Weather Risk Management Solutions Market 2020 | Competitive Analysis by Key Vendors, Growth Factors New Revenue Opportunities | All Weather, Inc. (U.S), Airmar Technology Corporation (U.S), Campbell Scientific (U.S)

Weather risk management is about identifying, understanding, and reduction of financial exposure to weather system. Companies hire a third party to assume financial weather risk for them and address financial losses caused by weather disturbance or unusual weather. With the right weather risk management system, a business takes informed decisions on operations and can transform weather threats into an advantage for their business.

Increase in demand for weather forecasting using big data analytics and rise in climate change patterns resulting in uncertainties such as rainfall are the major factor that drive growth of the market. However, weather accuracy and lack of technical expertise hamper the market growth. Furthermore, developing economies such as India and China are expected to provide lucrative opportunities for the weather risk management solutions market.

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Weather risk management solutions is a growing market and prominent players are adopting different strategies such as expansion of their services, new product launches, collaborations, partnerships, and mergers to increase their customer base. For instance, in August 2019, Vaisala acquired professional business-to-business weather services from Foreca Oy, which offers weather services and precise weather forecasts to media houses, consumers, and digital media channels.

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Asia-Pacific is expected to have the largest weather risk management solutions market share during the forecast period, owing to technological advancements in emerging countries in the region. In addition, in countries such as India, where agriculture is the main occupation, weather risk management solutions can help farmers and governments to be well prepared based on the forecast and minimize financial losses caused by unusual weather.

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Major players include : All Weather, Inc. (U.S), Airmar Technology Corporation (U.S), Campbell Scientific (U.S), Columbia Weather Systems (U.S), G. Lufft Mess-und Regeltechnik (Germany), Morcom International (U.S), Sutron Corporation (U.S), Skye Instruments (U.K), The Weather Company (U.S), and Vaisala (Finland)

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