Weather Forecasting Services Market to Grow at a CAGR of 9.60% during 2023-2028 - IMARC Group

The latest research study "Weather Forecasting Services Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" by IMARC Group, finds that the global Weather Forecasting Services Market size reached US$ 1.82 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 3.21 Billion by 2028 exhibiting a CAGR of 9.60%during 2023-2028.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Industry Definition and Application:

Weather forecasting refers to the prediction of weather with the application of innovative technologies and sciences for a specific location. It also predicts numerous changes on the surface of the earth caused by atmospheric conditions, including snow and ice covers, storm tides, floods, etc.

Weather forecasting services aid farmers in controlling the pests and other crop diseases that are spread across the field by determining the accurate period for utilizing specific pesticides. They help reduce weather-related losses and enhance societal benefits, such as the protection of life and property and public health and safety. As a result, weather forecasting services are widely used across the transportation, aviation, energy and utilities, agriculture, banking, financial services and insurance (BFSI), manufacturing, and retail sectors.

Weather Forecasting Services Market Trends and Drivers:

The elevating uncertainties in climate conditions are among the key factors augmenting the weather forecasting services market. Furthermore, the rising utilization of these services among farmers to determine precipitation forecasts, wind alerts, and actionable insights for managing their operations, improving yields, and maximizing profits is also bolstering the market growth. Moreover, the escalating usage of weather forecasting services in the aviation sector to navigate extreme weather conditions is further catalyzing the global market.

Besides this, the inflating need for these services to enable safe and efficient network communications for land and sea rescue, administration, and support operations is also driving the market growth. Additionally, the growing investments among key market players in research and development (R&D) activities to introduce supercomputers for accurate weather forecasts are expected to positively influence the weather forecasting services market in the coming years.

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Report Segmentation:
The report has been segmented the market into following categories:

Breakup by Forecasting Type:
o Short-range Forecasting
o Medium-range Forecasting
o Long-range Forecasting

Breakup by Purpose:
o Operational Efficiency
o Safety
o Others

Breakup by Organization Size:
o Large Enterprises
o Small and Medium-Sized Enterprises

Breakup by End User:
o Transportation
o Aviation
o Energy and Utilities
o Banking, Financial Services and Insurance (BFSI)
o Agriculture
o Media
o Manufacturing
o Retail
o Others

By Geography:
• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

List of Major Key Players:
The major players in the market are AccuWeather Inc., AerisWeather, BMT Group, Custom Weather, DTN, ENAV S.p.A., Fugro, International Business Machines Corporation, Met Office, Precision Weather Services, Skymet Weather Services Pvt. Ltd. and StormGeo AS.

Key highlights of the report:

Market Performance (2016-2021)
Market Outlook (2023- 2028)
Porter's Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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