Report : South America 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 Energy and Utilities Segment to Dominate South America Weather Forecasting Services Market during 2021-2028
According to a new market research study on “South 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$ 71.05 million by 2028 from US$ 47.20 million in 2021. The market is estimated to grow at a CAGR of 6.0% from 2021 to 2028. The report provides trends prevailing in the South America weather forecasting services market along with the drivers and restraints pertaining to the market growth. Rapidly changing climatic patterns causing uncertainties in rainfall and increasing government support and investments are major factors driving the growth of the South America weather forecasting services market. However, rise in complications associated with weather forecasting models may hinder the growth of South America weather forecasting services market.
Brazil witnessed the highest number of COVID-19 cases in South America. Governments in South America have taken an array of actions to protect their citizens and contain COVID-19’s spread. The demand for weather forecasting services has witnessed considerable growth, owing to constant fluctuation in weather patterns across the region and an increase in natural disasters. In addition to this, various manufacturing units also faced negative impacts due to supply chain disruptions and the non-availability of raw materials used to produce weather forecast equipment. The sharp decline in business activities and product sales are expected to directly affect the growth rate of the weather forecast services market in this region.
The market for South 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 South America weather forecasting services market. Based on purpose, the South 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 South America weather forecasting services market. Based on organization size, the South 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 South America weather forecasting services market is divided into Brazil, Argentina and rest of South America. In 2020, Brazil held the largest share in South America weather forecasting services market. Furthermore, in this present scenario of COVID 19 pandemic, the South America weather forecasting services market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the South America countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for weather forecasting services.
Accuweather, Inc., Fugro, Enav S.p.A., IBM Corporation, DTN, Storm Geo, The Tomorrow Companies Inc. are some of the leading companies in the South 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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