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AMR Predicts Meteoric Growth of Weather Forecasting Services Industry, Valued at $4.19 Billion in 2030
Weather Forecasting Services Industry
Geographically, North America held the reins of the weather forecasting services market in 2020, owing to a large number of vendors and favorable government policies. However, the Asia-Pacific region is expected to witness the highest growth rate, fueled by its vast population base and its status as a global hub for goods transportation.
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Weather forecasting services encompass a broad array of methodologies, tools, solutions, and approaches interconnected with meteorology. The process of weather forecasting involves utilizing diverse tools to assess atmospheric data, delivering current or future weather patterns for specific locations. This field extensively utilizes both structured and unstructured data to enhance analytical outputs, thereby contributing to increased revenue across various end-use sectors.
The market for weather forecasting services experiences growth propelled by factors such as the aviation and shipping industry expansion, coupled with heightened safety concerns among end-use sectors. Additionally, the market benefits from the increased production of renewable energy. However, challenges linked to the complexity of weather forecasting models and a shortage of skilled workforce pose potential obstacles to market growth. On the positive side, technological advancements in computing systems and the burgeoning transportation industry in developing regions offer lucrative opportunities for market expansion.
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In terms of end-use industry, the aviation segment dominated the weather forecasting services market in 2020 and is anticipated to maintain its supremacy, driven by the growing integration of aerospace IT infrastructure in the aviation sector. Meanwhile, the transportation segment is poised for the highest growth during the forecast period. This surge is attributed to the direct influence of transport system security on operational safety and productivity, thereby indirectly impacting the services.
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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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.
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.
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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.
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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