NEW YORK, Dec. 1, 2016 /PRNewswire/ --
"Increasing demand for more reliable and accurate weather forecast is a major factor driving the weather forecasting services market globally''
The weather forecasting services market is projected to grow from USD 1.10 billion in 2016 to USD 1.56 billion by 2021, at a CAGR of 7.15% during the forecast period. Factors such as rapid industrialization, growth in transportation (aviation and shipping), and constant measures to reduce greenhouse gas emissions, and increase in production of clean energy (renewable energy) are influencing the growth of the weather forecasting services market. Main functions of weather forecasting services include issuing disaster warnings, giving information to optimize operations, and increasing the efficiency of industries, which extensively rely on weather for operations. However, aspects such as complex process of forecasting and uncertainty of forecasts may limit its market growth.
"Based on industry, the renewable energy segment is expected to grow at the highest CAGR during the forecast period"
Based on industry, the renewable energy segment is projected to grow at the highest CAGR during the forecast period. Governments are deploying renewable energy power plants efficiently to supplement energy requirements of countries, thereby reducing emission of greenhouse gases and contributing to clean energy. These factors have fueled the growth of renewable energy industries.
"Based on forecast type, the medium range segment is expected to grow at the highest rate during the forecast period"
Based on forecast type, the medium range segment is projected to lead the weather forecasting services market during the forecast period. New developments such as advance data analytics and machine learning techniques of computers have increased accuracy and reliability of forecasts over medium range. These technological advancements have fueled the growth of the weather forecasting services market for medium range.
''The weather forecasting services market in APAC is projected to grow at the highest rate during the forecast period"
The weather forecasting services market in Asia-Pacific is estimated to account for the largest market share in 2016. The weather forecasting services market in Asia-Pacific 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, improving economic conditions in the Asia-Pacific region, and increasing concerns for safety & security are expected to drive the Asia-Pacific weather forecasting services market.
Break-up of primary interviews conducted for research study:
- By Company Type - Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%
- By Designation – C level – 35%, Director level – 25%, and Others – 40%
- By Region – North America - 45%, Europe – 30%, APAC – 20%, RoW – 5%
Key players in the weather forecasting services market are StormGeo (Norway), The Weather Company (U.S.), Fugro (Netherlands), and ENAV S.p.A (Europe), among others.
The weather forecasting services market has been segmented on the basis of industry, forecasting type, and purpose. Based on industry, the weather forecasting services market has been divided into renewable energy, shipping, oil & gas, media, aviation, utilities, retail, agriculture, insurance, and others. Based on purpose, the weather forecasting services market has been divided into operational efficiency, safety, and others. On the basis of forecast type, the market has been classified into short range, medium range, and long range.
Reasons to Buy the Report:
From an insight perspective, this research report has focused on various levels of analysis —industry analysis (industry trends, market share analysis of top players, value chain analysis, and company profiles), which together comprise and discuss basic views on competitive landscape, emerging and high-growth segments of the weather forecasting services market, high-growth regions and countries, with market drivers, restraints, and opportunities.
The report provides insights into the following pointers:
- Market Penetration: Comprehensive information on weather forecast offered by top 10 players in the weather forecasting services market
- Product Development/Innovation: Detailed insights on research & development activities and new product launches in the weather forecasting services market
- Market Development: Comprehensive information about emerging markets - the report analyzes the weather forecasting services market across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the weather forecasting services market
- Competitive Assessment: In-depth assessment of market shares, strategies, and products of leading players in the weather forecasting services market
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