The South America weather forecasting services market is expected to grow from US$ 47.20 million in 2021 to US$ 71.05 million by 2028; it is estimated to grow at a CAGR of 6.0% from 2021 to 2028.
Weather forecasting is a consulting service that delivers real-time forecasts and aids in efficient day-to-day planning and informed decision-making in various industrial settings. Advanced weather notifications enable enterprises to plan weather-sensitive operations ahead of time, ensuring safety, efficiency, better sustainability, and significant cost savings. Weather forecasting services are used extensively in various industries, including oil and gas, renewable energy, shipping, media, agriculture, aviation, utilities, and construction. Over the projection period, the renewable energy sector is expected to dominate the market, owing to increased electricity consumption and energy requirements in various end-use industries. Various industrial enterprises are being encouraged to cut their greenhouse gas emissions to produce clean energy due to further strong government measures aimed at substituting non-renewable resources with renewable energy. During the forecast period, these factors are anticipated to increase demand for weather forecasting services.
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.
With the new advancements and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the South America weather forecasting services market. With a constant increase in the temperature and the air becoming warmer, water evaporation has intensified, leading to frequent downpours and heavy snowfall. This heavy precipitation is not spread evenly across the region with some places not getting required amount of precipitation. Since climate change causes a shift in air and ocean currents, it changes weather patterns. The rising incidence of natural disasters due to undesired climatic changes and subsequent security concerns has surfaced as the key factor behind the growth in the South America weather forecasting services market. Advanced and reliable weather forecasting achieved within the stipulated time can lead to significant cost savings and also help with protection against catastrophes and natural disasters. The technological advancements in computing systems, such as advanced data analytics, model development, and machine learning tools and techniques, are likely to boost he demand for weather forecasting services market.
South America Weather Forecasting Services Market Segmentation
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South America Weather Forecasting Services Market – By Industry
- Agriculture
- Aviation
- Marine
- Transport and Logistics
- Energy and Utilities
- Oil and Gas
- Media
- Insurance
- Retail
- Construction and Mining
- Others
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South America Weather Forecasting Services Market – By Purpose
- Operational Efficiency
- Safety
- Others
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South America Weather Forecasting Services Market – By Forecasting Type
- Nowcast
- Short Range
- Medium Range
- Long Range
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South America Weather Forecasting Services Market – By Organization Size
- Large Enterprises
- Small and Medium-Sized Enterprises
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South America Weather Forecasting Services Market – By Country
- Brazil
- Argentina
- Rest of South America
South America Weather Forecasting Services Market Strategic Insights
South America Weather Forecasting Services Market Report Highlights
| Report Attribute | Details |
| Market size in 2021 | US$ 47.20 Million |
| Market Size by 2028 | US$ 71.05 Million |
| CAGR (2021 - 2028) | 6.0% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Industry
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Regions and Countries Covered
|
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| South and Central America | Brazil, Argentina, Rest of South and Central America |
| Market leaders and key company profiles |
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South America Weather Forecasting Services Market Country and Regional Insights
