Weather Forecasting Services Market to Reach USD 4.19 Billion by 2030 | Explosive Growth: A Market Overview

WILMINGTON, DE, UNITED STATES, January 29, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, “Weather Forecasting Services Market by Forecasting Type and End-use Industry: Global Opportunity Analysis and Industry Forecast, 2021–2030,”

The global weather forecasting services market size was valued at $1.63 billion in 2020, and is projected to reach $4.19 billion by 2030, registering a CAGR of 10.3% from 2021 to 2030.

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The need for weather forecasting services grows at a substantial rate due to technical improvements in product offerings, increase in desire to improve performance & operational efficiency, rise in demand for advanced data analysis models, and expansion in application areas among end users. In addition, the need to minimize maintenance costs, increase in air traffic, rise in the requirement to reduce economic turnbacks, and increase in awareness of forecasting solutions are projected to generate profitable prospects for the weather forecasting services industry.

Furthermore, the key factor that drives the market size includes growth associated with the aviation & shipping industry, whereas the rise in safety concerns among end-use industries drives the growth of the market. In addition, increase in the production of renewable energy fuels the growth of the market. However, complexities associated with weather forecasting models and lack of skilled workforce are expected to impede the market growth. Furthermore, technological advancements in computing systems and growth of the transportation industry among developing regions are expected to provide lucrative opportunities for the market growth.

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Competitive Analysis:
The competitive environment of Weather Forecasting Services Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Weather Forecasting Services Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.

Key Players:
AccuWeather, Inc.
BMT Group
ENAV
Fugro
Global Weather Corporation
Met Office
Precision Weather Services
Skymet Weather Services Pvt., Ltd.
Skyview Systems Ltd.
The Weather Company and Many More

Region wise, the weather forecasting services industry was dominated by North America in 2020, owing to the growth in demand for real-time weather management, and increase in demand for performance optimization. However, Asia-Pacific is expected to witness growth at the highest rate owing to high population base and presence of catastrophe-prone regions in the countries such as China, India, Japan, and Australia.

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Due to the COVID-19 pandemic, the weather forecasting services market is expected to decile as a result of numerous government, public, and other organizations adopting a work-from-home culture for their personnel. Moreover, a number of government agencies and non-governmental organizations (NGOs) are using weather forecasting services to reduce losses caused by natural disasters, pandemic situations, and to increase their market share.

In this pandemic situation, weather forecasting services provide numerous benefits to various organizations, such as improving corporate governance standards and increasing workforce efficiency for providing services in emergency situations such as storms, floods, and other disasters in remote locations. However, as a result of the decline in travel by the majority of population, the demand for weather forecasting services has plummeted.

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