Report : Asia Pacific Weather Forecasting Services Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Industry (Agriculture, Aviation, Marine, Transport and Logistics, Energy and Utilities, Oil and Gas, Media, Insurance, Retail, Construction and Mining, and Others), Purpose (Operational Efficiency, Safety, and Others), Forecasting Type (Nowcast, Short Range, Medium Range, and Long Range), and Organization Size (Large Enterprises and Small and Medium-sized Enterprises)
The Large Enterprises Segment to Dominate Asia Pacific Weather Forecasting Services Market during 2021-2028
According to a new market research study on “Asia Pacific weather forecasting services market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Industry, Purpose, Forecasting Type, Organization Size and Country,” is expected to reach US$ 592.96 million by 2028 from US$ 298.87 million in 2021. The market is estimated to grow at a CAGR of 10.3% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific weather forecasting services market along with the drivers and restraints pertaining to the market growth. Fluctuation in climate leading to uncertainties in rainfall and significant investments along with government support are major factors driving the growth of the Asia Pacific weather forecasting services market. However, incrementing complications related to weather forecasting models may hinder the growth of Asia Pacific weather forecasting services market.
The government's containment measure in this region has negatively affected several industrial operations in the region. China is the leading manufacturing country in this region and is among the worst-hit countries along with India. This has ultimately impacted the production across various sectors. However, the increasing environmental concerns are still supporting the need for weather forecasting services in Asia Pacific. Further, due the interruption in supply chain and logistics, the procurement rate of various electronics equipment used for building weather forecasting equipment/systems, has been impacted severely. India, South Korea, Japan, Vietnam, and other Asian countries have witnessed a sharp decline in the production operation across various manufacturing units. The ongoing COVID-19 pandemic is anticipated to cause huge disruptions in the growth of various industries in the region. For instance, China is the Asia Pacific hub of manufacturing and largest raw material supplier for various industries, and it is one of the worst affected COVID-19 countries. Hence, the ongoing disruptions in supply of raw materials and components are expected to impact the growth of the weather forecasting services market in coming quarters in Asia Pacific.
The market for Asia Pacific weather forecasting services is segmented into industry, purpose, forecasting type, organization size and country. Based on industry, the market is segmented into agriculture, aviation, marine, transport and logistics, energy and utilities, oil and gas, media, insurance, retail, construction and mining, and others. In 2020, the energy and utilities segment held the largest share in Asia Pacific weather forecasting services market. Based on purpose, the Asia Pacific weather forecasting services market is divided into operational efficiency, safety, and others. The operational efficiency segment is expected to be the fastest growing segment over the forecast period. Based on forecasting type, the market is segmented into nowcast, short range, medium range, and long range. In 2020, the short range segment held the largest share in Asia Pacific weather forecasting services market. Based on organization size, the Asia Pacific weather forecasting services market is categorized into large enterprises and small and medium-sized enterprises. The small and medium sized enterprises segment is expected to be the fastest growing segment over the forecast period. Based on country, the Asia Pacific weather forecasting services market is divided into China, India, Japan, Australia, South Korea and rest of Asia Pacific. In 2020, China held the largest share in Asia Pacific weather forecasting services market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific weather forecasting services market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for weather forecasting services.
Accuweather, Inc., BMT Group Ltd., Fugro, Enav S.p.A., IBM Corporation, DTN, Storm Geo, The Tomorrow Companies Inc. are some of the leading companies in the Asia Pacific weather forecasting services market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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