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Contracts and New Product Developments are Among the Key Growth Strategies Adopted by the Leading Market Players to Grow in the Weather Forecasting Services Market
The weather forecasting services market is projected to grow from USD 1.10 Billion in 2016 to USD 1.56 Billion by 2021, at a CAGR of 7.15% during the forecast period. The weather forecasting services market has been segmented into three key segments, namely, industry, purpose, and forecast type. On the basis of industry, the weather forecasting services market has been segmented into renewable energy, oil & gas, shipping, media, agriculture, insurance, retail, aviation, utilities, and others. Based on purpose, the weather forecasting services market has been segmented into operational efficiency, safety, and others. Based on forecast type, the weather forecasting services market has been segmented into short range, medium range, and long range. Rapid industrialization, growth in transportation (aviation and shipping), constant measures being taken up to reduce emissions of greenhouse gases, increase in the production of clean energy (renewable energy), uncertainty of rainfall, increase in safety & security concerns, and improving economic conditions of countries in Asia-Pacific and the Middle East & North Africa are expected to drive the growth of the weather forecasting services market.
Contracts and new product developments are the key strategies adopted by the major players to grow in the weather forecasting services market. In 2016, the weather forecasting services market was dominated by The Weather Company (U.S.), AccuWeather Inc. (U.S.), MeteoGroup (U.K.), StormGeo (Norway), U.K. Met (U.K.), and Fugro (Netherlands). Other players in the market include Skymet (India), Meteosim (Spain), Meteoblue (Switzerland), Precision Weather (U.S.), Global Weather Corporation (U.S.), Enav S.p.A. (Italy), BMT Group (U.K.), and Skyview System Ltd. (U.K.).
In 2015, The Weather Company (TWC) dominated the weather forecasting services market. The Weather Company generates maximum revenue from its two business units, namely, media and data & software. The Weather Company provides forecasts to media entities. Its major clients include media channels and newspaper agencies. The Weather Company has long-term contracts with media and internet companies, which are fixed-price agreements. The Weather Channel provides weather data notification on iPhones. In 2016, The Weather Company collaborated with AirMap and Gogo Business, to provide weather services to drone operators and commercial aircraft.
StormGeo is also one of the major players in the weather forecasting services market. StormGeo caters to industries, such as oil & gas, shipping, media, renewable energy, aviation, retail, and energy. In 2015, 60% of the total revenue of StormGeo was generated from the shipping industry. In 2015, StormGeo claimed that it is a market leader in the shipping industry and routes more than 50,000 ship voyages, annually.
Weather Forecasting Services Market by Industry (Renewable Energy, Oil & Gas, Shipping, Media, Agriculture, Insurance, Retail, Aviation), Purpose (Safety, Operational Efficiency), Forecasting Type (Short, Medium, Long) and Region - Global Forecast to 2021
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