Weather Forecasting Services Market Growth, Analysis, Latest Trends and Forecast till 2026

The weather forecasting services market size is projected to grow from an estimated USD 1.7 billion in 2021 to USD 2.7 billion by 2026, at a CAGR of 9.9% during the forecast period. This growth can be attributed to the increasing safety concerns in end-use industries and a rise in climate change patterns resulting in uncertainties related to rainfall.

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The insurance segment accounts for the largest market size during the forecast period

The insurance sector uses weather forecasting services to predict damage from severe events and provide proper communication to customers regarding the expected damage due to severe weather conditions. When policyholders are alerted to an imminent weather event, they can begin taking steps to avoid weather-related damage. Similarly, insurers can use accurate and timely weather data to move resources into place before major weather events. In the current scenario, developing countries' agriculture industry's profits depend strongly on weather realizations. It is well‐known that farmers without access to good insurance markets act conservatively, investing less on their farms and choosing crop mixes and cultivation techniques that reduce the volatility of farm profits at the expense of lower expected profits. Climate change experts and policymakers have long recognized that the insurance industry holds a significant reservoir of needed skills and knowledge. The insurance industry not only possesses in-depth knowledge of extreme weather and its associated risks but also has expertise in weather risk modelling, scenario building, and aligning incentives with desired actions.

The small and medium-sized enterprises segment is projected to grow at the highest CAGR during the forecast period

Based on the organization size, the weather forecasting services market has been segmented into large enterprises and Small & Medium-Sized Enterprises. the small and medium-sized enterprises is estimated to growth at a highest CAGR in the weather forecasting services market during the forecast period. Increasing awareness of the benefits of implementing weather forecasting solutions is expected to boost their adoption among SMEs during the forecast period.

The short-range forecast type segment accounts for the largest market size during the forecast period

Based on forecast type, the weather forecasting services market is segmented into nowcast, short-range, medium-range, extended-range, and long-range forecast type. The short-range forecast type is estimated to lead the weather forecasting services market during the forecast period. The growth of this segment is attributed to the increasing need for short-range forecasts by the renewables and oil & gas industry.

"Asia Pacific is projected to grow at the highest CAGR during the forecast period."

Asia Pacific is projected to be the fastest-growing region in the weather forecasting services market during the forecast period, backed by significant development in maritime and air transport, increasing demand for continuous weather monitoring for disaster management, rapid industrialization, and continuing regional economic growth. Global warming has led to frequent changes in weather patterns, leading to heatwaves and droughts. The number of incidents of natural disasters has increased due to these fluctuations in the weather. Fluctuating weather conditions are a cause for concern across different industries, such as agriculture, aviation, transport & logistics, retail, and energy & utilities. A reliable system for an advanced warning is important to take preventive steps to save these industries from huge damages and losses. This, in turn, is expected to drive the weather forecasting services market in the Asia Pacific region.

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Major players operating in the weather forecasting services market include The Weather Company (US), AccuWeather (US), DTN (US), StormGeo (Norway), Fugro (Netherlands), and ENAV S.p.A. (Italy), among others. These companies have advance technologies and strong distribution networks across North America, Europe, and other regions.

News also covered: https://www.prnewswire.com/news-releases/weather-forecasting-services-market-worth-2-7-billion-by-2026--exclusive-report-by-marketsandmarkets-301479560.html

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This release was published on openPR.