According to the latest market research report the Weather Forecasting Services Market is estimated to be $1.5 billion in 2020 and is projected to reach $2.3 billion by 2025, at a CAGR of 9.3% during the forecast period. Some of the factors fueling the market’s growth include increasing safety concerns in end-use industries and a rise in climate change patterns resulting in uncertainties related to rainfall. Increasing supercomputing capabilities and an upsurge in the production of renewable energy are anticipated to open several growth opportunities for weather forecast service providers during the forecast period. However, uncertainty in forecasting methods for different industries, the complexity of weather forecasting models, and the dynamic nature of atmospheric variables are expected to restrain the market growth during the forecast period.
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Based on industry, the energy & utilities segment is estimated to account for the highest share in the weather forecasting services market in 2020. The growing use of electric systems, increasing domestic energy demand from various countries across the globe, and the depletion of fossil fuels have led governments of various countries to resort to renewable sources of energy, which, in turn, is expected to contribute to the growth of the energy & utilities segment during the forecast period.
Based on purpose, the market is estimated to be dominated by the safety segment with a market share of highest market share in 2020. This growth can be attributed to the the increasing scope of weather forecasting services in end-use industries to improve safety and reduce losses are the key factors driving the growth of the market. In 2018, the US experienced a very active year of weather and climate disasters. In total, the country endured 14 separate billion-dollar disaster events: two tropical cyclones, eight severe storms, two winter storms, a drought, and a wildfire. Accurate weather forecasting can help mitigate the losses resulting from such events.
Based on forecasting type, the short-range forecasting type is estimated to lead the weather forecasting services market during the forecast period. The growth of this segment is attributed to the increasing need for short-range forecasts by the event management industry to plan sports and social events. Also, increasing demand for short range weather forecasting in renewables and oil & gas industry verticals.
Based on organization size, the small and medium-sized enterprises is estimated to growth at a highest CAGR in the weather forecasting services market during the forecast period. Weather forecasting services offer cost-efficiency, improved scalability, 24x7 availability, and enhanced decision-making. Hence, SMEs are expected to adopt weather forecasting services at a high rate, as cost-effectiveness is important for these organizations.
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