Overview and Scope
Weather forecasting services refer to services related to weather forecasting in which atmospheric conditions for a certain place and period are forecasted using science and technology. The purpose of weather forecasting services is to share knowledge that people and organizations may utilize to reduce weather-related losses and improve societal advantages such as life and property protection, public health and safety, and economic prosperity and quality of life.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
North America was the largest region in the weather forecasting services market in 2023. The regions covered in the weather forecasting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the weather forecasting services market report are AccuWeather Inc., Fugro NV, Met Office, The Weather Company (IBM), StormGeo AS, Precision Weather Service, DTN LLC, Earth Networks Inc., Spire Global Inc., The Tomorrow Companies Inc., ENAV S.p.A., BMT Group, Skymet Weather Services Pvt. Ltd., Skyview Systems Ltd., Jupiter Intelligence Inc., Weather Intelligence Pty. Ltd., WeatherBELL Analytics LLC, AerisWeather Inc., Custom Weather Inc., Vaisala Oyj, Ubimet GmbH, Clear Science Inc., Weather Source LLC, PESSL INSTRUMENTS GMBH, Weather Underground Inc., Climacell Inc., Windfinder GmbH, Meteoblue AG, Weatherbit Inc., Foreca Ltd., European Centre for Medium-Range Weather Forecasts, National Centers for Environmental Prediction
The weather forecasting services market report table of contents includes:
1. Executive Summary
2. Weather Forecasting Services Market Characteristics
3. Weather Forecasting Services Market Trends And Strategies
4. Weather Forecasting Services Market – Macro Economic Scenario
5. Global Weather Forecasting Services Market Size and Growth
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31. Global Weather Forecasting Services Market Competitive Benchmarking
32. Global Weather Forecasting Services Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Weather Forecasting Services Market
34. Weather Forecasting Services Market Future Outlook and Potential Analysis
35. Appendix
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