Report : Europe 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 Safety Segment to Dominate Europe Weather Forecasting Services Market during 2021-2028
According to a new market research study on “Europe 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$ 715.92 million by 2028 from US$ 382.76 million in 2021. The market is estimated to grow at a CAGR of 9.4% from 2021 to 2028. The report provides trends prevailing in the Europe weather forecasting services market along with the drivers and restraints pertaining to the market growth. Change in climate patterns resulting in rainfall uncertainties and significant investments into clean energies together with government support are major factors driving the growth of the Europe weather forecasting services market. However, various complexities associated with the models of weather forecasting may hinder the growth of Europe weather forecasting services market.
Due to the outbreak of COVID-19, electronics equipment and associated services have been significantly affected. The pandemic has distrusted the supply chain in various countries in this region. The member states of Europe, such as Italy, Spain, and Germany, have implemented drastic measures and travel restrictions to limit the spread of COVID-19 among their citizens. European countries represent a leading share in the market as this region has the highest environmental safety standards. However, due to the disrupted supply chain of hardware components used to control the after-effects of natural disasters, the market has been significantly affected and weather forecasting services have been reporting delays. Similarly, the production of various electronic devices and associated weather forecasting services have also seen a sharp decline in European countries due to the pandemic, which is expected to remain under stress in the next couple of years. Furthermore, the recent imposition of containment measures, owing to the spread of newly mutated strain, might further hamper the market in this region in the near future.
The market for Europe 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 Europe weather forecasting services market. Based on purpose, the Europe 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 Europe weather forecasting services market. Based on organization size, the Europe 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 Europe weather forecasting services market is divided into Germany, France, Italy, UK, Russia and rest of Europe. In 2020, Germany held the largest share in Europe weather forecasting services market. Furthermore, in this present scenario of COVID 19 pandemic, the Europe weather forecasting services market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Europe countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for weather forecasting services.
Global Weather Corporation, Accuweather, Inc., BMT Group Ltd., Skyview Systems, Fugro, Enav S.p.A., IBM Corporation, DTN, Storm Geo, The Tomorrow Companies Inc. are some of the leading companies in the Europe 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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