Weather Forecasting Services Market Key Findings by 2031
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 Analysis
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 Market Overview
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.
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Weather Forecasting Services Market: Strategic Insights
Market Size Value in US$ 1,501.00 million in 2021 Market Size Value by US$ 2,732.52 million by 2028 Growth rate CAGR of 8.9% during 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Weather Forecasting Services Market: Strategic Insights
| Market Size Value in | US$ 1,501.00 million in 2021 |
| Market Size Value by | US$ 2,732.52 million by 2028 |
| Growth rate | CAGR of 8.9% during 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Weather Forecasting Services Market Drivers and Opportunities
Changing Climate Patterns Resulting in Uncertainties in Rainfall to Favor Market
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.
Increasing Adoption of Technologically Advanced Systems Among Airports.
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).
Weather Forecasting Services Market Report Segmentation Analysis
Key segments that contributed to the derivation of the weather forecasting services market analysis are industry, purpose, forecasting type, and organization size.
- Based on industry, the weather forecasting services market is divided into agriculture, aviation, marine, transport and logistics, energy and utilities, oil and gas, media, insurance, retail, construction and mining, and others. The agriculture segment is anticipated to hold a significant market share in the forecast period.
- Based on purpose, the weather forecasting services market is divided into operational efficiency, safety, and others. The operational efficiency segment is anticipated to hold a significant market share in the forecast period.
- By forecasting type, the market is segmented into nowcast, short range, medium range, and long range. The nowcast segment is anticipated to hold a significant market share in the forecast period.
- By organization size, the market is segmented into large enterprises and small and medium-sized enterprises. The large enterprises segment is anticipated to hold a significant market share in the forecast period.
Weather Forecasting Services Market Share Analysis by Geography
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.
Weather Forecasting Services Market Report Scope
Weather Forecasting Services Market News and Recent Developments
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:
- Zomato announced the launch of India's first crowd-supported weather infrastructure, WeatherUnion.com. This proprietary network of over 650 on-ground weather stations is the largest private infrastructure of its kind in the country, providing localized, real-time information on key weather parameters such as temperature, humidity, wind speed, and rainfall. (Source: Zomato, Company Website, May 2024)
- Honeywell announced that it has entered into a partnership with the National Oceanic and Atmospheric Administration’s (NOAA) National Weather Service that will enable NOAA to research and evaluate how its upper air weather observation can be improved with the use of new technology from Honeywell. (Source: Honeywell Company Website, April 2024)
Weather Forecasting Services Market Report Coverage and Deliverables
The “Weather Forecasting Services Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Weather forecasting services market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
- Weather forecasting services market trends as well as market dynamics such as drivers, restraints, and key opportunities.
- Detailed PEST/Porter’s Five Forces and SWOT analysis.
- Weather forecasting services market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the weather forecasting services market.
- Detailed company profiles.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Industry, Purpose, Forecasting Type, and Organization Size
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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%.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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