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Weather Forecasting Services Market Set to Reach $3.22 Billion by 2028, Driven by Globalization and Precision Agriculture
Weather Forecasting Services Market Report
The weather forecasting services market size is expected to see strong growth in the next few years. It will grow to $3.22 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to climate modeling, increased demand for renewable energy, integration with internet of things (iot), enhanced emergency management systems, public and private collaborations. Major trends in the forecast period include technological integration in aviation, advancements in meteorological technology, advancements in numerical weather prediction, rise of hyper-local weather forecasting, expansion of extreme weather prediction.
Market Overview -
Weather forecasting services refer to services related to weather forecasting in which atmospheric conditions for a certain place and period are forecasted using science and technology. The purpose of weather forecasting services is to share knowledge that people and organizations may utilize to reduce weather-related losses and improve societal advantages such as life and property protection, public health and safety, and economic prosperity and quality of life.
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The Surge In Weather Monitoring For Disaster Management
The increase in weather monitoring for disaster management is expected to propel the growth of the weather forecasting services market going forward. Weather monitoring services use environmental monitoring equipment to collect and analyze weather data to support decision-making. It provides great accuracy and dependability for weather monitoring and climate change monitoring. For instance, in October 2022, ReliefWeb, a UK-based humanitarian information portal, in 2021, the total frequency of worldwide natural disasters was 13% greater than in the previous 30 years (1991-2020). Further, in March 2022, Access Partnership, a Belgium-based public policy consultancy focused on technology, the global annual number of natural disasters is expected to rise by 37% (from 442 to 541 incidents) by 2025. Therefore, weather monitoring for disaster management is driving the growth of the weather forecasting services market.
Competitive Landscape -
Major companies operating in the weather forecasting services market report are AccuWeather Inc., Fugro NV, Met Office, The Weather Company (IBM), StormGeo AS, Precision Weather Service, DTN LLC, Earth Networks Inc., Spire Global Inc., The Tomorrow Companies Inc., ENAV S.p.A., BMT Group, Skymet Weather Services Pvt. Ltd., Skyview Systems Ltd., Jupiter Intelligence Inc., Weather Intelligence Pty. Ltd., WeatherBELL Analytics LLC, AerisWeather Inc., Custom Weather Inc., Vaisala Oyj, Ubimet GmbH, Clear Science Inc., Weather Source LLC, PESSL INSTRUMENTS GMBH, Weather Underground Inc., Climacell Inc., Windfinder GmbH, Meteoblue AG, Weatherbit Inc., Foreca Ltd., European Centre for Medium-Range Weather Forecasts, National Centers for Environmental Prediction
Innovative Technologies Reshaping The Weather Forecasting Market
Technological advancement is a key trend in the weather forecasting services market. Companies operating in the market are adopting technologies, such as artificial intelligence, to sustain their position in the market. For instance, in October 2022, Jua.ai AG, a Switzerland-based artificial intelligence climate company that provides insights and research for weather forecasting, launched an AI-powered platform to give customized weather models to the meteorological industry. This weather prediction model predicts different weather-based parameters, such as precipitation, wind speed, air pressure, and wind direction. The model gets updated every fifteen minutes, which enables significant improvements in forecasting extreme events. It offers up to 25 times higher spatial resolution and ten times higher temporal resolution when compared to conventional alternatives.
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Key Segments -
The weather forecasting services market covered in this report is segmented -
1) By Type: Onshore Weather Forecasting Services, Offshore Weather Forecasting Services
2) By Forecast Type: Nowcast, Short-Range, Medium Range, Extended Range, Long Range
3) By Purpose: Operational Efficiency, Safety
4) By Organization Size: Large Enterprises, Small And Medium Enterprises
5) By Industry: Transportation, Aviation, Energy And Utilities, Banking Financial Services And Insurance (BFSI), Agriculture, Media, Manufacturing, Retail, Other Industries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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