(I-BusinessNews.Com, July 16, 2020 ) According to the new market research report Weather Forecasting Services Market is projected to grow from $1.10 Billion in 2016 to $1.56 Billion by 2021, at a CAGR of 7.15% during the forecast period. The base year considered for the report is 2015, and the forecast period is from 2016 to 2021. In this report, the weather forecasting services market has been categorized into three key segments, namely, industry, purpose, and forecast type.
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The report offers revenue forecasts and analyzes industry trends that are predominant in this market. On the basis of industry, the market has been classified into renewable energy, shipping, aviation, oil & gas, media, agriculture, insurance, retail, utilities, and others. The renewable energy segment is expected to grow at a highest CAGR from 2016 to 2021. In 2016, the renewable energy segment is estimated to account for the largest share of the market, owing to importance of renewable energy segment in determining the demand and supply of energy commodities.
Based on purpose, the weather forecasting services market has been divided into operational efficiency, safety, and others. The operational efficiency segment is estimated to lead the market during the forecast period. Wind energy firms need weather forecasting services for efficient output; solar energy plants need weather forecasting services for estimating power output; and the shipping industry needs weather forecasting services to determine economical and safe routes. Likewise, other industries also use weather forecasting service to optimize their operations and increase their economic viability.
On the basis of forecast type, the weather forecasting services market has been classified into short range, medium range, and long range. The medium range segment of the market is projected to grow at a highest CAGR during the forecast period. Introduction of advanced data analytics and machine learning techniques for computers have increased accuracy and reliability of weather forecasts over medium range. These technological advancements have fueled the growth of the medium range segment of the market.
The weather forecasting services market has been studied in five major regions, namely, North America, Europe, Asia-Pacific, Middle East & North Africa (MENA), and the rest of the world. The Asia-Pacific region is estimated to account for the largest share in the market in 2016. This market in the Asia-Pacific region is anticipated to grow at the highest CAGR during the forecast period.
Factors such as growth of air & sea transport, dependency on rainfall for water, improvement in economic conditions of various countries in the Asia-Pacific region, and increase in concerns for safety & security are driving the Asia-Pacific weather forecasting services market. However, aspects such as complex process of forecasting and uncertainty of forecasts may limit the growth of the Asia-Pacific market.
Major players in the weather forecasting services market are StormGeo (Norway), BMT Group (U.K.), Fugro (Netherlands), ENAV S.p.A (Europe), The Weather Company (U.S.), Global Weather Company (U.S.), Mateoblue (U.S.), Precision Weather (U.S.), METEO Group (U.K.), and Met Office (U.K.).
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