The weather forecasting services market size is projected to reach US$ 3.48 billion by 2031 from US$ 1.70 billion in 2023. The market is expected to register a CAGR of 9.3% during 2023–2031. Changing climate patterns result in uncertainties in rainfall, and significant investments into clean energies and government support are likely to remain key trends and drivers in the market.
Weather Forecasting Services Market is seeing substantial growth globally. This growth is attributed to the Changing climate patterns resulting in uncertainties in rainfall and significant investments into clean energies and government support. Moreover, the increasing adoption of technologically advanced systems among airports and the uptake of advanced technologies in weather forecasting is anticipated to drive the market in the coming years.
Weather forecasting services give everyday weather forecasts relating to weather conditions. Weather is one of the biggest impact factors for every human activity and has been the biggest driver of development for the human race. The development is usually exponential in certain areas where the weather is reasonable compared to areas with harsher climate ranges. As technically developed as we are today, many measures can be taken to be efficient against the climate if a prior warning is provided. The weather forecasting services is a consulting that provides required information, which leads to informed decision-making and even cost savings.
The Environmental and Energy Study Institute (EESI) held a briefing about the role of weather intelligence technology in helping predict and prepare for extreme weather events. As greenhouse gas emissions rise, climate change is triggering and intensifying extreme weather events like heat waves, droughts, and hurricanes – as well as making them harder to predict. Climate change is leading to unprecedented extreme weather, so it is critical to provide adequate funding to weather forecasting services that inform the public. Thus, considering the above parameters, changing climate patterns resulting in uncertainties in rainfall is driving the market globally.
The AirportCast weather service is used to assist airport companies in the management of air-side operational activities, both in relation to typical winter weather phenomena (snow, freezing rain or fog) and typical summer or autumn weather phenomena (thunderstorms, hail and strong wind). It is organized in the Weather Alert phase and, for the most critical weather conditions, in the operations room phase. Further, weather forecast continues to be a challenge in providing accurate forecasts for the aviation sector. In order to contribute towards the safety, economy, regularity and efficiency of global air navigation, National Meteorological Services throughout the world make meteorological observations and forecasts through the establishment of sustained monitoring and warning systems in their respective countries, as per the standards and guidelines provided by World Meteorological Organisation (WMO) and International Civil Aviation Organisation (ICAO).
Key segments that contributed to the derivation of the weather forecasting services market analysis are industry, purpose, forecasting type, and organization size.
The geographic scope of the Weather Forecasting Services market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the weather forecasting services market. High technology adoption trends in various industries in the North American region have fuelled the growth of the engineering software market. Factors such as increased adoption of digital tools and high technological spending by government agencies are expected to drive the North American weather forecasting services market growth. Moreover, a strong emphasis on research and development in the developed economies of the US and Canada is forcing the North American players to bring technologically advanced solutions into the market. In addition, the US has a large number of weather forecasting services market players who have been increasingly focusing on developing innovative solutions. All these factors contribute to the region's growth of the weather forecasting services market.
The regional trends and factors influencing the Weather Forecasting Services Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Weather Forecasting Services Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 1.70 Billion |
Market Size by 2031 | US$ 3.48 Billion |
Global CAGR (2023 - 2031) | 9.3% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Industry
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
The Weather Forecasting Services Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Weather Forecasting Services Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The weather forecasting services market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the weather forecasting services market are listed below:
The “Weather Forecasting Services Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America is anticipated to dominate the weather forecasting services market in 2023.
Changing climate patterns result in uncertainties in rainfall, and significant investments into clean energies and government support are some of the factors driving the weather forecasting services market.
The uptake of advanced technologies in weather forecasting services is anticipated to drive the market in the forecast period.
The key players holding majority shares in the global weather forecasting services market are Accuweather Inc, BMT Group Ltd, Enav s.p.A., Fugro, Global Weather Corporation, SKYVIEW SYSTEMS, Precision Weather, Skymet Weather Services Pvt, Ltd, StormGeo, The Weather Company (IBM)
The global weather forecasting services market is expected to reach US$ 3.48 billion by 2031.
The expected CAGR of the weather forecasting services market is 9.3%.