Weather Forecasting Services Market value $2.3 billion by 2025

1
According to the latest market research report
the "Weather Forecasting Services Market by
Industry (Aviation, Agriculture, Marine, Oil
Gas, Energy Utilities, Insurance, Retail,
Media), Forecasting Type (Nowcast, Short,
Medium, Long), Purpose, Organization Size
Region - Global Forecast to 2025", size is
projected to grow from an estimated USD 1.5
billion in 2020 to USD 2.3 billion by 2025, at a
CAGR of 9.3 during the forecast period. This
growth can be attributed to the increasing
safety concerns in end-use industries and a
rise in climate change patterns resulting in
uncertainties related to rainfall. COVID-19
impact on the Weather Forecasting Services
Market 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. Download PDF Brochure
_at_ https//www.marketsandmarkets.com/pdfdownloadNew
.asp?id218398014 The energy utility 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. Weather
forecasting services play a crucial role in
designing the optimal offshore wind turbine
capacity, depending on climatic conditions. High
dependence on weather conditions is expected to
fuel the growth of the market in the renewable
energy sector, in turn, is expected to contribute
to the growth of the energy utilities segment
during the forecast period.
2
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 a highest CAGR in the weather forecasting
services market during the forecast period.
Increasing awareness of the benefits of
implementing weather forecasting solutions is
expected to boost their adoption among SMEs
during the forecast period. 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
renewables and oil gas industry. Asia Pacific
is projected to grow at the highest CAGR
during the forecast period. Asia Pacific is
projected to be the fastest-growing region in the
weather forecasting services market during the
forecast period, backed by significant
development in maritime and air transport,
increasing demand for continuous weather
monitoring for disaster management, rapid
industrialization, and continuing regional
economic growth. Global warming has led to
frequent changes in weather patterns, leading to
heatwaves and droughts. The number of incidents
of natural disasters has increased due to these
fluctuations in the weather. Fluctuating weather
conditions are a cause for concern across
different industries, such as agriculture,
aviation, transport logistics, retail, and
energy utilities. A reliable system for an
advanced warning is important to take preventive
steps to save these industries from huge damages
and losses. This, in turn, is expected to drive
the weather forecasting services market in the
Asia Pacific region. Key Market Players Major
players operating in the weather forecasting
services market include The Weather Company
(US), AccuWeather (US), DTN (US), StormGeo
(Norway), Fugro (Netherlands), and ENAV S.p.A.
(Italy), among others. These companies have
advance technologies and strong distribution
networks across North America, Europe, and other
regions. Ask for Sample Report _at_ https//www.marke
tsandmarkets.com/requestsampleNew.asp?id218398014
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