Weather Forecasting Services Market By Forecasting Type (Nowcast, Short-range Forecasting, Medium-range Forecasting, Long-range Forecasting), By End-use Industries (Agriculture & Fisheries, Aviation, Transportation & Logistics, Marine, Energy & Utilities, Media, Others) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

Industry Outlook

Acyclic nature of weather and growth in end-use industries dependent on forecast stimulating the weather forecasting services market to register market value of US$ 1,300.5 Mn in 2017 and estimated to touch US$ 1,951.8 Mn by 2026 with a compound annual growth rate of 4.6%. Global warming and continued deterioration of natural resources disturbed the cyclic nature of weather. This can create a negative impact on end-use industries that heavily rely on weather and thus, encouraging the need for weather forecast services. Rapidly evolving satellite communication, digital imagery coupled with advanced predictive software changed the outlook of weather forecast and impacted several end-use industries. Perpetual growth in such industries has a lion share in promoting weather forecasting services market.

Market Synopsis

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"Nowcast and Short-range Forecast Runs in Close Quarters for Market Domination" 

Fast paced weather forecast and short-range weather forecast are two of the most preferred weather forecast in the year 2017. These two segments also face each other in the race of fastest growing segment in terms of market value. Nowcast is commonly used through mobile application for services and end-use industries where precision is not of great concern. However, short-range weather forecast is must have vital information for end-use industries such as aviation, transportation and marine. Nowcast and Short-range are also extensively used during natural calamities and disasters for carrying out effective rescue operations. Medium-range and long-range preferred for applications such as agriculture and fisheries for predicting the nature of output and safety hence expected to experience retarded growth compared to Nowcast and short-range forecast.

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"Aviation End-use Industry Flying High in Terms of Market Value"

Aviation industry is one of the biggest consumers of weather forecasting services and consequently, claims majority of shares in overall weather predicting services market. Significant increase in air traffic worldwide and unpredicted nature of weather are the factors responsible for the extensive use of services during air traffic control. Besides, Marine and transportation & logistics are the subsequent segments following aviation end-use industry in 2017. Perpetual rise in demand for energy encouraging renewable energy plants for power generation and requires precise weather forecast for optimum productivity. Weather forecasting services is a vital part of the overall generation process, thus augmenting weather forecasting services market growth. Media, agriculture & fisheries and other end-use industries projected to offer meager contribution to the market growth and projected to play the part of second fiddle in coming years.

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"Asia Pacific Forecasted to Witness Most Dynamic Growth in Coming Years" 

North America is at top of the podium in global weather forecast services market in 2017 and estimated to remain strong region in terms of market value in coming years. However, Asia Pacific offers the most favorable market for leading weather forecasting companies to establish their presence. Countries including China and India are growing exponentially economically and often requires precise weather prediction for various industries. Hence these countries offer tremendous potential for weather forecasting services market to flourish in this region. Asia Pacific is home to several agricultural countries and unfortunately also home to several natural disasters. Both factors significantly encouraged governments and other organization and industries to opt for weather forecast to undertake preventive measure before any mishaps. Asia Pacific projected to emerge as the most dominant region in weather forecasting services market beyond forecast period from 2018 to 2026.

Market Segmentation

"Strategy of long-term Association can Fetch Fortunes to Weather Forecast Service Companies"

A number of companies participate in highly fragmented market striving to crack long-term association with end-use industries and stay competitive. End-users including airports, governments, media, and marine among others often enter into a strategic agreement for the frequent weather updates from these companies. Incorporation of advanced technologies such as artificial intelligence, machine learning, modeling & representation tools and satellite images aided the companies to predict weather more precisely than ever. Some of the leading weather forecast service provider giants profiled in this research study include Global Weather Corporation, AccuWeather Inc., BMT ARGOSS, Skymet Weather Services Pvt. Ltd., Precision Weather Service, The Weather Company, Fugro N.V., ENAV S.p.A., The Met Office and Skyview Systems Ltd among others.

Key questions answered in this report

• What are the latest advancements in the weather forecast services market and potential opportunities for the players?
• How acyclic nature of weather and global warming will impact current global weather forecast services market and in coming years?
• Which are the largest and fastest growing segment in terms of forecasting type, and end-use industries?
• Which is the most attractive geographical region/country for overall weather forecasting services market?
• How will advance computing and artificial intelligence play a vital role in overall weather forecasting services market in coming years?
• What is the market size and trends in developing regions such as Asia Pacific, Middle East & Africa, and Latin America?