IMARC Group has recently released a new research study “Weather Forecasting Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What Are The Growth Prospects Of The Weather Forecasting Services Industry?
The global weather forecasting services market size reached US$ 2.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 1.82 Billion by 2028, exhibiting a growth rate (CAGR) of 9.1% during 2023-2028.
What Is A Weather Forecasting Services?
Weather forecasting services represent the prediction of weather by using advanced technologies and sciences for a specific location. They also forecast several changes on the surface of the earth caused by atmospheric conditions, such as storm tides, snow and ice cover, floods, etc. Weather forecasting services assist farmers in controlling the pests and other crop diseases to spread over the field by determining the accurate period for using specific pesticides. In line with this, they help in reducing weather-related losses and enhancing societal benefits, including the protection of life and property as well as public health and safety. Consequently, weather forecasting services find extensive applications in various sectors, such as aviation, energy and utilities, transportation, banking, financial services and insurance (BFSI), agriculture, manufacturing, retail, etc.
What Are The Key Driving Factors In The Weather Forecasting Services Market?
The inflating need for disaster management is primarily driving the weather forecasting services market. Additionally, changing climate conditions and energy transitions and the rising investments by government bodies in R&D activities are further catalyzing the market growth. Besides this, the widespread adoption of weather forecasting services by farmers to determine precipitation forecasts, wind alerts, actionable insights, etc., for improving yields, managing their operations, and maximizing profits is acting as another significant growth-inducing factor.
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Moreover, they are also utilized to enhance the irrigation method for boosting agricultural production and farming, which is positively influencing the global market. Apart from this, the escalating demand for weather forecasting services to enable efficient and safe network communications for land and sea rescue, administration, support operations, etc., is also propelling the market growth. Furthermore, the introduction of supercomputers for ensuring accurate predictions is projected to fuel the weather forecasting services market in the coming years.
Who Are The Key Players/Companies In The Global Weather Forecasting Services Market?
AccuWeather Inc., AerisWeather, BMT Group, Custom Weather, DTN, ENAV S.p.A., Fugro, International Business Machines Corporation, Met Office, Precision Weather Services, Skymet Weather Services Pvt. Ltd. and StormGeo AS.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Forecasting Type:
- Short-range Forecasting
- Medium-range Forecasting
- Long-range Forecasting
Breakup by Purpose:
- Operational Efficiency
- Safety
- Others
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-Sized Enterprises
Breakup by End User:
- Transportation
- Aviation
- Energy and Utilities
- Banking, Financial Services and Insurance (BFSI)
- Agriculture
- Media
- Manufacturing
- Retail
- Others
By Geography:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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