Increase in safety concerns among end-use industries and growth of aviation & shipping industries drive the global Weather Forecasting Services Market. However, complications regarding weather forecasting models and dearth of skilled workforce hinder the market growth. On the contrary, technological advancements in computing systems would open new opportunities in the future.
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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.
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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.
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- 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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