Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Weather Forecasting Services Market (Forecasting Type: Short-range Forecasting, Medium-range Forecasting, Long-range Forecasting; End-Use Industry: Transportation, Aviation, Energy & Utilities, Banking, Financial Services & Insurance (BFSI), Agriculture, Media, Manufacturing, Retail, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2017 – 2023”, estimates that the global market weather forecasting services is expected to reach the market value of around $2.7 billion by 2023 and is expected to grow at a CAGR of 13.1% in terms of revenue during the period 2017 – 2023.
Weather forecasting provides real-time climate predictions related to the specific place or region. These predictions assist companies to plan their business operations, thus aiding in cost saving. Weather prediction solutions use technologically advanced models to deliver improved weather updates while optimizing profits for varied end-use industries. The global weather forecasting services market is influenced by a number of factors, including growth associated with aviation & shipping industry, rise in safety concerns among end-use markets, increase in the production of renewable energy, dearth of trained professionals, complexity of weather forecasting models, and technological advancements in computing systems. All these factors collectively create opportunities for the market growth, while some of them limit the market growth. However, each factor would have its definite impact on the market.
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Rise in Safety Concerns among End-Use Industries is Highly Contributing to Market Growth
Weather forecasting services are widely used in aviation, energy, agriculture, retail, media, and other industries. Forecasting services provide advanced notifications about changes in weather, which assists these industries to plan weather-sensitive operations at the right time, thus assuring safety and sustainability. As security and safety concerns are increasing among these industries, the demand for weather forecasting services is on a continuous rise to take preventive measures against ecological catastrophes, natural disasters, and enhance revenue streams. For instance, the aviation sector uses forecasting services to obtain constant updates on air traffic control and weather.
Insights on Market Segments
The global weather forecasting services market is segmented based on forecasting type and end-use industry. Forecasting type is bifurcated into short-range forecasting, medium-range forecasting, and long-range forecasting. On the basis of end-use industry, global weather forecasting services are segmented into transportation, aviation, energy & utilities, banking, financial services & insurance (BFSI), agriculture, media, manufacturing, retail, others. Based on region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Growing Demand from Aviation Sector
Aviation is one of the major end-user markets for weather forecasting service. Aviation sector held highest share in weather forecasting services market in 2016, and is also expected to maintain its dominance throughout the forecast period. Aviation agencies on a global scale rely on interconnected and automated systems to carry out functions necessary for safety of passengers. The aviation sector utilizes weather forecasting services to enhance ground and flight operations to protect public safety and optimize revenue services. Increase in connectivity of aerospace with IT infrastructure in the aviation industry fuels the deployment of weather forecasting services. In addition, growth of aviation market is expected to create lucrative opportunities in developing economies such as China, India, and others.
Some of the key market players that operate in the weather forecasting services market are The Weather Company, AccuWeather Inc., Met Office, Skymet Weather Services Pvt., Ltd., BMT Group, Global Weather Corporation, Precision Weather, Fugro, ENAV S.p.A, and Skyview Systems Ltd. among others.
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