by Weather radars play a pivotal role in accurate weather forecasting by detecting precipitation, winds, and other atmospheric conditions. They emit radio waves or microwaves which when hit by raindrops, snow or hailstones bounce back and are captured by the radar dish. This helps meteorologists determine if any precipitation is occurring and the location, intensity, and movement of weather systems. Weather radars are indispensable tools for monitoring severe weather events such as hurricanes, thunderstorms, tornadoes, and flash floods. They help issue timely warnings and alerts to protect lives and property. Growing need for precise weather forecasting among various industries such as agriculture, aviation, transportation is propelling the demand for advanced weather radars globally.
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.
Market Key Trends:
One of the key trends in the weather radar market is the increasing adoption of dual polarization technology. Dual polarization radar transmits both horizontal and vertical signals as compared to conventional radar which transmits only horizontal signals. It provides additional data on size, shape, and movement of rainfall which helps distinguish precipitation types more accurately. This additional information enhances warning lead times for hazardous weather and improves hydrological forecasting. Dual polarization radars are increasingly being installed by national meteorological services and private forecasting companies globally to modernize their networks and gain competitive advantage through improved predictions. Various weather agencies in countries like the US, Canada, United Kingdom, Australia have already commenced dual polarization radar upgrades. This emerging technology is expected to dominate new radar procurements over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the weather radar market is low due to the presence of established global players and requirement of large capital investments for research and development activities.
Bargaining power of buyers: The bargaining power of buyers in the weather radar market is moderate due to availability of diverse product offerings from multiple vendors at different price points.
Bargaining power of suppliers: The bargaining power of suppliers is moderate owing to the presence of multiple component suppliers and differentiated product offerings in the market.
Threat of new substitutes: The threat of substitutes is low as weather radars are highly specialized solutions for weather monitoring with no viable alternatives.
Competitive rivalry: The competitive rivalry in the weather radar market is high among the top players to gain major market share.
Key Takeaways
The Global Weather Radar Market Demand is expected to witness high growth over the forecast period. 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: Asia Pacific dominates the global weather radar market and the region is expected to continue its dominance led by rising adoption of weather radars in countries such as China, India, Japan and South Korea. The governments in Asia Pacific countries are investing heavily in upgrading their meteorological infrastructure including installation of modern weather radars.
Key players: Key players operating in the weather radar market include Diageo PLC, Bacardi Ltd, Asahi Group Holdings Ltd, Pernod Ricard SA, and Suntory Beverage & Food Ltd, among others.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
