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.
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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.
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.
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