USD 2.2 billion
Weather Forecasting Services Market Size, Share, Growth Analysis, By Industry(Transport & Logistics, Marine, Aviation, Media), By Forecast Type(Nowcast, Short-Range, Medium-Range, Extended-Range), By Organization Size(Large Enterprises, Small & Medium-Sized Enterprises), By Purpose(Safety, Operational Efficiency, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45A2139 |
Region:
Global |
Published Date: October, 2024
Pages:
242
|Tables:
95
|Figures:
76
Weather Forecasting Services Market Insights
Global Weather Forecasting Services Market size was valued at USD 1.5 billion in 2022 and is poised to grow from USD 1.62 billion in 2023 to USD 3.07 billion by 2031, growing at a CAGR of 8.30% during the forecast period (2024-2031).
The demand for weather forecasting solutions and services is being fueled by factors like the growing demand for weather solutions across sectors and the increased demand for weather prediction solutions due to uncertain climatic conditions and energy transitions. Accurate weather forecasts help businesses and industries optimise operations and reduce hazards.
Providers of weather forecasting services offer these services for a variety of sectors, including agriculture, aviation, the media, energy and utilities, and renewable energy. To assist their clients in navigating through harsh weather conditions, many companies offer industry-specific weather solutions. For instance, the Ag Weather Station from the U.S.-based DTN provides farmers with precipitation forecasts, wind alerts, and useful insights that aid in operations management, yield improvement, and profit maximisation. A 10-day or longer duration weather forecast has a 50% accuracy rate according to NOAA SciJinks. The industry is constrained by considerably lower long-term weather forecast accuracy. The forecasting accuracy for longer forecast periods is lower, which hinders long-term planning for weather-sensitive enterprises and lessens the economic impact that weather forecasting services can have.
US Weather Forecasting Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
large Enterprises
Fastest Growth
large Enterprises
Growth Rate
6.7% CAGR
Global Weather Forecasting Services Market ($ Bn)
Country Share for North America Region (%)
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Weather Forecasting Services Market Segmental Analysis
Global Weather Forecasting Services Market is segmented by Industry, Forecast Type, Organization Size, Purpose, and region. Based on Industry, the market is segmented into Transport & Logistics, Marine, Aviation, Media, Oil & Gas, Agriculture, Insurance, Retail, Energy & Utilities, Construction & Mining, and Others. Based on Forecast Type, the market is segmented into Nowcast, Short-Range, Medium-Range, Extended-Range, and Long-Range. 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 region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Weather Forecasting Services Market Analysis by Forecast
The medium range segment dominated the market and held the largest revenue share in 2021. This is a result of the forecast’s ability to provide a lead time for modification without compromising its accuracy. Most service providers throughout the world offer medium-range weather forecasts, and according to NOAA SciJinks, a 5-day forecast is 90% accurate and a 7-day forecast is 80% accurate. The forecasting market has been divided into segments for nowcasting, short-range, medium-range, and long-range forecasts.
The short-range segment held the second-largest revenue share in 2021. The customers can receive a complete set of information from short-range weather forecasts, including air temperature, humidity, wind speed, and precipitation amount. By taking preparations, the users of this information can lessen harm in the event of bad weather.
Weather Forecasting Services Market Analysis by Organization Size
The large enterprises segment dominated the market and captured the largest revenue share in 2021. This is explained by the magnitude of these businesses, both in terms of revenue and personnel. These firms also entered the industry early and spend money on R&D to continuously innovate and offer extremely accurate weather forecast solutions and insights.
The small and medium enterprises organization size segment is anticipated to expand at the highest CAGR over the forecast period. Numerous small and medium-sized businesses, including Precision Weather Service, Climavision, AfricaWeather (Proprietary) Limited, and Speedwell Weather Ltd., are active in the market for weather forecasting services.
Global Weather Forecasting Services Market By Organization Size
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Weather Forecasting Services Market Regional Insights
North America held the largest global weather forecasting services market share in 2021. The presence of experts, investments in R&D, and the infrastructure of technology are all contributing factors to the market expansion. For instance, the U.S. is home to some of the biggest weather forecasting businesses, including The Weather Company (IBM), AccuWeather, Inc., DTN, and Earth Networks. Organizations with headquarters outside of North America, like Fugro of the Netherlands, have offices there.
Asia Pacific is fastest growing region and is expected to register the highest CAGR over the forecast period. The region's evolving technological infrastructure is to blame for the rise. Numerous nations in the Asia Pacific region are listed highly on the Germanwatch global climate risk index 2021, demonstrating their susceptibility to weather and climate. The region's expanding businesses are predicted to increase demand for weather forecasting services. For instance, the region's vital agriculture sector necessitates tailored weather forecasting technologies to reduce hazards.
