Weather Forecasting Services Market worth $1.56 Billion by 2021
The weather forecasting services market is projected to grow from USD 1.10 billion in 2016 to USD 1.56 billion by 2021, at a CAGR of 7.15% from 2016 to 2021. The weather forecasting services market is classified on the basis of industry, purpose, forecast type, and region. Based on industry, the weather forecasting services market is further classified into renewable energy, oil & gas, shipping, media, agriculture, insurance, retail, aviation, utility, and others. Based on forecast type, the weather forecasting services market is categorized into short range, medium range, and long range. On the basis of purpose, the weather forecasting services market is segmented into operational efficiency, safety, and others. Factors such as rapid industrialization, growth in transportation (aviation and shipping), and constant measures to reduce greenhouse gas emission and increasing production of clean energy (renewable energy), uncertainty of rainfall, increase in safety & security concerns, and improving economic conditions in Asia-Pacific and Africa are expected to drive the weather forecasting services market during the forecast period.
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The weather forecasting services market has witnessed various technological advancements over the years with development of technologies, such as advanced data analytics and machine learnings with the help of supercomputers. Service providers of weather forecasting are focusing on developing new models, which would facilitate accurate and long-term weather forecasts by using combination of computer models, observations, and knowledge obtained from historic weather trends and patterns. These technological advancements will help in enhancing accuracy and reliability of weather forecasts and the weather forecasting services market is expected to gain significance over the next five years.
Major players in the weather forecasting services market are StormGeo (Norway), BMT Group (U.K.), Fugro (Netherlands), ENAV S.p.A (Europe), The Weather Company (U.S.), Global Weather Company (U.S.), Mateoblue (U.S.), Precision Weather (U.S.), METEO Group (U.K.), and Met Office (U.K.).
Based on industry, the renewable energy segment is expected to grow at the highest CAGR during the forecast period. Increase in electricity consumption and energy requirements for domestic use and countries around the globe are facing huge challenges in meeting increased energy demand. Governments are deploying renewable energy efficiently to supplement energy requirement of countries, thereby reducing emission of greenhouse gases and contributing in producing clean energy. All these factors have given exponential surge to renewable energy industries. New product development is one of the key strategies implemented by the major players in the weather forecasting services market. This strategy includes new methods and approach developments, offering customized solutions, and mergers & acquisitions. Hence, these market players have huge scope to expand their product portfolio with advanced products to grow in the market in the future.
Asia-Pacific is anticipated to grow at the highest rate during the forecast period. The Asia-Pacific weather forecasting services market is expected to grow at a significant rate due to rapid industrialization, growth in transportation (aviation and shipping), and constant measures to reduce emission of greenhouse gases and increase the production of clean energy (renewable energy) in countries such as China, Japan, and India. Aforementioned factors are anticipated to provide several growth opportunities to major players in the weather forecasting services market, such as Meteo Group, StormGeo, and The Weather Company to help strengthen their presence in these regions.
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