The Latin America, Middle East and Africa Weather Forecasting Services Market would witness market growth of 12.7% CAGR during the forecast period (2021-2027).
Weather forecasting organizations benefit from technologies like real-time data collection, artificial intelligence, analytic tools, and improved satellite pictures, which players in making more precise and relatively close weather predictions. Such foresight is proven to be an integral part of generating profits, maximizing resource utilization, and even saving lives in life-threatening situations. Continuous weather prediction refinement and increased reliance of numerous end-use sectors on forecasts are expected to drive the growth of the weather forecasting services market. Weather forecasting for the aviation industry is now leading the market, as weather forecasting can be a critical component in passenger safety. Weather forecasting allows air traffic control and airports to keep a close eye on even the smallest changes in weather.
In general, operational NWP systems provide an accurate forecast of developing weather patterns from hours to days in advance. As a result, they are an important part of regular and severe weather forecasting and warnings at the National Meteorological and Hydrological Services. Additionally, the capacity of NMHSs to forecast the weather varies greatly. The more sophisticated NMHSs are taking advantage of advances in NWP, but because of restricted finances and capacities, those in emerging and least developed nations have experienced little development.
Weather reports can have a significant impact on the international trade of foods such as corn, wheat, beans, sugar, chocolate, and coffee. In 1975, a severe freeze in Brazil caused coffee prices to surge in a matter of weeks, while Georgia peach growers blamed a combination of mild winter temperatures as well as a spring freeze for the loss of about 80% of the state's peach crop in 2017. Extreme drought and heat can also have an impact on output. Weather reports can have a significant impact on the international trade of foods such as corn, wheat, beans, sugar, chocolate, and coffee.
NCM (National Center for Meteorology) utilizes numerical weather prediction modeling software, like the Weather Research and Forecasting Model and COSMO, or consortium for small-scale modeling, to support the ongoing weather forecasting requirements for the UAE. These models use physics as well as dynamics-based designs of the atmosphere along with oceans to simulate and forecast weather conditions.
The Brazil market dominated the LAMEA Weather Forecasting Services Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $45.9 million by 2027. The Argentina market is anticipated to grow at a CAGR of 13.3% during (2021 - 2027). Additionally, The UAE market would showcase a CAGR of 12.4% during (2021 - 2027).
Based on Forecast Type, the market is segmented into Short Range, Medium Range, and Long Range. Based on Industry, the market is segmented into Energy & Utilities, BFSI, Agriculture & Forestry, Aviation, Media, Transportation, Oil & Gas and Others. Based on Organization Size, the market is segmented into Large Enterprises and Small & Medium-Sized Enterprises. Based on Purpose, the market is segmented into Safety, Operational Efficiency, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Weather Forecasting Services Market is Predict to reach $2.8 Billion by 2027, at a CAGR of 9.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Global Weather Corporation (UCAR), Accuweather, Inc., BMT Group, StormGeo (Alfa Laval AB), Precision Weather, The Weather Company (IBM), Fugro N.V., Enav S.p.A, Met Office, and Skyview Systems Ltd.
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