Weather Forecasting Services Market Size to Reach $4.19 Billion by 2030 | CAGR 10.3%
Weather Forecasting Services Market Size and Growth :
The global weather forecasting services market size was valued USD 1.63 billion in 2020 and is projected to reach USD 4.19 billion by 2030, registering a CAGR of 10.3% from 2021 to 2030.
Surge in safety concerns among the end-use industries and the growth of the aviation & shipping industry drive the growth of the global weather forecasting services market. However, the complexity of weather forecasting models hinders market growth. On the contrary, technological developments in computing systems and the growth of the transportation sector across developing countries would unlock new opportunities in the future.
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Covid-19 scenario:
The Covid-19 pandemic declined the growth of the market due to a surge in the adoption of work from home, which reduced the need of weather forecasting for travel purposes.
However, government organizations is adopting weather forecasting services for improving loss suffered due to natural disasters and pandemic.
The report segments the global weather forecasting services market on the basis of forecasting type, end-use industry, and region.
Based on forecasting type, the report is divided into short-range forecasting, medium-range forecasting, and long-range forecasting. The short range forecasting segment held the lion’s share in 2020, accounting for nearly half of the market. However, the medium range forecasting segment is projected to manifest the highest CAGR of 13.5% from 2021 to 2030.
On the basis of end-use industry, the report is classified into transportation, aviation, energy & utilities, bfsi, agriculture, media, manufacturing, retail, and others. The transportation segment is expected to register the highest CAGR of 16.6% during the forecast period. However, the energy and utilities segment dominated the market in 2020, contributing to more than one-fourth of the weather forecasting services market.
The global weather forecasting services market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for nearly two-fifths of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 13.4% during the forecast period.
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The global weather forecasting services market report includes an in-depth analysis of the prime market players such as AccuWeather, Inc., BMT Group, ENAV, Fugro, Global Weather Corporation, Met Office, Precision Weather Services, Skymet Weather Services Pvt., Ltd, Skyview Systems Ltd., and The Weather Company.
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