March 28, 2020
Weather Forecasting Services

Weather Forecasting Services Market: A Global Analysis, Target Size and Opportunities to 2026

The market for weather forecasting services was valued at US$ 1,300.5 million in 2017 and is projected to grow by 4.6 per cent throughout the forecast period from 2018 to 2026.

The prediction of weather has always been a challenging but vital part of human evolution. From agriculture & fisheries to modern aviation industries, accurate weather predictions for the desired output and safety are largely dependent on them. The degree of precision has improved significantly over time, especially in the last few years. Technologies such as real-time data collection, analytical tools, artificial intelligence and advanced satellite images help weather forecasting companies to come up with more accurate and close weather predictions. Such prediction is proving to be an indivisible part of earning profits, resource utilization and even life-saving in critical situations. Perpetual improvement in weather forecasting and the growing dependence of a number of end-use industries on forecasts is projected to boost the growth of the weather forecasting services market throughout the forecast period from 2018 to 2026.

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At present, weather forecasting for the aviation industry has dominated the market as weather forecasting can become a key factor in passenger safety. Thanks to weather forecast, airports and air traffic control keep a hawk eye on the slightest weather change. Weather forecasting also helps to reduce shipping & logistics overheads and avoid heavy losses due to adverse weather conditions. Numerous other end-use industries, including marine, agricultural & fisheries and most energy & services, relay extensively on weather forecasts to achieve desired performance. Significant growth in renewable energy generation has also encouraged the market for weather forecasting services, since most renewable energy sources derive energy from natural elements. While predicting accurate and accurate weather is still an inhibitor of market growth, the incorporation of advanced technology in the coming years can bridge the wide gap between predictions and actual weather conditions.

The global market for weather forecasting services is segmented into the short, medium, and long range based on type. In the above segmentation the short and medium range are both expected to dominate the market. For this segment, the forecast is the most accurate. The forecast is made for 2-3 days for the short range, and it is predicted for the aviation and shipping industries. The prediction is made for 7-10 days for the medium-range, and is expected for agriculture in particular.

The global market for weather forecasting services is segmented into safety, operational efficiency and other purposes, based on purpose. In the above segmentation operating efficiency is expected to dominate the market. Because of its productivity motivation and financial practicability, it is relied upon to lead the climate anticipating managements advertise. Increasing demand for sustainable power-source power plants such as solar, wind, etc., development of global trade among nations, and transportation has led to an increase known for operational skill.

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The global market for weather forecasting services is segmented on the basis of end-user industry into renewable energy, oil & gas, shipping, media, agriculture, insurance, retail, aviation and others. In the above segmentation renewable energy is expected to dominate the market. Increment in power utilization and vitality prerequisites for domestic and commercial use. Most nations around the world face a couple of difficulties in meet the demand for electricity. They can’t predict the exact capacity produced at a specific time interval due to uncertainty inn climate condition. Weather forecasting services help predict how much electricity they can produce and how much electricity other sources need to produce.

Segmentation
By Forecasting Type (2016-2026; US$ Mn)
• Nowcast
• Short-range Forecast
• Medium-range Forecast
• Long-range Forecast

By End-use Industries (2016–2026; US$ Mn)
• Agriculture & Fisheries
• Aviation
• Transportation & Logistics
• Marine
• Energy & Utilities
• Media
• Others (Hydrology, Military, Meteorology, etc.)

Geography Segment (2016–2026; US$ Mn)
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, and Rest of Europe)
• Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
• Rest of World (Middle East & Africa (MEA), Latin America)

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