To await or expect something; to wait for something that is anticipated or forthcoming.
駅のホームで電車の到着を待ち受けていた。
I was waiting on the platform for the train's arrival.
困難が待ち受けていることを承知でこの仕事を引き受けた。
I took on this job knowing that difficulties awaited me.
スマホの待ち受け画面を新しく変更した。
I changed my phone's wallpaper.