Global Weather Forecasting Services Market To Be Worth Around $2.7 Billion by 2023: Acumen Research and Consulting
Author: Acumen Research and Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Weather Forecasting Services Market
(Forecasting Type: Short-range Forecasting, Medium-range Forecasting, Long-range Forecasting; End-Use Industry: Transportation, Aviation, Energy & Utilities, Banking, Financial Services & Insurance (BFSI), Agriculture, Media, Manufacturing, Retail, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2017 - 2023”, forecasts that the global market for weather forecasting services is expected to grow at a CAGR of around 13.1% from 2017 to 2023 and reach the market value of around $2.7 billion by 2023.
Some of the key opportunities associated with weather forecasting services are technological advancements in computing systems and growth of transportation industry among developing regions. The adoption of weather forecasting services has increased significantly owing to the demand for growth associated with aviation & shipping industry, increase in the production of renewable energy, and technological advancements in computing systems.
Technological Advancements in Computing Systems Expected To Boost Growth
Consistent technological advancements in computing systems have fueled the growth of weather prediction market. For instance, a Doppler radar is used to detect the microburst which occurs during thunderstorm. It is a type of wind shear occurring near the ground as a result of outflow from a thunderstorm. Terminal Doppler Weather Radar (TDWR) is used to identify and automatically report timely warnings of change in the airspeed associated with low altitude wind shear. Furthermore, dual polarization technology permits forecasters to differentiate more confidently between types of precipitation and amount. The advanced radar technology used by the U.S. Navy has great potential to improve weather forecasting. Such advancements present a lucrative opportunity for market expansion.
Increased Investors in Emerging Economies Estimated To Drive Asia-Pacific Market
Large number of weather forecasting services providers, need for improve safety standards, increase in aerospace expenditure, and growth in demand for real-time weather management, and increase in demand for performance optimization are some of the key factors that contribute to the growth of market in this region. In 2016, North America held highest share and is expected to maintain its dominance globally over forecast period. North America leads the market, in terms of adoption, followed by Europe. From a growth perspective, Japan and China are expected to witness considerably higher growth rates over the forecast period. However, the penetration of weather forecasting services is in its growth stage in the emerging countries.
Some of the key market players that operate in the weather forecasting services market are Global Weather Corporation, AccuWeather Inc., BMT Group, Skymet Weather Services Pvt., Ltd., Precision Weather, The Weather Company, Fugro, ENAV S.p.A, Met Office, and Skyview Systems Ltd. among others.
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