Weather Forecasting Services Market Trends, Opportunities, Competitive Analysis, Forecast 2023 to 2031 | Accuweather, Inc. BMT Group DTN Earth Networks Fugro

In 2022, the global weather forecasting services market recorded valuation of US$3.6 billion and is expected to achieve a significant growth CAGR of 12.6%, resulting in a valuation of US$ 10.37 billion by 2031.

The global weather forecasting services market is expected to continue its growth trajectory in the coming years, driven by ongoing technological advancements, greater awareness of climate change impacts, and increased private sector participation. The integration of artificial intelligence, machine learning, and big data analytics will further improve forecasting accuracy and enable more customized services. Additionally, the market will benefit from the development of advanced communication technologies, such as 5G and IoT, which will enable seamless data transmission and real-time weather updates.

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There will be a growing demand for weather forecasting services in emerging markets, as countries invest in their meteorological infrastructure to adapt to climate change and support their growing economies. Furthermore, the market is poised to experience a surge in demand from renewable energy, insurance, and other industries that rely heavily on accurate weather data. Collaboration between public and private entities and a focus on innovation will be essential in meeting the ever-evolving needs of various sectors, ultimately driving the global weather forecasting services market to new heights.

Segmental Analysis by Service Type, Forecast Range, Enterprise Size, Application, and Industry

Public weather forecasting services, which are provided by government agencies and institutions that specialize in meteorology, are expected to dominate the market with over 28% of the weather forecasting services market share. This is driven by the growing demand for accurate weather information among the general public, emergency responders, and government agencies. Commercial weather forecasting services, on the other hand, are primarily used by businesses for operational planning and risk management.

When it comes to forecast range, medium-range forecasting is anticipated to be the leading segment, accounting for over 30% of the market share. This is due to its ability to provide precise weather information for up to 10 days, which is essential for making long-term decisions in various industries. Meanwhile, large enterprises are expected to dominate the weather forecasting services market, capturing more than 57% of the market share, because they need accurate weather information to make informed decisions and manage risks in their operations.

The safety application is projected to be the most significant segment, accounting for more than 75% of the market share. This is because weather forecasting services are vital for protecting lives and properties during natural disasters and extreme weather events. The aviation, marine, and agriculture industries are also significant consumers of weather forecasting services, as they rely heavily on accurate weather information to ensure the safety and efficiency of their operations.

The market can also be segmented by industry, with the media industry expected to capture more than 15.6% of the market share. This is due to the need for accurate weather information to provide timely and informative weather reports to their audience and plan outdoor events. Other industries, such as construction, tourism, and retail, also use weather information to plan their operations and make informed decisions.

Top Trends in the Global Weather Forecasting Services Market

Increasing adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT). These technologies are being used to develop more accurate weather forecasting models, improve data collection and analysis, and provide real-time weather information to end-users.
Growing demand for hyperlocal weather forecasting services. This refers to the ability to provide weather information for specific locations or even individual addresses. This is particularly important for industries such as transportation, agriculture, and energy, where accurate weather information in the weather forecasting services market at a hyperlocal level is essential for operational planning and risk management.
The integration of weather forecasting services with other technologies such as drones and autonomous vehicles is also a growing trend in the market. For instance, drones equipped with sensors and cameras can collect real-time weather data, which can then be used to improve weather forecasting models and provide more accurate information to end-users.
Use of big data analytics to extract insights from weather data. This trend is being driven by the growing recognition of the value of weather data for decision-making in various industries, including agriculture, energy, transportation, and others.
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Asia Pacific Emerges as the Fastest Growing Weather Forecasting Services Market and Attain Around 27.5% Market Share by 2031

The Asia Pacific region is expected to experience significant growth in the coming years, with the region accounting for 23.5% of the market's revenue share in 2022 and is projected to reach 27.5% by 2031. This suggests a robust increase in market share, indicating a rapidly growing market in the region.

According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the Asia Pacific region is home to 60% of the world's population and is highly vulnerable to natural disasters. In 2021, the region experienced a significant increase in natural disasters, with over 400 events, resulting in more than 50,000 deaths and affecting over 100 million people in the weather forecasting services market.

Weather forecasting services are critical in preparing for and responding to natural disasters in the region. For instance, in 2020, the Japan Meteorological Agency (JMA) provided early warnings to evacuate over 3 million people due to the approaching Typhoon Hagibis, which hit the Tokyo area and caused significant damage.

In addition to the impact on human lives, natural disasters also have significant economic consequences, with the Asia Pacific region accounting for over 40% of global economic losses from natural disasters. Weather forecasting services can help mitigate these losses by providing accurate information to industries, governments, and emergency responders, allowing them to take necessary measures to minimize damage and disruption.

The growth of the Asia Pacific weather forecasting services market can also be attributed to the increasing adoption of digital technologies in the region, which has led to the development of advanced weather forecasting models and improved access to weather information.

Increasing Competition from New Entrants in Global Weather Forecasting Services Market

The meteorological industry has seen an influx of new entrants, including startups that leverage advanced technologies like artificial intelligence (AI), machine learning (ML), and big data analytics to provide innovative weather forecasting solutions. These new players are pushing the boundaries of traditional weather forecasting, driving established companies to innovate and improve their services to remain competitive.

The following factors are contributing to this increased competition:

Technological Advancements: Advancements in AI, ML, and data analytics have made it easier for startups to develop and deploy sophisticated algorithms capable of analyzing massive amounts of data to generate accurate weather predictions.
Access to Data: The availability of open-source data, including satellite imagery and weather data from government agencies, enables startups in the global weather forecasting services market to access vast amounts of information and develop innovative forecasting solutions.
Cost Reduction: Cloud computing and other technological advancements have significantly reduced the cost of entry for new players, enabling them to compete with established companies more effectively.
Niche Markets: Many startups are focusing on specific niche markets, such as agriculture, renewable energy, or transportation, where accurate weather forecasts can have a significant impact on operations and decision-making.
Some new entrants in the weather forecasting services market include:

Understory: Focusing on the agriculture and insurance industries, Understory offers ground-level weather data collected from their proprietary sensor network, combined with AI-driven analytics to provide actionable insights.
Tomorrow.io (formerly ClimaCell): Tomorrow.io offers a weather intelligence platform that combines data from various sources, such as satellites, ground stations, and IoT devices, with advanced ML algorithms to provide accurate, location-specific forecasts. Recently, in 2021, the company raised over $77 million through private equity firm.
OpenWeather: This company provides weather data and forecasting services through an API, enabling businesses to easily integrate weather information into their applications and platforms in the weather forecasting services market.
WeatherOptics: WeatherOptics offers predictive analytics and weather forecasting services aimed at improving operational efficiency for industries such as transportation, logistics, and energy.
As competition in the weather forecasting industry continues to grow, it is likely that we will see further innovations and improvements in the quality of services offered to end-users. Established companies will need to adapt and innovate to maintain their market share, while new entrants will continue to push the boundaries of what is possible in weather forecasting.

Some of the Top Market Players Are:

Accuweather, Inc.
BMT Group
DTN
Earth Networks
Fugro
Global Weather Corporation (UCAR)
Met Office
Precision Weather Service
Skyview Systems Ltd.
Spire Global
StormGeo (Alfa Laval AB)
The Tomorrow Companies Inc.
The Weather Company (IBM)
Other Prominent players

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