The Global Weather Forecasting Services Market Size collected USD 2.5 Billion in 2022 and is set to achieve a market size of USD 6.1 Billion in 2032 growing at a CAGR of 9.4% from 2023 to 2032.
Weather Forecasting Services Market Report Statistics
A key idea to predicting the condition of an atmosphere for a given location is weather forecasting. Weather forecasting services can be defined as a technique that implements software, tools, and models, which perform the strategic analysis of atmospheric data to predict weather conditions for a particular location under a stipulated time frame. It provides weather forecasts for a specific function, thus helping in efficient day-to-day planning and informative decision-making for various industrial operations, which include planning, scheduling, and implementation. The process of forecasting follows the functionalities of meteorology. Massive volume of structured and unstructured data is utilized by weather forecasting models to deliver improved analytical output that enables optimization of business revenues for various end-use industries.
Global Weather Forecasting Services Market Dynamics
Weather Forecasting Services Market Report Coverage
|Market||Weather Forecasting Services Market|
|Weather Forecasting Services Market Size 2022||USD 2.5 Billion|
|Weather Forecasting Services Market Forecast 2032||USD 6.1 Billion|
|Weather Forecasting Services Market CAGR During 2023 - 2032||9.4%|
|Weather Forecasting Services Market Analysis Period||2020 - 2032|
|Weather Forecasting Services Market Base Year||2022|
|Weather Forecasting Services Market Forecast Data||2023 - 2032|
|Segments Covered||By Forecast Type, By Organization Size, By Industry Vertical, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||AccuWeather Inc., Skymet Weather services Pvt., Ltd., Global Weather Corporation, The Weather Company, BMT Group, Precision Weather, Met Office, Fugro, ENAV S.p.A, and Skyview Systems Ltd.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis|
Weather Forecasting Services Market Growth Factors
The growth in the aviation and shipping industry and the rise in safety concerns among end-use industries drive the growth of the market. Moreover, strong government measures towards the use of renewable energy are spurring industries to reduce their greenhouse emissions, thus supplementing the growth. However, the lack of a trained workforce and the complexity of weather forecasting models restrict this market. In addition, advancements in computing systems, i.e., model development and machine learning tools are expected to create lucrative opportunities for the weather forecasting service market.
The duration of small-range forecasting can differ from a few hours to three days, and it covers a particular region, specifically an area of a few million square kilometers. Short-range forecasting held the highest share in 2016 and is also expected to maintain its dominance during the forecast period. Small-range forecasting is typically issued for meteorological phenomena, for example, hurricanes, tropical storms, and sensible weather elements. It is majorly used in applications related to the aviation & shipping industry. Rapid industrialization and continuous growth in air & sea transport drive the growth of this segment. Moreover, an increase in air travel boosts the use of short-range forecasting services in the aviation industry. Furthermore, the growth of the transportation industry in developing countries such as Japan, China, and India may provide enormous opportunities for market players.
Weather Forecasting Services Market Segmentation
The worldwide weather forecasting services market is categorized based on forecast type, organization size, industry vertical, and geography.
Weather Forecasting Services Market By Forecast Type
According to the weather forecasting services market forecast, short-range and medium-range forecasts are among the most commonly used and are expected to continue to dominate the market. Short-range forecasts are used for a variety of applications such as aviation, agriculture, and transportation and cover a time span of up to 48 hours. They provide critical weather information that can assist organizations in making informed decisions in real time.
Medium-range forecasts are used for planning and risk management and cover a period of 3 to 10 days. They are used in a variety of industries, including energy, construction, and tourism. Medium-term forecasts can assist organizations in making informed resource allocation, scheduling, and inventory management decisions.
Long-range forecasts, which span more than 10 days, are also used in industries such as energy, agriculture, and construction. Their accuracy, however, is limited, and they are not as widely used as short- or medium-term forecasts.
Nowcasting, which provides real-time weather updates, is another important forecast type. It is used to provide up-to-date weather information in industries such as transportation and outdoor events.
Weather Forecasting Services Market By Organization Size
Large enterprises have dominated the market in recent years due to their higher spending power and bigger need for accurate weather forecasts. Large enterprises, such as those in the energy, aviation, and transportation industries, require accurate and dependable weather forecasts in order to make informed decisions that affect their operations and bottom line. These businesses may also have the financial means to invest in advanced weather forecasting technology and services tailored to their specific requirements. Small and medium-sized enterprises (SMEs) may have smaller budgets and may not require as specialized or advanced weather forecasting services. SMEs in certain industries, such as construction and agriculture, may still require accurate and reliable weather forecasts in order to make informed resource allocation and risk management decisions.
Weather Forecasting Services Market By Industry Vertical
According to weather forecasting services industry analysis, the energy and utilities industry, followed by aviation and agriculture, are among the largest consumers of weather forecasting services. Extreme weather events can disrupt energy production and transmission, making the energy and utilities industry highly dependent on weather conditions. Accurate and reliable weather forecasting is critical for industry planning and preparation, as well as optimizing energy generation and distribution. Weather forecasting is also used in the industry to manage demand, schedule maintenance and repairs, and improve safety. Accurate weather forecasts are also critical for the aviation industry to ensure safe and efficient operations. Weather conditions can have a significant impact on flight schedules, routes, and fuel consumption, as well as passenger and crew safety. Weather forecasting services are used by the aviation industry to plan and adjust flights, as well as to inform pilots and air traffic controllers of weather conditions.
Weather Forecasting Services Market Regional Outlook
The Middle East & Africa
Weather Forecasting Services Market Regional Analysis
North America is one of the major markets for weather forecasting services due to the significant demand for these services in sectors including aviation, agriculture, and energy. The area is known for its significant expenditures in cutting-edge weather forecasting equipment and is home to numerous significant weather forecasting service providers.
Europe is another significant market for weather forecasting services due to the existence of numerous top service providers and the large demand from sectors including transportation, agriculture, and energy. A significant amount of weather unpredictability and the requirement for precise and timely meteorological information are other characteristics of the region.
The Asia-Pacific region is expected to see significant growth in the weather forecasting services market due to increased demand from industries such as aviation, agriculture, and energy. Several emerging economies in the region are also investing in advanced weather forecasting technology and services.
Weather Forecasting Services Market Players
Some of the global weather forecasting services companies profiled in the report include AccuWeather Inc., Skymet Weather services Pvt., Ltd., Global Weather Corporation, The Weather Company, BMT Group, Precision Weather, Met Office, Fugro, ENAV S.p.A, and Skyview Systems Ltd.
The market size of weather forecasting services was USD 2.5 Billion in 2022.
The CAGR of weather forecasting services market is 9.4% during the analysis period of 2023 to 2032.
The key players operating in the global market are AccuWeather Inc., Skymet Weather services Pvt., Ltd., Global Weather Corporation, The Weather Company, BMT Group, Precision Weather, Met Office, Fugro, ENAV S.p.A, and Skyview Systems Ltd.
North America held the dominating position in weather forecasting services market during the analysis period of 2023 to 2032.
Asia-Pacific region exhibited fastest growing CAGR for weather forecasting services market during the analysis period of 2023 to 2032.
The current trends and dynamics in the weather forecasting services industry include increasing demand for accurate weather forecasts, growing demand for real-time weather data, and rising concern for weather-related disasters.
The medium-range forecast type held the maximum share of the weather forecasting services market.