Global Weather Forecasting Services Market to 2028 - COVID-19 Impact and Analysis - ResearchAndMarkets.com

The "Weather Forecasting Services Market Forecast to 2028 - COVID-19 Impact and Global Analysis" report has been added to ResearchAndMarkets.com's offering.

The global weather forecasting services market is expected to grow from US$ 1,501.00 million in 2021 to US$ 2,732.52 million by 2028; it is estimated to grow at a CAGR of 8.9% during 2021-2028.

With a constant increase in the temperature and the air becoming warmer, water evaporation has intensified, leading to frequent downpours and heavy snowfall. This heavy precipitation is not spread evenly across the world, with some places not getting the required amount of precipitation. Since climate change causes a shift in air and ocean currents, it changes weather patterns. The rising incidence of natural disasters due to undesired climatic changes and subsequent security concerns has surfaced as the key factor behind the growth in the global weather forecasting services market.

Advanced and reliable weather forecasting achieved within the stipulated time can lead to significant cost savings and also help with protection against catastrophes and natural disasters. The technological advancements in computing systems, such as advanced data analytics, model development, and machine learning tools and techniques, are likely to boost the demand for weather forecasting services during the forecast period.

The weather forecasting services market is segmented on the basis of industry, purpose, forecasting type, organization type, and geography. Based on industry, the market is segmented into agriculture, aviation, marine, transport and logistics, energy and utilities, oil and gas, media, insurance, retail, construction and mining, and others. Based on purpose, the market is segmented into operational efficiency, safety, and others. By forecasting type, the market is segmented into nowcast, short range, medium range, and long range. Based on organization size, the weather forecasting services market is bifurcated into large enterprises and small and medium-sized enterprises. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Asia Pacific accounted for the significant share in the global market.

The impact of the COVID-19 pandemic differed from country to country across Europe as selected countries witnessed an increase in the number of COVID-19 recorded cases and subsequently attracted strict and more extended lockdown periods or social isolation. Due to the pandemic, electronics equipment and associated services have been significantly affected. The pandemic has restricted the supply chain in various countries in Europe. The member states of Europe, such as Italy, Spain, and Germany, implemented drastic measures and travel restrictions to limit the spread of novel coronavirus among its citizens. European countries represent a leading share in the market as this region has the highest environmental safety standards in the world. However, due to the disrupted supply chain of hardware components that used to control the after-effects of natural disasters, the market has been significantly affected and weather forecasting services have been reporting delays.

Reasons to Buy

• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global weather forecasting services market
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• The key findings and recommendations highlight crucial progressive industry trends in the global weather forecasting services market, thereby allowing players across the value chain to develop effective long-term strategies
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

Market Dynamics

Drivers

• Changing Climate Patterns Resulting in Uncertainties in Rainfall
• Significant Investment into Clean Energies and Government Support

Restraints

• Rising Complexity Associated with Weather Forecasting Models

Opportunities

• Increasing Adoption of Technologically Advanced Systems Among Airports

Future Trends

• Uptake of Advanced Technologies in Weather Forecasting Services

Companies Mentioned

• Accuweather Inc.
• BMT Group Ltd
• Enav S.p.A.
• Fugro
• Global Weather Corporation
• SKYVIEW SYSTEMS
• Precision Weather
• Skymet Weather Services Pvt., Ltd.
• StormGeo
• The Weather Company (IBM)
• DTN

For more information about this report visit https://www.researchandmarkets.com/r/134mv3

View source version on businesswire.com: https://www.businesswire.com/news/home/20220114005286/en/