The meteorological device market size was pegged at USD 1.39 billion in 2021. The market is estimated to rise from USD 1.45 billion in 2022 to USD 1.90 billion by 2029, exhibiting 3.88% CAGR during the forecast period. Fortune Business Insights™ has elucidated these insights in its latest research report titled, “Meteorological Device Market, 2022-2029.”
According to the study, meteorological devices will gain traction from the penetration of the Internet of Things, artificial intelligence, and Big Data analytics. The rising footfall of advanced technologies, including digital database forecasting and next-generation workstations will augur well for the industry outlook. However, the onslaught of the COVID-19 pandemic challenged leading companies gearing to expand their portfolios.
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Supply Chain Disruptions to Dent Growth Prospect
Industry participants grappled with the slowdown in the production of meteorological sensors during the onslaught of the COVID-19 pandemic. Several countries witnessed delayed delivery of device components and production halts. Meanwhile, the U.S. market exhibited resilience following bullish government measures and infrastructural capability improvement. Asia Pacific and European countries observed a dip in meteorological expenses.
In terms of type, the market is segregated into barometer, thermometer, anemometer, hygrometer, snow gauge, pyrometer, and others.
Based on application, the market is segmented into chemical industry, research institute, weather forecasting, environmental study, biotechnical industry, pharmaceutical industry, and others.
With respect to geography, the market covers Europe, North America, Asia Pacific, and the Rest of the World.
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has also delved into Porters’ Five Force analysis and SWOT analysis. Quantitative and qualitative assessments have been used to provide a holistic view of the market. The primary interviews validate assumptions, findings, and prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals.
Drivers and Restraints
Soaring Demand for Temperature Sensing Devices to Foster Industry Growth
With the rising demand for temperature measurement devices, including resistance thermometers, pyrometers, and thermocouples, the meteorological device market share could witness noticeable traction. To illustrate, in March 2022, Swedish researchers introduced a novel type of thermometer that can quickly measure temperature with high accuracy in quantum calculations. Moreover, in September 2021, AMETEK land rolled out a new temperature measurement for its aluminum processing applications. Industry players are likely to bank on the rising footfall of real-time data tracking software and autonomous technology.
However, complications about the accuracy of the devices, along with high sensitivity owing to quick changes, may dent the growth prospect.
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North America to Gain Traction from Automated Nowcasting Systems
Industry participants are likely to cash in on the rising penetration of automated nowcasting systems across the U.S. and Canada. The North America market size garnered USD 0.44 billion in 2021 and will rise on the back of bullish budget allocation for weather forecasting through satellite remote-sensing. The rising footfall of weather forecasting and environmental study will also augur well for regional growth.
The Europe meteorological device market growth will witness an upward trajectory against the backdrop of rising investments in next-gen weather forecasting studies. Prominently, the European Union has upped investments in meteorological devices and solutions across the U.K., France, Germany, and Italy. An upsurge in R&D activities and expansion of commercial commodity manufacturing will augur well for major companies boosting their portfolios.
The Asia Pacific market outlook will be strong in the light of soaring demand for weather forecasting during the assessment period. Prominently, noticeable demand for meteorological devices in the agriculture sector will encourage investments across Australia, India, China and Vietnam. The rising footprint of portable or handheld infrared pyrometers across industrial applications will foster the industry growth.
Prominent Players Prioritize Organic and Inorganic Strategies to Tap into Markets
Leading companies are likely to invest in technological advancements, mergers & acquisitions, product rollouts and R&D activities. Moreover, focusing on product offerings could foster a geographical footprint over the next few years.
Key Industry Development
- August 2021: AQUON awarded a contract to Observator Group to supply water quality sensors equipped with data loggers coupled with an internal modem.
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Major Players Profiled in the Report:
- AccuWeather Inc. (U.S.)
- Airmar Technology Corporation (U.S.)
- All Weather Inc. (U.S.)
- Campbell Scientific Inc. (U.S.)
- Kongsberg Gruppen (Norway)
- MeteoGroup (a subsidiary of DTN) (Netherlands)
- Observator Group (Netherlands)
- Raytheon Technologies Corporation (U.S.)
- Sutron Corporation (U.S.)
- The Weather Company (U.S.)
- Vaisala Oyj. (Finland)
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