Weather Forecasting Services Market Forecast Type (Long or Extended Range Forecast, Normal Range Forecast, and Medium Range Forecast), and End-Use Industry (Transportation, Aviation, Energy & Utilities, Banking Financial Services & Insurance (BFSI), Agriculture, Media, Manufacturing, Retail, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026

According to the report published by Zion Market Research, global demand for the weather forecasting services market was valued at approximately USD 1.35 Billion in 2019, and is expected to generate revenue of around USD 2.19 Billion by end of 2026, growing at a CAGR of around 7.15% between 2020 and 2026.

17-Oct-2020 | Number of pages: 110 | Report Code: ZMR-674 | Report Format : | Status : Published

Abstract

According to the report published by Zion Market Research, global demand for the weather forecasting services market was valued at approximately USD 1.35 Billion in 2019, and is expected to generate revenue of around USD 2.19 Billion by end of 2026, growing at a CAGR of around 7.15% between 2020 and 2026.

Global Weather Forecasting Services Market: Overview

Weather forecasting is the combination of technology and science to forecast environmental and atmospheric conditions in a specific region. It is the process of gathering static data of the atmosphere in a specific region and further processes this data through various scientific techniques in order to forecast the atmospheric change. Weather forecasting systems include various components such as computing systems, sensors, software, and communication devices. These systems gather, interpret, and process atmospheric data and transfer to the number of the channel across the globe. Weather warning plays a vital role to protect life and property. Defense and agriculture sectors make the maximum use of weather forecasting systems.

Global Weather Forecasting Services Market: Growth Factors

The uncertainty of the climatic change may fuel the global weather forecasting systems market growth in the near future. The reliable forecast in the stipulated time may save life and money, and improve time to fight against natural disasters, pollution, and ecological catastrophes. In addition, potential sectors such as defense and agriculture need timely weather updates to control air traffic control and others. Continuous development in the technology enhances the capability of the weather forecasting systems, which enables to forecast accurate weather. However, the complexity associated with the system and lack of skilled professionals for the operation of the weather forecasting systems may restraint the global market growth.

Global Weather Forecasting Services Market: Segmentation

The global weather forecasting services market is bifurcated based on forecast types and geography. The forecast types segment is divided into long or extended range forecast types, normal range forecast types, and medium-range forecast types. The end-use industry segment is divided into transportation, aviation, energy & utilities, Banking Financial Services & Insurance (BFSI), agriculture, media, manufacturing, retail, and others

Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Global Weather Forecasting Services Market: Regional Analysis

The Asia Pacific holds the largest market share in the global weather forecasting services market due to growth in the transportation industry. In addition, rapid industrialization in emerging economies such as India and China is anticipated to propel the global market growth in the future. Other factors such as the dependency of rainfall in the Asia Pacific may create a high demand for weather forecasting services. The Middle East and Africa and Latin America show substantial growth and also offer huge investment opportunities.

Global Weather Forecasting Services Market: Competitive Players

Key players in the global weather forecasting services market are Skye Instruments Ltd, Columbia Weather System Inc., Morcom International, Inc., All Weather, Inc., StormGeo, BMT Group, and Fugro. Other major players in the global market are Airmar Technology Corporation, Lockheed Martin Corporation, and Thales Group.

Weather Forecasting Services Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Frequently Asked Questions

The uncertainty of the climatic change may fuel the global weather forecasting systems market growth in the near future. The reliable forecast in the stipulated time may save life and money, and improve time to fight against natural disasters, pollution, and ecological catastrophes. In addition, potential sectors such as defense and agriculture need timely weather updates to control air traffic control and others.

According to Zion Market Research, global demand for the weather forecasting services market is expected to generate revenue of around USD 2.19 Billion by end of 2026, growing at a CAGR of around 7.15% between 2020 and 2026.

The Asia Pacific holds the largest market share in the global weather forecasting services market due to growth in the transportation industry. In addition, rapid industrialization in emerging economies such as India and China is anticipated to propel the global market growth in the future. Other factors such as the dependency of rainfall in the Asia Pacific may create a high demand for weather forecasting services.

Key players in the global weather forecasting services market are Skye Instruments Ltd, Columbia Weather System Inc., Morcom International, Inc., All Weather, Inc., StormGeo, BMT Group, Fugro, Airmar Technology Corporation, Lockheed Martin Corporation, and Thales Group.

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