NEW YORK, Nov. 2, 2020 /PRNewswire/ -- The weather forecasting services market is estimated to be USD 1.5 billion in 2020 and is projected to reach USD 2.3 billion by 2025, at a CAGR of 9.3% during the forecast period. Some of the factors fueling the market's growth include increasing safety concerns in end-use industries and a rise in climate change patterns resulting in uncertainties related to rainfall. Increasing supercomputing capabilities and an upsurge in the production of renewable energy are anticipated to open several growth opportunities for weather forecast service providers during the forecast period.
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The COVID-19 pandemic has impacted the weather forecasting services market significantly.Due to the grounding of most of the global fleet, there has been a dramatic reduction in commercial aircraft flights, which supplies crucial weather observations.
Information from commercial planes is one of several sources that meteorological bodies use to predict the weather and contribute to the accuracy of forecasting most weather phenomena, including hurricanes.At the end of March 2020, data provided by US aircraft fell 50%, while, as per the European Centre of Medium-Range Weather Forecasts (ECMRWF), readings provided by aircraft across the continent reduced by 80%.
The center estimates that if all data provided by aircraft were cut off, the accuracy of weather forecasts would fall about 15%. There will be a significant drawback in both short and long-term readings due to the impact of COVID-19 on the global airline industry.
Based on Industry, The energy & utilities segment accounts for the largest market size during the forecast period
Typically includes aviation, transport & logistics, media, insurance, retail, construction & mining, marine, agriculture, energy & utilities, and oil & gas, among others, are considered in the weather forecasting services market.The energy & utilities is estimated to be account for the largest share in the weather forecasting services market.
The growing use of electric systems, increasing domestic energy demand from various countries across the globe, and the depletion of fossil fuels have led governments of various countries to resort to renewable sources of energy, which, in turn, is expected to contribute to the growth of the energy & utilities segment during the forecast period.
Based on Organization Size, The small and medium-sized enterprises segment is projected to grow at the highest CAGR during the forecast period
Based on the organization size, the weather forecasting services market has been segmented into large enterprises and Small & Medium-Sized Enterprises. the small and medium-sized enterprises is estimated to growth at the highest CAGR in the weather forecasting services market during the forecast period. Weather forecasting services offer cost-efficiency, improved scalability, 24x7 availability, and enhanced decision-making. Hence, SMEs are expected to adopt weather forecasting services at a high rate, as cost-effectiveness is important for these organizations.
Based on Forecasting Type, The short-range forecasting type segment accounts for the largest market size during the forecast period
Based on forecasting type, the weather forecasting services market is segmented into nowcast, short range, medium range, and long-range forecasting type.The short-range forecasting type is estimated to lead the weather forecasting services market during the forecast period.
The growth of this segment is attributed to the increasing need for short-range forecasts by the event management industry to plan sports and social events. Also, increasing demand for short range weather forecasting in renewables and oil & gas industry verticals.
North America is expected to account for the largest share in 2020
The weather forecasting services industry has been studied for North America, Europe, Asia Pacific, Middle East, Latin America, and Africa.North America is estimated to account for the largest share of the weather forecasting services market in 2020.
Weather forecasting technologies have been widely adopted across most industries in North America.The region has a large presence of prominent technology players focusing on innovations.
Organizations in this region were the early adopters of advanced technologies.Technological advancements, such as improvements in data analytics and computer forecast models and an increase in the use of supercomputers delivering more computing power, are working in favor of the market in North America.
The focus on focused on implementing the latest WFS technologies to make accurate weather forecasting is driving the growth of the weather forecasting services market in the region.
The break-up of profile of primary participants in the weather forecasting services market:
• By Company Type: Tier 1 – 20%, Tier 2 – 55%, and Tier 3 – 25%
• By Designation: C Level – 50%, Director Level – 25%, and Others – 25%
• By Region: North America – 40%, Europe – 25%, Asia Pacific – 20%, Latin America– 5%, and Middle East & Africa – 5%
Major players operating in the weather forecasting services market The Weather Company (US), AccuWeather (US), DTN (US), StormGeo (Norway), Fugro (Netherlands), and ENAV S.p.A. (Italy), among others.
This research report categorizes the weather forecasting services market basis of industry (aviation, transport & logistics, media, insurance, retail, construction & mining, marine, agriculture, energy & utilities, oil & gas and others), purpose (safety, operational efficiency, others), forecasting type (nowcast, short range, medium range, long range) and organization size (large enterprise, small and medium enterprises) in these segments have been mapped across major regions, namely, North America, Europe, Asia Pacific, Middle East, Latin America and Africa.The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the weather forecasting services market.
A detailed analysis of the key industry players has been done to provide insights into their business overviews; solutions and services; key strategies; Contracts, partnerships, agreements new product & service launches, mergers and acquisitions; and recent developments associated with the weather forecasting services market. Competitive analysis of upcoming startups in the weather forecasting services market ecosystem is covered in this report.
Reasons to buy this report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall weather forecasting services market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on weather forecasting services offered by the top players in the market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the weather forecasting services market
• Market Development: Comprehensive information about lucrative markets – the report analyzes the weather forecasting services market across varied regions
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the weather forecasting services market
• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players in the weather forecasting services market
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