Weather Forecasting Services Market to Reach $4.19 Billion by 2030 – Ready to Experience Exponential Growth
Rising demand for weather forecast solutions due to uncertain climate conditions and energy transitions are fueling the demand for the market
PORTLAND, PORTLAND, OR, UNITED STATE, September 8, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Weather Forecasting Services Market by Forecasting Type (Short-range Forecasting, Medium-range Forecasting, and Long-range Forecasting) and End-use Industry (Transportation, Aviation, Energy & Utilities, BFSI, Agriculture, Media, Manufacturing, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030. ” The report has offered an all-inclusive analysis of the global Weather Forecasting Services Market taking into consideration all the crucial aspects like growth factors, constraints, market developments, top investment pockets, future prospects, and trends. At the start, the report lays emphasis on the key trends and opportunities that may emerge in the near future and positively impact the overall industry growth.
The global weather forecasting services market was pegged at $1.63 billion in 2020 and is expected to reach $4.19 billion by 2030, growing at a CAGR of 10.3% from 2021 to 2030.
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Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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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The report segments the global weather forecasting services market on the basis of forecasting type, end-use industry, and region.
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.
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.
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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.
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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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.
Highlights of the Report
Competitive landscape of the weather forecasting services Market.
Revenue generated by each segment of the weather forecasting services market by 2030.
Factors expected to drive and create new opportunities in the weather forecasting services industry.
Strategies to gain sustainable growth of the market.
Region that would create lucrative business opportunities during the forecast period.
Top impacting factors of the weather forecasting services market.
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Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
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