BANGALORE, India, March 3, 2022 /PRNewswire/ — The Time Forecasting Services Market is segmented by Forecast Type (Short Term Forecast, Medium Term Forecast, and Long Term Forecast) and End-Use Industry (Transportation, Aviation, Energy & Utilities, BFSI, Agriculture, Media, Manufacturing, Retail & Others): Global Opportunities Analysis and Industry Forecast, 2021-2030.
The global weather forecasting services market size was valued at $1.63 billion in 2020 and is expected to reach $4.19 billion by 2030, registering a CAGR of 10.3% from 2021 to 2030.
Main factors promoting the growth of Weather Forecasting Services Market
The weather forecasting services market is growing due to the growth of aviation and shipping industries, as well as an increase in security concerns among end-use industries. Furthermore, the growth of the market is fueled by an increase in the production of renewable energy.
Additionally, technological advancements in computer systems, along with the expansion of the transportation industry in developing regions, are expected to create lucrative opportunities for the weather forecasting services market.
TRENDS INFLUENCING THE GROWTH OF THE WEATHER FORECASTING SERVICES MARKET
Rising security concerns among end-use industries are expected to drive the growth of the weather forecasting services 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 right time, ensuring safety and sustainability. As the security and safety concerns of these businesses increase, so does the demand for weather forecasting services to avert environmental disasters and natural disasters while increasing revenue streams. For example, the aviation industry relies on forecast services to track air traffic control and weather.
Constant technological breakthroughs in computer systems have fueled the growth of the weather forecasting industry. Advancements in technology have the potential to greatly expand the market for weather forecasting services. Additionally, weather forecasting services enable secure and interoperable network communications for land operations as well as critical maritime operations such as rescue, administration and support.
Moreover, during this pandemic, weather forecasting services have provided many benefits to various organizations, such as improving corporate governance standards and increasing labor efficiency to deliver 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 services market.
The demand from modern agriculture is expected to further propel the growth of the weather forecasting services market. It is undeniable that to feed an ever-growing population, the demand for agricultural products has exploded. Simultaneously, the need for agricultural management has increased, requiring careful planning based on climatic conditions. Therefore, weather forecasting services are increasingly used by the agricultural sector to plan seasonal agriculture.
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WEATHER FORECASTING SERVICES MARKET SHARE ANALYSIS
Depending on the type, the short-term forecasting segment is projected as one of the most lucrative segments. The event management industry’s growing need for short-term forecasting to plan sporting and social events is driving the growth of the segment. Short-term weather forecasting is also becoming increasingly popular in the renewable energy and oil and gas industries.
Based on the end-user industries, the transportation segment is expected to grow at the fastest rate over the forecast period, as the safety of the transportation system can directly impact the operational safety and productivity of the industry, as well as an indirect impact on services.
Based on the region, Asia Pacific would exhibit the highest CAGR of 13.4% during the period 2021-2030. due to its large population base and hub for global freight transportation.
World Meteorological Society
Skymet Weather Services Pvt., Ltd.
The weather company
Skyview Systems Ltd.
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– The Global Weather Radar Market the size should reach $376.8 million by 2027, $275 million in 2020, at a CAGR of 4.6% over the period 2021-2027.
– The Global Weather Forecasting Systems and Solutions Market the size should reach $2487.1 million by 2027, $1931.6 million in 2020, at a CAGR of 3.2% over the period 2021-2027.
– The Global radar market size was estimated at $32.56 billion in 2019, and should reach $49.43 billion by 2027, to register a CAGR of 3.80% from 2020 to 2027.
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