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Weather forecasting services market to grow by 7.15% till 2022

Industrial Market Research

The weather forecasting services market is projected to grow from USD 1.10 Billion in 2017 to USD 1.56 Billion by 2022, at a CAGR of 7.15% during the forecast period.

The report "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 2022", 

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Factors such rapid industrialization, growth in transportation (aviation and shipping), constant measures to reduce emission of greenhouse gases, increase in the production of clean energy (renewable energy), and increase in demand for more reliable and accurate weather forecast are some of the key factors that are expected to drive the weather forecasting services market during the forecast period.

On the basis of industry, the weather forecasting services market has been segmented into renewable energy, oil & gas, shipping, media, agriculture, insurance, retail, aviation, utility, and others. The renewable energy segment is expected to lead the weather forecasting services market during the forecast period.

Increase in electricity consumptions and energy requirements for domestic use, and all countries around the globe are facing several challenges in meeting the increased energy demand. Governments are deploying renewable energy efficiently to supplement energy requirements of countries, thereby reducing the emission of greenhouse gases and producing clean energy.

All these factors have fueled the growth of the renewable energy industry globally.

The weather forecasting services market has been segmented on the basis of purpose into operational efficiency, safety, and others. The operational efficiency segment is anticipated to grow at the highest CAGR during the forecast period.

It is expected to lead the weather forecasting services market on account of its purpose of efficiency and economic viability. Increasing demand for renewable energy power plants, growth in international trade between countries, and transportation (shipping and aviation) has resulted in increase in demand for operational efficiency.

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