What is the global market size of Weather Forecasting Services Market?

Global Weather Forecasting Services Market size was valued at USD 2.2 billion in 2021 and is poised to grow from USD 2.4 billion in 2022 to USD 4 billion by 2030, growing at a CAGR of 6.7% in the forecast period (2023-2030).

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 News

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 Market Report Snapshots

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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).

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. '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)'

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.

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.

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.

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