Weather Forecasting Services Market to Reach USD 4.19 Billion by 2030 at a CAGR of 10.3%| Valuates Reports

BANGALORE, India, March 3, 2022 /PRNewswire/ -- The Weather Forecasting Services Market is Segmented 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 Global Weather Forecasting Services Market size was valued at 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.

Major Factors Driving the Growth of Weather Forecasting Service Market

The Weather forecasting service market is growing due to growth in the aviation and shipping industries, as well as an increase in safety concerns among end-use industries. Furthermore, the market's growth is fueled by an increase in renewable energy production.

Furthermore, technological advancements in computing systems, as well as the expansion of the transportation industry in developing regions, are expected to create lucrative opportunities for the weather forecasting services market.

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TRENDS INFLUENCING THE GROWTH OF WEATHER FORECASTING SERVICES MARKET

The rise in Safety Concerns among End-use Industries is expected to drive the growth of the weather forecasting service market. Weather forecasting systems are used in a variety of industries, including aviation, energy, agriculture, retail, media, and others. Early warnings of weather changes are provided by forecasting services, allowing businesses to plan weather-sensitive activities at the appropriate time, ensuring safety and sustainability. As the security and safety concerns of these businesses grow, the demand for weather forecasting services grows in order to avoid ecological disasters and natural disasters while also increasing revenue streams. For example, the aviation industry relies on forecasting services to keep up with air traffic control and weather.

Consistent technological breakthroughs in computing systems have fueled the growth of the weather prediction industry. Technological advancements have the potential to significantly expand the Weather forecasting service market. Furthermore, weather forecasting services enable secure and interoperable network communications for land operations as well as critical maritime operations like rescue, administration, and support.

Furthermore, during this pandemic, weather forecasting services provided numerous benefits to various organizations, such as improving corporate governance standards and increasing workforce efficiency for providing services in emergency situations such as storms, floods, and other disasters in remote locations. This in turn is expected to drive the growth of the Weather forecasting service market.

Demand from modern-day agriculture is expected to further propel the Weather forecasting service market growth. It is undeniable that, in order to feed an ever-increasing population, the demand for agricultural products has skyrocketed. Simultaneously, the need for agricultural management has grown, necessitating careful planning based on climatic conditions. As a result, weather forecasting services are increasingly being used by the agricultural sector to plan seasonal farming.

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WEATHER FORECASTING SERVICES MARKET SHARE ANALYSIS

Based on type, the short Range Forecasting segment is projected as one of the most lucrative segments. The event management industry's increasing need for short-term forecasts to plan sports and social events is credited with the segment's growth. Short-term weather forecasting is also becoming more popular in the renewable and oil and gas industries.

Based on end-user industries, The transportation segment is expected to grow at the fastest rate during the forecast period, as transportation system security can have a direct impact on the industry's operational safety and productivity, as well as an indirect impact on services.

Based on region, Asia-Pacific would exhibit the highest CAGR of 13.4% during 2021-2030. owing to its large population base and hub for global goods transportation.

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Key Players

• Global Weather Corporation
• Accuweather Inc.
• BMT Group
• Skymet Weather Services Pvt., Ltd.
• Precision Weather
• The Weather Company
• Fugro
• Enav S.p.A
• Met Office
• Skyview Systems Ltd.

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