Report : Weather Forecasting Services Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Industry (Agriculture, Aviation, Marine, Transport and Logistics, Energy and Utilities, Oil and Gas, Media, Insurance, Retail, Construction and Mining, and Others), Purpose (Operational Efficiency, Safety, and Others), Forecasting Type (Nowcast, Short Range, Medium Range, and Long Range), and Organization Size (Large Enterprises and Small and Medium-Sized Enterprises)
Increasing Adoption of Technologically Advanced Systems among Airports to Provide Growth Opportunities for Weather Forecasting Services Market during 2021-2028
According to our latest market study on “Weather Forecasting Services Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Industry, Purpose, Forecasting Type, and Organization Size,” the market was valued at US$ 1,501.00 million in 2021 and is projected to reach US$ 2,732.52 million by 2028; it is expected to grow at a CAGR of 8.9% from 2021 to 2028.
Weather forecasting services are highly efficient and helpful when dealing with the turbulence and wind shear issues. These services help monitor and measure wind at and near the airport environment. They are also used in the aerospace sector to improve long-range wind awareness.
The aviation industry depends heavily on the weather for decision-making is taken without considering the weather. One of the major threats for air travel is safety issues, which has increased with an unbalanced rise in airport capacities and facilities, coupled with frequent extreme weather conditions being experienced globally. There has been an increase in air accidents due to bad weather conditions, taking the lives of many passengers worldwide. Furthermore, the augmenting focus on operational efficiency and the surge in public-private partnership toward producing more accurate and reliable weather forecasts are creating lucrative market opportunities.
The weather forecasting services market is segmented on the basis of industry, purpose, forecasting type, organization size, and geography. Based on industry, the market is segmented into agriculture, aviation, marine, transport and logistics, energy and utilities, oil and gas, media, insurance, retail, construction and mining, and others. In 2020, the energy and utilities segment accounted for the largest share in the market. In terms of purpose, the market is segmented into operational efficiency, safety, and others. In 2020, the safety segment accounted for the largest share in the market. In terms of forecasting type, the market is segmented into nowcast, short range, medium range, and long range. In 2020, the short range segment accounted for the largest share in the market. In terms of organization size, the market is bifurcated into small and medium-sized enterprises, and large enterprises. In 2020, the large enterprises segment accounted for a larger share in the market. Geographically, the weather forecasting services market is broadly segmented into North America, Europe, APAC (Asia Pacific), MEA (the Middle East & Africa), and SAM (South America). In 2020, North America accounted for the largest market share.
Impact of COVID-19 Pandemic on Weather Forecasting Services Market
The COVID-19 epidemic has had a substantial impact on the weather forecasting services market. The grounding of the majority of the world's fleet has resulted in a significant reduction in commercial aircraft flights, which provide critical weather data. Retail plane data is one of several sources used by meteorological organizations to forecast the weather, and it helps improve the accuracy of predicting most weather events, such as hurricanes. According to the European Centre of Medium-Range Weather Forecasts (ECMRWF), at the end of March 2020, data provided by US aircraft had decreased by 50%, while readings provided by aircraft across Europe had been reduced by 80%. According to the center, cutting off all data from aircraft would reduce the accuracy of weather forecasts by around 15%. The impact of COVID-19 pandemic on the global airline industry will have a severe negative effect on both short and long-term readings.
A few key players operating in the global weather forecasting services market are Accuweather, Inc.; BMT Group Ltd.; Skymet Weather Services Pvt. Ltd.; Precision Weather; The Weather Company; Fugro; Enav S.p.A.; Met Office; and Skyview Systems Ltd. Major players in the market adopt key developmental strategies, such as product launch and business expansion, to offer better products and services to customers in the weather forecasting services industry.