The 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 radar, also known as weather surveillance radar (WSR), is a type of radar used by meteorologists to locate precipitation, calculate its motion, and estimate its type (rain, snow, hail etc.). Modern weather radars are mostly pulse-Doppler radars that can detect the motion of raindrops in addition to the intensity of the precipitation. They are used for both research and operational applications, including monitoring current weather conditions, tracking the progress and behavior of storms, and modeling their development.
Market Dynamics:
The growth of the weather radar market is majorly driven by increasing meteorological applications of weather radar systems. Weather radars help in getting critical weather data about approaching storms, which aids in issuing timely weather warnings and forecasts. They play a vital role in monitoring natural disasters like hurricanes, cyclones, floods etc. Technological advancements are also fueling the market growth. Manufacturers are developing sophisticated dual polarization and phased array weather radars with improved accuracy, coverage, and ability to detect different types of hydrometeors. These advanced systems provide higher resolution scans to detect hazardous weather phenomena like tornadoes and hail more precisely.
SWOT Analysis
Strength: Weather radar technology has significantly advanced over the past years allowing for more accurate weather monitoring and forecasting. The growing need for enhanced situational awareness during extreme weather events also strengthens the market. Furthermore, rising deployment of weather radars at airports boosts market growth.
Weakness: High maintenance and installation costs of weather radars pose major challenges. Additionally, technological limitations can restrict the range and detection capability of some radars.
Opportunity: Increasing investments by governments worldwide in modernizing national weather monitoring networks present lucrative opportunities. There is also scope for upgrading older radar systems. Further, the market is expected to gain from the rising adoption of dual-polarization technology.
Threats: Lack of trained professionals to operate sophisticated weather radars can hamper operations. Additionally, budget constraints of some nations may limit radar procurement.
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 investments in weather monitoring infrastructure by governments worldwide.
Regional analysis: North America dominates the weather radar market, accounting for over 30% share, due to large-scale installations across the US, Canada and Mexico for civilian and military uses. Asia Pacific exhibits the fastest growth on account of ongoing meteorological modernization programs in major countries like China and India.
Key players analysis: 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. Industry leaders are focusing on product launches and partnerships to strengthen their positions.
