Global Weather Forecasting Services Market Insights Forecasts to 2030
- The global weather forecasting services market was valued at USD 2.14 billion in 2021.
- The market is growing at a CAGR of 6% from 2021 to 2030
- The global weather forecasting services market is expected to reach USD 3.61 billion by 2030
- Asia- Pacific is expected to grow the fastest during the forecast period
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The global weather forecasting services market is expected to reach USD 3.61 billion by 2030, at a CAGR of 6% during the forecast period 2021 to 2030. The demand for weather forecasting solutions and services is being fueled by a number of factors, including an increase in the requirement for weather-related solutions across a variety of industries, as well as an increase in the demand for weather forecast-related solutions as a consequence of uncertain climatic conditions and energy transitions.
The combination of technology and science that is used to make predictions about the state of the environment and the atmosphere in a particular area is known as weather forecasting. The act of acquiring static data of the atmosphere in a particular place and then processing this data further using various scientific methodologies to anticipate the change in the atmosphere is known as atmospheric change forecasting. To provide accurate forecasts of the weather, weather forecasting systems consist of several different components. These components include computing systems, sensors, software, and communication devices. These systems collect, evaluate, and process data about the atmosphere and then transport that information to various worldwide channels. The military and agricultural industries are the ones that make the most use of weather prediction systems. In the not-too-distant future, the unpredictability of climate change may serve as a driver for the expansion of the global weather forecasting systems market. The accurate prediction made within the allotted time might save lives, as well as money, and enhance the amount of time available to fight against natural disasters, pollution, and environmental catastrophes. In addition, potential industries like defense and agriculture require up-to-date weather information to control air traffic control and other aspects of their operations. The capability of weather forecasting systems is continuously improved due to advancements in technology, which makes it possible to predict the weather accurately. However, the complexity involved with the system and the shortage of experienced people for the operation of weather forecasting systems may be a factor that may hinder the growth of the worldwide market.
This research report categorizes the global weather forecasting services market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global weather forecasting services market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each global weather forecasting services market sub-segments.
Global Weather Forecasting Services Market Report Coverage
|Market Size in 2021:||USD 2.14 billion|
|Forecast Period 2021-2030 CAGR:||6%|
|2030 Value Projection:||USD 3.61 billion|
|Historical Data for:||2017-2020|
|No. of Pages:||221|
|Tables, Charts & Figures:||141|
|Segments covered:||By Forecast, By Organization Size, By Industry, By Region, COVID – 19 Impact Analysis|
|Companies Covered:||AccuWeather, Inc., DTN, Earth Networks, Fugro, Met Office, Precision Weather Service, Spire Global, StormGeo, The Tomorrow Companies Inc., The Weather Company (IBM)|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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- In 2021, the Medium- range segment dominated the market with the largest market share of 30% and market revenue of 0.642 billion.
Based on the forecast, the weather forecasting services market is categorized into Nowcasting, Short-range, Medium-range, and Long-range. In 2021, the medium--range segment dominated the market with the largest market share of 30% and market revenue of 0.642 billion. It is predicted that the medium-range segment will post the greatest CAGR throughout the forecast period. In 2021, the medium-range segment held the biggest revenue share. This is because the majority of service providers throughout the world offer medium-range weather predictions, and according to NOAA SciJinks, the accuracy of a 5-day forecast is 90%. Still, the accuracy of a 7-day forecast is just 80%.
- In 2021, the Large enterprise's segment accounted for the largest market share, with 60% and a market revenue of 1.28 billion.
Based on organization size, the weather forecasting services market is categorized into Large enterprises and Small & medium enterprises. In 2021, large enterprises dominated the market with the largest market share of 60% and market revenue of 1.28 billion. Large organizations accounted for the biggest revenue share in 2021, and it is anticipated that they will continue to hold this position for the forecast period. This is a result of the scale of these businesses, which can be measured not only by their income but also by the number of people they employ. In addition, these companies were among the first to enter the industry. They made substantial investments in research and development to maintain a state of constant innovation and to give extremely accurate weather forecasting products and insights.
- In 2021, the media segment dominated the market with the largest market share of 20% and market revenue of 0.42 billion
Based on the industry, the weather forecasting services market is categorized as Transportation, Aviation, Banking, Financial Services & Insurance ( BFSI ), Agriculture, Energy & Utilities, Media, Manufacturing Retail, and Others. In 2021, the media segment dominated the market with the largest market share of 20% and market revenue of 0.42 billion. In 2021, the media sector was the most dominant in the market and maintained a revenue share. The expansion can be linked to the increased investments in renewable energy sources like solar and wind, which are being made to reduce emissions of greenhouse gases. As a result, there will likely be an increased demand for weather forecasting services.
Regional Segment Analysis of the Weather Forecasting Services Market
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- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global weather forecasting services market, with a market share of around 38.55% and 2.14 billion of the market revenue in 2021.
- In 2021, North America emerged as the largest market for the global weather forecasting services market, with a market share of around 38.55% and 2.14 billion of the market revenue. In the market, North America maintained a strong position, and it is likely that it will continue to keep this dominant position for the duration of the forecast period. The growth of the market can be ascribed to a variety of factors, some of which include expenditures made in research and development, the availability of trained people, and the development of technical infrastructure.
- The Asia - Pacific market is expected to grow at the fastest CAGR between 2022 and 2030. Throughout the forecast period, it is anticipated that the Asia Pacific will record the greatest market. The expansion can be linked to the region's maturing technological infrastructure, which is now under construction. According to the Germanwatch global climate risk index 2021, many nations in the Asia Pacific region are placed high in the index, indicating that they are susceptible to the effects of the weather and climate. It is anticipated that the increased number of businesses in the region would increase demand for weather forecasting technologies.
The report offers the appropriate analysis of the key organizations/companies involved within the weather forecasting services market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- AccuWeather, Inc.
- Earth Networks
- Met Office
- Precision Weather Service
- Spire Global
- The Tomorrow Companies Inc.
- The Weather Company (IBM)
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
- January 2022-AccuWeather Global Weather Centre, AccuWeather announced today that it has acquired Plume Labs®, a provider of environmental technology based in Paris, for an undisclosed sum, effective today.
- January 2022-AEM had finally released the eagerly anticipated update to the Earth Networks Total Lightning Network. Because of significant advancements in location accuracy and lightning detection efficiency, the ENTLN now makes it much simpler for AEM clients to monitor lightning in real time and provide early warning for severe weather occurrences that have the potential to compromise operational effectiveness and public safety.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global weather forecasting services market based on the below-mentioned segments:
Global Weather Forecasting Services Market Drug, By Forecast
Global Weather Forecasting Services Market, By Organization Size
- Large enterprises
- Small & medium enterprises
Global Weather Forecasting Services Market Medication, By Industry
- Banking Financial Services & Insurances( BFSI )
- Energy & Utilities
- Manufacturing Retail
Global Weather Forecasting Services Market, Regional Analysis Type
- North America
- THE US
- Rest of Europe
- The Europe
- South Korea
- Rest of Europe
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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