The global Weather Forecasting Services Market size is expected to reach USD 4.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.7% from 2022 to 2030. Many businesses and industries such as aviation, agriculture, marine, transportation and logistics, and renewables are weather-sensitive, requiring highly accurate weather forecasting services and solutions to make decisions and operate efficiently. Climate change has led to more frequent extreme weather events, driving the demand for weather forecasting services worldwide.
The Covid-19 pandemic struck the globe in 2020,
leading to travel restrictions and lockdowns. It impacted the operations of the
market players owing to government regulations and supply chain disruption.
Some of the market players witnessed negative or lower year-over-year (YoY)
growth in revenues during the financial year. The accuracy of weather forecasts
was probably reduced as lesser flights operated during the lockdown period. Other
observation systems such as marine and satellites were affected to a lesser
extent.
Many weather forecasting service providers offer
tailored solutions to industries, meeting application-specific needs.
Technological advancements such as Artificial Intelligence (AI) and Machine
Learning (ML) are expected to aid in improving the weather forecast quality.
Many players also offer data and analytics weather solutions to their clients,
helping them mitigate risks and operate more efficiently. Market players are
investing in research and technology such as automation and supercomputers for
providing highly accurate weather forecasts.
Related Press Release@ Weather Forecasting Services Market Report
Weather Forecasting
Services Market Report Highlights
- In terms of forecast, the medium-range segment accounted for the
largest revenue share in 2021 and is anticipated to expand at the highest
CAGR over the forecast period. This can be attributed to the increasing
demand and improvement in the accuracy of medium-range forecasts across
industries
- By organization size, the large enterprises segment accounted for
the largest revenue share in 2021 and is expected to retain its lead over
the forecast period. This can be attributed to factors such as advanced
technological infrastructure and larger investments by enterprises
- Based on industry, the media segment dominated the market in 2021.
The aviation segment accounted for the second-largest revenue share in
2021. The renewables segment is expected to expand at the highest CAGR of
7.1% over the forecast period owing to the energy transition worldwide
- North America held the largest revenue share in 2021 and is
expected to retain its position over the forecast period. This can be
attributed to the presence of a large number of weather forecasting
service players in the region. The Asia Pacific region is anticipated to
expand at the highest CAGR of over 6.8% over the forecast period
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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