Weather Forecasting Services Market worth $2.3 billion by 2025

1
According to the latest market research report
the Weather Forecasting Services Market is
estimated to be 1.5 billion in 2020 and is
projected to reach 2.3 billion by 2025, at a
CAGR of 9.3 during the forecast period. Some
of the factors fueling the
markets include
growth 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. However, uncertainty in
forecasting methods for different industries, the
complexity of weather forecasting models, and
the dynamic nature of atmospheric variables are
expected to restrain the market growth during the
forecast period. Download PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.asp?id218398014 Based on industry, the energy
utilities segment is estimated to account for the
highest share in the weather forecasting
services market in 2020. 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 purpose, the market is estimated
to be dominated by the safety segment with a
market share of highest market share in 2020.
This growth can be attributed to the the
increasing scope of weather forecasting services
in end-use industries to improve safety and
reduce losses are the key factors driving the
growth of the market. In 2018, the US
experienced a very active year of weather and
climate disasters. In total, the country endured
14 separate billion-dollar disaster events two
tropical cyclones, eight severe storms, two
winter storms, a drought, and a wildfire.
Accurate weather forecasting can help mitigate
the losses resulting from such events. Based on
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.
2
Based on organization size, the small and
medium-sized enterprises is estimated to growth
at a 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. Ask for Sample Report
_at_ https//www.marketsandmarkets.com/requestsampleN
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