Weather Forecasting Services Market to grow USD 2.8 Billion by 2028

Increasing demand for Weather Forecasting Data across the globe to drive the market.

The Weather Forecasting Services market is projected to grow from USD 1.9 Billion in 2023 to USD 2.8 Billion by 2028, at a CAGR of 8.2 % during the forecast period. Technological advancements and increasing demand for weather forecasting data across the globe are driving the growth of the market.

The Insurance is projected to hold highest share of the market by Industry during the forecast period.

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Based on Industry, the Insurance segment of the Weather Forecasting Services market is projected to hold the highest share during the forecast period. The Insurance companies uses Weather Forecasting and Historical Weather data to verify the claims and assess the extent of loss. The accurate weather data is crucial for weather-related claims. The Weather data helps to prevent fraud claims and ensures fair compensation for policyholders. Accurate weather Forecast helps in quantify risks associated with various weather-related events like hurricanes, floods, wildfires, hailstorms, and more to ensure perfect policy prices and manage the exposure to potential claims.

The Nowcast segment is projected to grow at highest rate by Forecasting Type.

Based on Forecasting type, the Nowcast segment is projected to grow at highest rate during the forecast period. Nowcast forecasting type focuses on providing short-term, highly localized, and real-time weather information. The nowcast provides up-to-the-minute weather information. For route scheduling, farmers, marine, and various other industries the nowcast forecasting is very crucial to minimize loss due to bad weather conditions. The nowcast forecasting is very much important for transport and industries to minimize the road accidents and logistics damage due to unwanted weather conditions and natural calamities.

Asia Pacific is expected to account for the largest market share in 2023.

The Weather Forecasting Services market industry has been studied in North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia Pacific accounted for the largest market share for Weather Forecasting Services. Asia Pacific is estimated to grow at highest CAGR of 8.7 % during the forecast period. China leads the market in Asia Pacific with a large number of companies and startups operating in the industry. The country is playing a vital role in the advancement and services of Weather Forecasting Services. The market is expected to expand owing to the demand for Weather Forecasting Services system to minimize the loss in various industries due to bad weather conditions and natural calamities.

The break-up of the profile of primary participants in the WEATHER FORECASTING SERVICES market:

By Company Type: Tier 1 - 35%, Tier 2 - 45%, and Tier 3 - 20%
By Designation: C Level - 35%, Managers - 25%, Others-40%
By Region: North America -40%, Asia Pacific - 30%, Europe - 20%, Middle East & Africa -5%, Latin America - 5%

Prominent companies include The Weather Company (US), DTN (US), Accuweather (US), Fugro (Netherlands), and Enav S.P.A (Italy) and among others.

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This release was published on openPR.