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(Transportation-News.com, April 17, 2023 ) The Global Weather Forecasting Services Market is set to experience substantial growth in the coming years, according to a recent report by MarketsandMarkets. The report forecasts that the market size will increase from USD 1.7 billion in 2021 to USD 2.7 billion by 2026, representing a CAGR of 9.9% during the forecast period. The increasing safety concerns in end-use industries and the rise in climate change patterns resulting in uncertainties related to rainfall are cited as major drivers of this growth.
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The weather forecasting services market serves a diverse range of industries, including aviation, transport and logistics, media, insurance, retail, construction and mining, marine, agriculture, energy and utilities, and oil and gas, among others. Among these industries, the insurance segment is expected to account for the largest market size during the forecast period. The insurance industry relies on weather alerts to help policyholders avoid damages that can lead to future claims. The industry is also in a strong position to communicate climate change risks and promote adaptation to its unavoidable consequences, thus fuelling the growth of the market.
Based on organization size, the weather forecasting services market has been segmented into large enterprises and small and medium-sized enterprises (SMEs). The report forecasts that the SME segment will experience the highest growth during the forecast period. Increasing awareness of the benefits of implementing weather forecasting solutions is expected to boost their adoption among SMEs in the coming years.
The market has been segmented into various forecast types, including nowcast, short-range, medium-range, extended-range, and long-range forecast types. The short-range forecast type is expected to account for the largest market size during the forecast period. The growth of this segment is attributed to the increasing need for short-range forecasts by the renewables and oil and gas industry.
Asia Pacific is projected to be the fastest-growing region in the weather forecasting services market during the forecast period. The region is 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, which have increased the number of incidents of natural disasters. Fluctuating weather conditions are a cause for concern across different industries, such as agriculture, aviation, transport and logistics, retail, and energy and utilities. A reliable system for 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.
Weather Forecasting Services Companies - Key Market Players
The major players operating in the weather forecasting services market include The Weather Company, AccuWeather, DTN, StormGeo, Fugro, and ENAV S.p.A., among others. These companies have advanced technologies and strong distribution networks across North America, Europe, and other regions.
News Also Covered: https://www.prnewswire.com/news-releases/weather-forecasting-services-market-worth-2-7-billion-by-2026--exclusive-report-by-marketsandmarkets-301479560.html
Related Reports:
Weather Forecasting Systems Market by Vertical (Agriculture, Aviation, Transportation & Logistics, Oil & Gas, Marine, Renewable Energy, Meteorology, Weather Service Providers), Application, Solution, Forecast Type and Region - Forecast to 2026
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