Weather Forecasting Services Market Size, Share: Business Strategies, Industry Share, Sales Revenue, Key Players Analysis, Development

The global Weather Forecasting Services Market size is expected to reach US$ 2,732.2 million by 2028 & registering at a CAGR of 8.9% during the forecast period 2028. Weather forecasting services are highly efficient and helpful when dealing with the turbulence and wind shear issues. These services help monitor and measure wind at and near the airport environment. They are also used in the aerospace sector to improve long-range wind awareness.

The aviation industry depends heavily on the weather for decision-making is taken without considering the weather. One of the major threats for air travel is safety issues, which has increased with an unbalanced rise in airport capacities and facilities, coupled with frequent extreme weather conditions being experienced globally. There has been an increase in air accidents due to bad weather conditions, taking the lives of many passengers worldwide. Furthermore, the augmenting focus on operational efficiency and the surge in public-private partnership toward producing more accurate and reliable weather forecasts are creating lucrative market opportunities.

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The Key Players in The Global Market Are: 

Global Weather Corporation (US)
Accuweather, Inc. (US)
BMT Group Ltd. (UK)
Skymet Weather Services Pvt. Ltd.
Precision Weather
The Weather Company
Fugro (Netherlands)
Enav S.p.A. (Italy)
Met Office
Skyview Systems Ltd
StormGeo (Norway)
IBM Corporation (US)

The weather forecasting services market is segmented on the basis of industry, purpose, forecasting type, organization size, and geography. Based on industry, the market is segmented into agriculture, aviation, marine, transport and logistics, energy and utilities, oil and gas, media, insurance, retail, construction and mining, and others. In 2020, the energy and utilities segment accounted for the largest share in the market. In terms of purpose, the market is segmented into operational efficiency, safety, and others.

In 2020, the safety segment accounted for the largest share in the market. In terms of forecasting type, the market is segmented into nowcast, short range, medium range, and long range. In 2020, the short range segment accounted for the largest share in the market. In terms of organization size, the market is bifurcated into small and medium-sized enterprises, and large enterprises. In 2020, the large enterprises segment accounted for a larger share in the market. Geographically, the weather forecasting services market is broadly segmented into North America, Europe, APAC (Asia Pacific), MEA (the Middle East & Africa), and SAM (South America)

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The report segments the global Market as follows:

By Component (Solution and Services)
By Application (Customer Analytics, Workforce Management, Operations Management, Sales & Marketing Management, Risk & Compliance Management, and Other Applications)
By Industry (BFSI, IT & Telecom, Manufacturing, Retail & E-Commerce, Government & Defense, Healthcare & Life Sciences, and Other Industries)

The COVID-19 epidemic has had a substantial impact on the weather forecasting services market. The grounding of the majority of the world's fleet has resulted in a significant reduction in commercial aircraft flights, which provide critical weather data. Retail plane data is one of several sources used by meteorological organizations to forecast the weather, and it helps improve the accuracy of predicting most weather events, such as hurricanes.

According to the European Centre of Medium-Range Weather Forecasts (ECMRWF), at the end of March 2020, data provided by US aircraft had decreased by 50%, while readings provided by aircraft across Europe had been reduced by 80%. According to the center, cutting off all data from aircraft would reduce the accuracy of weather forecasts by around 15%. The impact of COVID-19 pandemic on the global airline industry will have a severe negative effect on both short and long-term readings.

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Essential points covered in Weather Forecasting Services Market report are:-

What will the market size and the growth rate be in 2028?
What are the key growth stimulants of Weather Forecasting Services Market?
What are the key market trends impacting Weather Forecasting Services Market valuation?
What are the challenges to market proliferation?
Who are the key vendors in the Weather Forecasting Services Market?
Which are the leading companies contributing to Weather Forecasting Services Market valuation?
What was the market share held by each region in 2028?
What is the estimated growth rate and valuation of Weather Forecasting Services Market in 2028?

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