help monitor rain, snow, hail and detect wind shear. Accurate weather forecasting is crucial for sectors such as aviation, shipping, agriculture, construction and disaster management. Requirement for improved weather monitoring systems is driving demand for weather radars.
Market key trends:
One of the key trends in the weather radar market is growing adoption of dual polarization technology. Dual polarization radar transmits signals using both horizontal and vertical polarization and helps distinguish large raindrops from small. This provides more accurate measurement of rain intensity and differentiation of precipitation types like rain, snow and hail. Dual polarization radars are increasingly being used by national meteorological services and are expected to replace existing radars over forecast period. Another significant trend is deployment of mobile and transportable weather radars. These compact systems provide flexibility to change locations based on requirements and fill gaps in fixed radar networks. They are being widely used at airports to detect windshear and turbulence close to ground level.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as weather radar manufacturing requires high initial investments for equipment, technology and research and development. However, growth opportunities attract new players to enter this industry.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are several established players offering varied weather radars. However, buyers can choose from radars offered at different price points and specifications.
Bargaining power of suppliers: Suppliers of key components like antennas and transmitters have low-to-moderate bargaining power due to availability of substitute components. However, technology suppliers exert high bargaining power due to their specialized expertise.
Threat of new substitutes: Threat of substitutes is low as weather radars have few alternatives that provide accurate weather monitoring over large areas. However, new monitoring technologies could emerge as substitutes.
Competitive rivalry: The competitive rivalry is high due to presence of numerous global and regional players offering varied weather radars. Players compete based on product innovations, pricing and quality.
Key Takeaways
The Global Weather Radar Market is expected to witness high growth, exhibiting CAGR of 19.9% over the forecast period, due to increasing demand for improved weather forecasting solutions. The market was valued at US$ 117.29 million in 2022.
Regional analysis: North America dominated the weather radar market in 2022 attributed to increased adoption of weather radars across various industries including aviation, marine and meteorology for weather monitoring applications in the region. Asia Pacific is anticipated to exhibit the fastest growth over the forecast period supported by rising number of airports, increasing maritime trade and growing meteorology applications in emerging countries of the region.
Key players: Key players operating in the weather radar market are Furuno Electric Co., Ltd, EWR Weather Radar, Honeywell International Inc, Selex ES Gmbh, Beijing Metstar Radar Corporation Ltd., Vaisala, Garmin International Ltd, Glarun Technology Co, Ltd., AERODATA, Inc, and Anhui Sun Create Electronics Co. Ltd. Furuno Electric and Honeywell International are among the leading players owing to their vast product portfolios for varied applications.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
