The Energy and Utilities Segment to Dominate North America Weather Forecasting Services Market during 2021-2028

According to a new market research study on “North America 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$ 1,202.31 million by 2028 from US$ 681.46 million in 2021. The market is estimated to grow at a CAGR of 8.4% from 2021 to 2028. The report provides trends prevailing in the North America weather forecasting services market along with the drivers and restraints pertaining to the market growth. Changing climate patterns resulting in uncertainties in rainfall and significant investment into clean energies and government support are major factors driving the growth of the North America weather forecasting services market. However, rising complexity associated with weather forecasting models may hinder the growth of North America weather forecasting services market.

In North America, the US is the hardest-hit country due to the COVID-19 outbreak. The high infection rate led the government to impose various containment measures such as the shutdown of factories, travel restrictions, closure of international borders, and lockdowns. The enormous increase in the number of confirmed cases and rise in the reported deaths have affected both manufacturing and sales of weather forecasting equipment and models in North America. Additionally, companies also minimized the allocated budget for industrial machinery manufacturing, owing to the economic slowdown, which raised environmental concerns across the region. However, the region is now recovering and adopting advanced weather forecasting models. However, the risk of companies still exists as a result of market uncertainties arising from the tough business environment associated with the weather forecasting solutions and services across various industries.

The market for North America 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 North America weather forecasting services market. Based on purpose, the North America 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 North America weather forecasting services market. Based on organization size, the North America 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 North America weather forecasting services market is divided into US, Canada and Mexico. In 2020, US held the largest share in North America weather forecasting services market. Furthermore, in this present scenario of COVID 19 pandemic, the North America weather forecasting services market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the North America 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., Precision Weather, Fugro, Enav S.p.A., IBM Corporation, DTN, Storm Geo, The Tomorrow Companies Inc. are some of the leading companies in the North America 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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