Northbrook, IL -- (SBWire) -- 02/13/2022 --According to the new research report, the "Weather Forecasting Services Market by Industry (Aviation, Agriculture, Marine, Oil & Gas, Energy & Utilities, Insurance, Retail, Media), Forecasting Type (Nowcast, Short, Medium, Extended, Long), Purpose, Organization Size, & Region - Global Forecast to 2026", published by MarketsandMarkets™, 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. This growth can be attributed to the increasing safety concerns in end-use industries and a rise in climate change patterns resulting in uncertainties related to rainfall.
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The insurance segment accounts for the largest market size during the forecast period
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 segment is estimated to be account for the largest share in the weather forecasting services market. The insurance industry uses weather alerts to help policyholders avoid damages that can lead to future claims. The industry is positioned to communicate climate change risks and promote adaptation to its unavoidable consequences thus in turn fueling the growth of the market.
The small and medium-sized enterprises segment is projected to grow at the highest CAGR during the forecast period
Based on the organization size, the weather forecasting services market has been segmented into large enterprises and Small & Medium-Sized Enterprises. the small and medium-sized enterprises is estimated to growth at a highest CAGR in the weather forecasting services market during the forecast period. Increasing awareness of the benefits of implementing weather forecasting solutions is expected to boost their adoption among SMEs during the forecast period.
The short-range forecast type segment accounts for the largest market size during the forecast period
Based on forecast type, the weather forecasting services market is segmented into nowcast, short-range, medium-range, extended-range, and long-range forecast type. The short-range forecast 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 renewables and oil & gas industry.
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"Asia Pacific is projected to grow at the highest CAGR during the forecast period."
Asia Pacific is projected to be the fastest-growing region in the weather forecasting services market during the forecast period, backed by significant development in maritime and air transport, increasing demand for continuous weather monitoring for disaster management, rapid industrialization, and continuing regional economic growth. Global warming has led to frequent changes in weather patterns, leading to heatwaves and droughts. The number of incidents of natural disasters has increased due to these fluctuations in the weather. Fluctuating weather conditions are a cause for concern across different industries, such as agriculture, aviation, transport & logistics, retail, and energy & utilities. A reliable system for an advanced warning is important to take preventive steps to save these industries from huge damages and losses. This, in turn, is expected to drive the weather forecasting services market in the Asia Pacific region.
Major players operating in the weather forecasting services market include The Weather Company (US), AccuWeather (US), DTN (US), StormGeo (Norway), Fugro (Netherlands), and ENAV S.p.A. (Italy), among others. These companies have advance technologies and strong distribution networks across North America, Europe, and other regions.
Related Reports:
Weather Forecasting Systems Market by Vertical (Agriculture, Aviation, Transportation & Logistics, Oil & Gas, Marine, Renewable Energy, Meteorology, Weather Service Providers), Application, Solution, Forecast Type and Region - Forecast to 2026
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Weather Forecasting Services Market Revenue $2.7 Billion by 2026