Global Weather Forecasting Services Market By Region
- Largest
- Fastest
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Weather Forecasting Services Market Dynamics
Weather Forecasting Services Market Driver
Increase in Weather Monitoring Services for Disaster Management
- Monitoring services are necessary for disaster management since they provide ongoing information on changing weather conditions. The death toll and property damage brought on by natural catastrophes like floods, wildfires, hurricanes, avalanches, and tsunamis, among others, are considerably reduced thanks to weather forecasts and early warnings. Continuous weather monitoring aids in better industrial planning, natural hazard mitigation, and civic, governmental, and military authority planning. Additionally, detailed information on the likelihood of weather-related occurrences encourages the development of specialised industries like energy and insurance that can lessen the economic and financial losses brought on by natural disasters. Therefore, it is anticipated that the growing demand for ongoing weather monitoring for disaster management would spur the expansion of weather forecasting services around the world.
Weather Forecasting Services Market Restraint
Dynamic nature of atmospheric variables
- The majority of atmospheric phenomena that are dealt with in weather forecasting processes are non-linear and heavily dependent on the initial weather conditions of each unique place. Although many events can be predicted based on a thorough understanding of the initial conditions of a numerical weather forecasting model, weather conditions are dynamic in nature and fluctuate due to changes in a number of atmospheric elements. This makes weather forecasting highly challenging, in addition to the fact that weather data obtained using different weather forecasting technologies, such weather stations, weather observation systems, and weather radars, are inherently non-linear. These methods are particularly challenging since a significant amount of meteorological data must be properly integrated and analysed. The expansion of weather forecasting services market is anticipated to be constrained by this.
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Weather Forecasting Services Market Competitive Landscape
Global Weather Forecasting Services Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Weather Forecasting Services Market Top Player's Company Profiles
- Accuweather, Inc. (US)
- Fugro (Netherlands)
- DTN (US)
- Enav S.P.A. (Italy)
- BMT Group Ltd. (UK)
- Stormgeo (Norway)
- Precision Weather (US)
- The Tomorrow Companies Inc. (US)
- Global Weather Corporation (US)
- Met Office (UK)
- Skyview Systems (US)
- Speedwell Weather Ltd. (UK)
- Customweather (US)
- Weather Routing Inc. (US)
- Earth Networks, Inc. (US)
- Jupiter Intelligence Inc. (US)
- Meteosim (Spain)
- Saildrone (US)
- Ubimet GmbH (Austria)
- Understory (US)
- Tempoquest (US)
- Weatherbell Analytics, LLC (US)
- Skymet Weather Services Pvt. Ltd. (India)
- Meteo-Logic (France)
Weather Forecasting Services Market Recent Developments
- On October 28, 2022, The mobile service tower doors are open at Space Launch Complex-3 (SLC-3) at Vandenberg Space Force Base in California.
- In September 2021, DTN partnered with U.S.-based OrbitMi Inc., a Software-as-a-Service (SaaS) company providing data products and maritime software for the shipping industry.
Weather Forecasting Services Key Market Trends
- Big data analytics and predictive analytics are being used by weather scientists to forecast future weather conditions based on analysis of historical and present weather data, creating prospects for the market. In order to analyse weather-related data and deliver fast information that aids in the creation of precise weather forecasts, big data analytics is essential. Big data allows municipal authorities to more accurately predict weather-related issues before they arise. In order for the Korean Meteorological Administration (KMA) to completely adopt big data technologies, IBM also provides KMA with enormous computing power. The KMA can now make more accurate predictions about the severity and location of tropical cyclones and other weather phenomena thanks to big data.
Weather Forecasting Services Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Weather Forecasting Services Market analysis, North America is expected to capture higher market share. The growth of the region is attributed to the presence of experts, investments in R&D. The US has emerged as a significant contributor to market growth in North America. In terms of forecast, the medium range segment dominates the market. This segment's leading position can be attributed to its ability to provide a lead time for modification without compromising its accuracy. In terms of organisations size, the large enterprises led the market and is predicted to grow at the fastest rate.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.5 billion |
| Market size value in 2031 | USD 3.07 billion |
| Growth Rate | 8.30% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Weather Forecasting Services Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Weather Forecasting Services Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Weather Forecasting Services Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Weather Forecasting Services Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Weather Forecasting Services Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Weather Forecasting Services Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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