Dublin, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The "Weather Forecasting Services Market by Industry (Insurance Aviation, Others), Forecasting Type (Nowcast, Short, Medium, Extended, Long) Purpose (Safety, Operational Efficiency), Organization (Large, Small-Sized Enterprises) and Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The Weather Forecasting Services market is projected to grow from USD 1.9 Billion in 2023 to USD 2.8 Billion by 2028, at a CAGR of 8.2 % during the forecast period. Technological advancements and increasing demand for weather forecasting data across the globe are driving the growth of the market.
This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Asia Pacific accounted for the largest market share for Weather Forecasting Services. Asia Pacific is estimated to grow at the highest CAGR of 8.7 % during the forecast period.
China leads the market in Asia Pacific with a large number of companies and startups operating in the industry. The country is playing a vital role in the advancement and services of Weather Forecasting Services. The market is expected to expand owing to the demand for Weather Forecasting Services systems to minimize the loss in various industries due to bad weather conditions and natural calamities.
Prominent companies include The Weather Company (US), DTN (US), Accuweather (US), Fugro (Netherlands), and Enav S.P.A (Italy) among others.
Insurance is projected to hold the highest share of the market by Industry during the forecast period.
Based on Industry, the Insurance segment of the Weather Forecasting Services market is projected to hold the highest share during the forecast period. The Insurance companies use Weather Forecasting and Historical Weather data to verify the claims and assess the extent of the loss.
Accurate weather data is crucial for weather-related claims. The Weather data helps to prevent fraud claims and ensures fair compensation for policyholders. Accurate weather Forecast helps in quantify risks associated with various weather-related events like hurricanes, floods, wildfires, hailstorms, and more to ensure perfect policy prices and manage the exposure to potential claims.
The Nowcast segment is projected to grow at the highest rate by Forecasting Type.
Based on Forecasting type, the Nowcast segment is projected to grow at the highest rate during the forecast period. Nowcast forecasting type focuses on providing short-term, highly localized, and real-time weather information. The nowcast provides up-to-the-minute weather information.
For route scheduling, farmers, marine, and various other industries the nowcast forecasting is very crucial to minimize loss due to bad weather conditions. The nowcast forecasting is very much important for transport and industries to minimize road accidents and logistics damage due to unwanted weather conditions and natural calamities.
The report provides insights on the following pointers:
- Analysis of key drivers (Integration of weather forecasting services in transport and logistics sectors, Demand for weather forecasting services in modern-day agriculture, Increase in need of Weather Forecasting to reduce aviation accidents, Rise in climate-change patterns resulting in uncertainties related to rainfall, Increase in weather monitoring for disaster management), restraints (Dynamic nature of atmospheric variables, Complexity and lack of specialized weather forecasting models), opportunities (Growth of renewable energy sector, Increasing computing capabilities of supercomputers, Development of high-end radars and satellites for weather monitoring, Increasing use of big data analytics in weather forecasting services), and challenges (Lack of effective automation, Frequent occurrence of false weather alarms ) influencing the growth of the authentication and brand protection market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the Weather Forecasting Services market
- Market Development: Comprehensive information about lucrative markets - the report analyses the Weather Forecasting Services market across varied regions
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the Weather Forecasting Services market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players in the Weather Forecasting Services market
Company Profiles
- Accuweather, Inc.
- Bmt Group Ltd.
- Customweather
- Dtn
- Earth Networks, Inc.
- Enav S.P.A.
- Fugro
- Global Weather Corporation
- Jupiter Intelligence Inc.
- Met Office
- Meteo-Logic
- Meteosim
- Precision Weather
- Saildrone
- Skymet Weather Services Pvt. Ltd.
- Skyview Systems
- Speedwell Weather Ltd.
- StormGeo
- Tempoquest
- The Tomorrow Companies Inc.
- The Weather Company
- Ubimet GmbH
- Understory
- Weather Routing Inc.
- Weatherbell Analytics, LLC
For more information about this report visit https://www.researchandmarkets.com/r/cgkfe0
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