Weather Forecasting Services Market to Garner $4.19 Bn, Globally, by 2030 at 10.3% CAGR: Allied Market Research

PORTLAND, Ore., March 17, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Weather Forecasting Services Market by Forecasting Type (Short-range Forecasting, Medium-range Forecasting, and Long-range Forecasting) and End-use Industry (Transportation, Aviation, Energy & Utilities, BFSI, Agriculture, Media, Manufacturing, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030". As per the report, the global weather forecasting services industry was pegged at $1.63 billion in 2020, and is estimated to reach $4.19 billion by 2030, growing at a CAGR of 10.3% from 2021 to 2030.

Drivers, restraints, and opportunities

Increase in safety concerns among end-use industries and growth of aviation & shipping industries drive the global weather forecasting services market. However, complications regarding weather forecasting models and dearth of skilled workforce hinder the market growth. On the contrary, technological advancements in computing systems would open new opportunities in the future.

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Covid-19 scenario:

• The demand for weather forecasting services declined during the Covid-19 pandemic, due to adoption of work from home across the globe.
• Several government organizations, and NGOs adopted weather forecasting services for improving losses suffered due to natural disaster and pandemic.

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The medium range forecasting segment to manifest the highest CAGR through 2030

By forecasting type, the medium range forecasting segment is estimated to register the highest CAGR of 13.5% during the forecast period, owing to surge in demand to deliver quantitative accurate forecast for parameters including cloud, humidity, rainfall, wind, and temperature. However, the short range forecasting segment dominated the market in terms of revenue, contributing to nearly half of the global weather forecasting services market in 2020, due to rapid industrialization and growth in air & sea transport.

The energy and utilities segment held the largest share

By end use industry, the energy and utilities segment held the largest share in 2020, contributing to more than one-fourth of the global weather forecasting services industry, as uncertainty of weather events increases the risks for offshore operations. However, the transportation segment is estimated to register the highest CAGR of 16.6% during the forecast period, owing to  impact on operational safety and productivity of the industry by security of transport systems.

North America held the lion's share

By region, the market across North America held the largest share in 2020, accounting for more than one-third of the global weather forecasting services market, due to presence of prominent players in the region. However, the market across Asia-Pacific region is projected to portray the highest CAGR of 13.4% during the forecast period, due to GDP growth and adoption of advanced technical models by prominent market players.

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Major market players

• AccuWeather, Inc.
• BMT Group
• ENAV
• Fugro
• Global Weather Corporation
• Met Office
• Precision Weather Services
• Skymet Weather Services Pvt., Ltd.
• Skyview Systems Ltd.
• The Weather Company

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