Weather forecasting services are a set of decision-support solutions used to carry out weather-sensitive operations to safeguard people, assets, and profits and improve business performance. The services will differ in terms of their usage, technology, and forecast purposes. These services are required in aviation, marine, agriculture, energy & utilities, oil & gas, among other industries, to plan weather-sensitive operations in advance. The weather forecasting services market size is projected to grow from an estimated USD 1.5 billion in 2020 to USD 2.3 billion by 2025, at a CAGR of 9.3% during the forecast period. This growth can be attributed to the increasing safety concerns in end-use industries and a rise in climate change patterns resulting in uncertainties related to rainfall.
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COVID-19 impact on the Weather Forecasting Services Market
The COVID-19 pandemic has impacted the weather forecasting services market significantly. Due to the grounding of most of the global fleet, there has been a dramatic reduction in commercial aircraft flights, which supplies crucial weather observations. Information from commercial planes is one of several sources that meteorological bodies use to predict the weather and contribute to the accuracy of forecasting most weather phenomena, including hurricanes. At the end of March 2020, data provided by US aircraft fell 50%, while, as per the European Centre of Medium-Range Weather Forecasts (ECMRWF), readings provided by aircraft across the continent reduced by 80%. The center estimates that if all data provided by aircraft were cut off, the accuracy of weather forecasts would fall about 15%. There will be a significant drawback in both short and long-term readings due to the impact of COVID-19 on the global airline industry.
The energy & utilities segment accounts for the largest market size during the forecast period
Typically includes aviation, transport & logistics, media, insurance, retail, construction & mining, marine, agriculture, energy & utilities, and oil & gas, among others are considered in the weather forecasting services market. The energy & utilities is estimated to be account for the largest share in the weather forecasting services market. 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.
The small and medium-sized enterprises segment is projected to grow at the highest CAGR during the forecast period
Based on the organization size, the weather forecasting services market has been segmented into large enterprises and Small & Medium-Sized Enterprises. 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.
The short-range forecasting type segment accounts for the largest market size during the forecast period
Based on forecasting type, the weather forecasting services market is segmented into nowcast, short rnagt, medium range and long range 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.
North America is expected to account for the largest share in 2020
The weather forecasting services industry has been studied for North America, Europe, Asia Pacific, Middle East, Latin America, and Africa. North America is estimated to account for the largest share of the weather forecasting services market in 2020. Weather forecasting technologies have been widely adopted across most industries in North America. The region has a large presence of prominent technology players focusing on innovations.
Key Market Players
Major players operating in the weather forecasting services market The Weather Company (US), AccuWeather (US), DTN (US), StormGeo (Norway), Fugro (Netherlands), and ENAV S.p.A. (Italy), among others.
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