The weather forecasting services market is expected to grow from US$ 1,501.00 million in 2021 to US$ 2,732.52 million by 2028; it is estimated to grow at a CAGR of 8.9% during 2021–2028.
Advanced weather notifications enable enterprises to plan weather-sensitive operations ahead of time, ensuring safety, efficiency, sustainability, and significant cost savings. Weather forecasting services are used extensively in various industries, such as oil and gas, renewable energy, shipping, media, agriculture, aviation, utilities, and construction. The renewable energy sector is expected to dominate the weather forecasting services market during the forecast period, owing to increased electricity consumption and energy requirements in various end-use industries. Many industrial enterprises are being encouraged to cut their greenhouse gas emissions to produce clean energy due to strong government measures aimed at substituting non-renewable resources with renewable energy. These factors are anticipated to increase the demand for weather forecasting services, thereby creating substantial market space for weather forecasting services companies to grow during the forecast period.
Global Weather Corporation
BMT Group Ltd.
Skymet Weather Services Pvt. Ltd.
The Weather Company
Skyview Systems Ltd.
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Industry-Based Market Insights
Based on Industry, the weather forecasting services market is segmented into agriculture, aviation, marine, transport and logistics, energy and utilities, oil and gas, media, insurance, retail, construction and mining, and others. The energy and utilities segment is estimated to account for the largest market share in the coming years. The increasing demand for domestic energy from various countries, growing use of electric systems, and depletion of fossil fuels have led governments of different countries to resort to renewable energy sources, resulting in the high market growth for the energy and utility segment during the forecast period.
Purpose-Based Market Insights
Based on purpose, the weather forecasting services market is segmented into operational efficiency, safety, and others. The weather forecasting services help people, businesses, and governments for various purposes, such as operational efficiency, safety, research & development to better mitigate risks, reduce losses, and materialize opportunities from the new intelligence of highly accurate and reliable forecasts and predictions.
Forecasting Type-Based Market Insights
Based on forecasting type, the weather forecasting services market is segmented into nowcast, short range, medium range, and long range. A short-range forecast projection might last from a few hours to three days and cover a specific location or a few million square kilometers.. Short-term weather forecasting projections in print media, on the other hand, may appear outdated due to the time it takes to collect, produce, and distribute the data. It is most commonly utilized in the aviation and shipping industries.
The players operating in the weather forecasting services market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
In 2021, AccuWeather, Inc. with Chainlink introduced a new Chainlink node solution offering weather data to blockchains for making APIs compatible and accessible. Through this, the company can sell and supply AccuWeather’s data directly to the smart contracts.
In 2021, StormGeo, a global pioneer in weather intelligence and advanced data science solutions, has been acquired by Alfa Laval. The acquisition is a part of Alfa Laval’s plan to support the marine industry’s efforts to improve efficiency, and it will also expand Alfa Laval’s digital services knowledge.
The global Weather Forecasting Services market has been segmented as mentioned below:
Transport and Logistics
Energy and Utilities
Oil and Gas
Construction and Mining
By Forecasting Type
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