Weather Forecasting Services Market Revenue is expected to Surpass $4.19 billion by 2030

The transport segment is expected to experience significant growth in the coming years

WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 25, 2024 /EINPresswire.com/ -- 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. The global Weather Forecasting Services Market size was valued $1.63 billion in 2020, and is projected to reach $4.19 billion by 2030, registering a CAGR of 10.3% from 2021 to 2030.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 250 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/2390

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.

The need for weather forecasting services grows at a substantial rate due to technical improvements in product offerings, increase in desire to improve performance & operational efficiency, rise in demand for advanced data analysis models, and expansion in application areas among end users. In addition, the need to minimize maintenance costs, increase in air traffic, rise in the requirement to reduce economic turnbacks, and increase in awareness of forecasting solutions are projected to generate profitable prospects for the weather forecasting services industry. Furthermore, the key factor that drives the market size includes growth associated with the aviation & shipping industry, whereas the rise in safety concerns among end-use industries drives the growth of the market.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/weather-forecasting-services-market/purchase-options

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.

On the basis of forecasting type, the short-range forecasting segment dominated the weather forecasting services market size in 2020, and is expected to continue its dominance in the coming years, as it is used in various user-specific applications such as aviation, hydrology, disaster management, agriculture, and others. However, the medium-range forecasting segment is expected to witness growth at the highest rate owing to rapid industrialization and continuous growth in sea transport and air travel.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐆𝐥𝐨𝐛𝐚𝐥 𝐖𝐞𝐚𝐭𝐡𝐞𝐫 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧
𝐀𝐜𝐜𝐮𝐰𝐞𝐚𝐭𝐡𝐞𝐫 𝐈𝐧𝐜.
𝐁𝐌𝐓 𝐆𝐫𝐨𝐮𝐩
𝐒𝐤𝐲𝐦𝐞𝐭 𝐖𝐞𝐚𝐭𝐡𝐞𝐫 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐏𝐯𝐭., 𝐋𝐭𝐝.
𝐏𝐫𝐞𝐜𝐢𝐬𝐢𝐨𝐧 𝐖𝐞𝐚𝐭𝐡𝐞𝐫
𝐓𝐡𝐞 𝐖𝐞𝐚𝐭𝐡𝐞𝐫 𝐂𝐨𝐦𝐩𝐚𝐧𝐲
𝐅𝐮𝐠𝐫𝐨
𝐄𝐧𝐚𝐯 𝐒.𝐩.𝐀
𝐌𝐞𝐭 𝐎𝐟𝐟𝐢𝐜𝐞
𝐒𝐤𝐲𝐯𝐢𝐞𝐰 𝐒𝐲𝐬𝐭𝐞𝐦𝐬 𝐋𝐭𝐝.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/2390

On the basis of end-use industry, the report is classified into transportation, aviation, energy & utilities, bfsi, agriculture, media, manufacturing, retail, and others. The transportation segment is expected to register the highest CAGR of 16.6% during the forecast period. However, the energy and utilities segment dominated the market in 2020, contributing to more than one-fourth of the weather forecasting services market.

Surge in safety concerns among the end-use industries and the growth of the aviation & shipping industry drive the growth of the global weather forecasting services market. However, the complexity of weather forecasting models hinders market growth. On the contrary, technological developments in computing systems and the growth of the transportation sector across developing countries would unlock new opportunities in the future.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/2390

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.

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.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

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David Correa
Allied Market Research
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