Rise in number of natural disasters owing to undesired climatic changes and need to reduce operational and maintenance costs for business operations are the major drivers of the global weather forecasting services market. However, lack of trained workforce hampers market growth. On the contrary, rapid advancements in computing system such as advanced data analytics and model development are expected to create lucrative opportunities in the near future.
According to the report, the global weather forecasting services market was pegged at $1.33 billion in 2017 and is projected to garner $2.78 billion by 2023, registering a CAGR of 13.1% during the period from 2017 to 2023. The study offers an in-depth analysis of the key winning strategies, market size & estimations, industry dynamics, top investment pockets, and competitive landscape.
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The global weather forecasting services market is divided into forecasting type, end-user industry, and geography. Based on forecasting type, the market is segmented into short-range forecasting, medium-range forecasting, and long-range forecasting. The short-range forecasting segment held the largest share in 2017, contributing more than half of the total market. However, the long-range forecasting segment is expected to register the fastest CAGR of 12.5% through 2023. Additionally, the medium-range forecasting segment is projected to register a 15.0% CAGR through 2025.
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Based on end-user industry, the market is divided into transportation, aviation, energy & utilities, BFSI, agriculture, media, manufacturing, retail, and others. The aviation segment held the largest share in 2017, contributing nearly one-fifth of the total market. However, the transportation segment is estimated to register the fastest CAGR of 12.5% during the forecast period. Other segments such as BFSI and agriculture are also expected to portray gradual growth registering CAGR of 11.7% and 9.1% respectively during the study period.
Based on geography, the market is segmented into Asia-Pacific, LAMEA, North America, and Europe. The North America region held the largest revenue, contributing about two-fifths of the total market. However, Asia-Pacific region is expected to manifest the fastest CAGR of 15.5% during the forecast period, followed by LAMEA, which is expected to register a CAGR of 15.3% during the forecast period.
The report includes the major market players including,
- Global Weather Corporation
- Skymet Weather Services Pvt. Ltd.
- Precision Weather
- Met Office
- Accuweather Inc.
- BMT Group Ltd.
- The Weather Company
- Enav S.p.A.
- Skyview Systems Ltd.
They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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Questions answered in the Weather Forecasting Services Market research report:
1. What is the growth rate of the weather forecasting services market during the forecast period?
2. What will be the global weather forecasting services market size from 2017 to 2023?
3. What are the leading manufacturing companies in the weather forecasting services market?
4. How the major current trends will shape the weather forecasting services market in the future?
5. Why are some of the segments flourishing at the highest growth rate while others experience a steady growth?
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