The Weather Forecasting Services Market size is projected to grow from an estimated USD 1.7 billion in 2021 to USD 2.7 billion by 2026, at a CAGR of 9.9% during the forecast period. Some of the factors fueling the market’s growth include increasing safety concerns in end-use industries and a rise in climate change patterns resulting in uncertainties related to rainfall.
Increasing supercomputing capabilities and an upsurge in the production of renewable energy are anticipated to open several growth opportunities for weather forecast service providers during the forecast period. However, uncertainty in forecasting methods for different industries, the complexity of weather forecasting models, and the dynamic nature of atmospheric variables are expected to restrain the market growth during the forecast period.
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Typically includes aviation, transport & logistics, media, insurance, retail, construction & mining, marine, agriculture, energy & utilities, and oil & gas, among others are considered in the weather forecasting services market. The insurance industry is estimated to be account for the largest share in the weather forecasting services market.
Based on purpose, the market is estimated to be dominated by the safety segment with a market share of highest market share in 2021. This growthcan be attributed to the increasing scope of weather forecasting services in end-use industries to improve safety and reduce losses are the key factors driving the growth of the market.
Based on forecasting type, the short range forecasting type is estimated to lead the weather forecasting services market during the forecast period. The growth of this segment is attributed to the increasing need for short-range forecasts by the event management industry to plan sports and social events. Also, increasing demand for short range weather forecasting in renewables and oil & gas industry verticals.
Based on organization size, the small and medium-sized enterprises is estimated to grow at the highest CAGR in the weather forecasting services market during the forecast period. Weather forecasting services offer cost-efficiency, improved scalability, 24×7 availability, and enhanced decision-making. Hence, SMEs are expected to adopt weather forecasting services at a high rate, as cost-effectiveness is important for these organizations.
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