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).

Global Weather Forecasting Services Market Size, Share, Growth Analysis, By Forecast(Nowcasting, Short-range Medium-range), By Organization Size(Large Enterprises, Small & Medium Enterprises.), By Industry(Agriculture, Aviation) - Industry Forecast 2024-2031

Report ID: SQMIG45A2139 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 95 | Figures: 76

Global Weather Forecasting Services Market Insights

Weather Forecasting Services Market size was valued at USD 2.2 billion in 2019 and is poised to grow from USD 2.4 billion in 2023 to USD 4 billion by 2031, growing at a CAGR of 6.7% in 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.

Global Weather Forecasting Services Market Report Snapshots

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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. 'DTN', 'Earth Networks', ' AccuWeather ', ' The Weather Company ', ' Weather Underground ', ' National Weather Service (NWS) ', ' Weathernews ', ' MeteoGroup ', ' Skymet Weather Services ', ' WeatherBell Analytics ', ' AerisWeather ', ' UBIMET ', ' Meteoblue ', ' Foreca ', ' Weatherzone ', ' Fugro ', ' StormGeo ', ' The Met Office ', ' BMT Group ', ' The Weather Network '

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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Global Weather Forecasting Services Market Size, Share, Growth Analysis, By Forecast(Nowcasting, Short-range Medium-range), By Organization Size(Large Enterprises, Small & Medium Enterprises.), By Industry(Agriculture, Aviation) - Industry Forecast 2024-2031

Global Weather Forecasting Services Market Insights

Global Weather Forecasting Services Market Report Snapshots

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