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(Transportation-News.com, January 03, 2017 ) The weather forecasting services market is projected to grow from USD 1.10 Billion in 2016 to USD 1.56 Billion by 2021, at a CAGR of 7.15% between 2016 and 2021. This can be attributed to rapid industrialization, growth in transportation (aviation and shipping), constant measures being taken up to reduce emissions of greenhouse gases, and increase in the production of clean energy (renewable energy).
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The report forecasts the weather forecasting services market over the next five years. It also identifies and analyzes evolving technologies, recent developments, and high potential geographic regions and countries. The market has been analyzed on the basis of industry, purpose, forecast type, and region. The report provides a competitive landscape for key players in the market with explicit focus on their product offerings, key financials, and growth strategies adopted by them to sustain their market position.
In this report, the weather forecasting services market has been categorized into three key segments, namely, industry, purpose, and forecast type. The report offers revenue forecasts and analyzes industry trends that are predominant in this market. On the basis of industry, the market has been classified into renewable energy, shipping, aviation, oil & gas, media, agriculture, insurance, retail, utilities, and others. The renewable energy segment is expected to grow at a highest CAGR from 2016 to 2021. In 2016, the renewable energy segment is estimated to account for the largest share of the market, owing to importance of renewable energy segment in determining the demand and supply of energy commodities.
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Key players in the weather forecasting services market have been identified through secondary research and their market shares have been determined through both, primary and secondary researches. These include study of annual and financial reports of top players and extensive interviews of key industry experts. Some of the secondary sources include International Air Transport Association (IATA), Organization of Petroleum Exporting Countries (OPEC), and World Bank Database, among others.
The weather forecasting services market has been studied in five major regions, namely, North America, Europe, Asia-Pacific, Middle East & North Africa (MENA), and the rest of the world. The Asia-Pacific region is estimated to account for the largest share in the market in 2016. This market in the Asia-Pacific region is anticipated to grow at the highest CAGR during the forecast period.
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Major players in the weather forecasting services market are StormGeo (Norway), BMT Group (U.K.), Fugro (Netherlands), ENAV S.p.A (Europe), The Weather Company (U.S.), Global Weather Company (U.S.), Mateoblue (U.S.), Precision Weather (U.S.), METEO Group (U.K.), and Met Office (U.K.).
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