Key Factors Driving the Growth of Weather Forecasting Services Market

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According to the latest market research report
the Weather Forecasting Services Market 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.
Weather Services Ecosystem Prominent
Forecasting Market
companies enterprises,
providing weather forecasting services, private an
d small
distributors/suppliers/retailers, and end
customers are the key stakeholders in the
weather forecasting services market ecosystem.
Investors, funders, academic researchers,
distributors, service providers, and industries
using weather forecasting services serve as the
major influencers in the weather forecasting
services market. Download PDF Brochure _at_
https//www.marketsandmarkets.com/pdfdownloadNew.a
sp?id218398014 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. 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
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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. 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. 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. 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 rnagt, 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. Key Market Players 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. Ask for Sample Report _at_ https//www.market
sandmarkets.com/requestsampleNew.asp?id218398014
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