Weather Forecasting Services Market 2024 Outlook

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The Weather Forecasting Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Weather Forecasting Services Global Market Report 2024, The weather forecasting services market size has grown rapidly in recent years. It will grow from $2.06 billion in 2023 to $2.27 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to increased awareness and preparedness, globalization of businesses, government investments in meteorology, impact of extreme weather events, precision agriculture practices.

The weather forecasting services market size is expected to see strong growth in the next few years. It will grow to $3.22 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to climate modeling, increased demand for renewable energy, integration with internet of things (iot), enhanced emergency management systems, public and private collaborations. Major trends in the forecast period include technological integration in aviation, advancements in meteorological technology, advancements in numerical weather prediction, rise of hyper-local weather forecasting, expansion of extreme weather prediction.

The increase in weather monitoring for disaster management is expected to propel the growth of the weather forecasting services market going forward. Weather monitoring services use environmental monitoring equipment to collect and analyze weather data to support decision-making. It provides great accuracy and dependability for weather monitoring and climate change monitoring. For instance, in October 2022, ReliefWeb, a UK-based humanitarian information portal, in 2021, the total frequency of worldwide natural disasters was 13% greater than in the previous 30 years (1991-2020). Further, in March 2022, Access Partnership, a Belgium-based public policy consultancy focused on technology, the global annual number of natural disasters is expected to rise by 37% (from 442 to 541 incidents) by 2025. Therefore, weather monitoring for disaster management is driving the growth of the weather forecasting services market.

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The weather forecasting services market covered in this report is segmented –

1) By Type: Onshore Weather Forecasting Services, Offshore Weather Forecasting Services

2) By Forecast Type: Nowcast, Short-Range, Medium Range, Extended Range, Long Range

3) By Purpose: Operational Efficiency, Safety

4) By Organization Size: Large Enterprises, Small And Medium Enterprises

5) By Industry: Transportation, Aviation, Energy And Utilities, Banking Financial Services And Insurance (BFSI), Agriculture, Media, Manufacturing, Retail, Other Industries

Technological advancement is a key trend in the weather forecasting services market. Companies operating in the market are adopting technologies, such as artificial intelligence, to sustain their position in the market. For instance, in October 2022, Jua.ai AG, a Switzerland-based artificial intelligence climate company that provides insights and research for weather forecasting, launched an AI-powered platform to give customized weather models to the meteorological industry. This weather prediction model predicts different weather-based parameters, such as precipitation, wind speed, air pressure, and wind direction. The model gets updated every fifteen minutes, which enables significant improvements in forecasting extreme events. It offers up to 25 times higher spatial resolution and ten times higher temporal resolution when compared to conventional alternatives.

The weather forecasting services market report table of contents includes: