Weather Forecasting Services Market Size 2024-2028

The weather forecasting services market size is estimated to increase by USD 1.31 billion and grow at a CAGR of 10.78% between 2023 and 2028. The growth of the market depends on several factors, farmers need weather forecasting services, the advancements in computer technology, and the growing demand for airplane data integration with real-time weather prediction solutions. The intricacies of weather forecasting models pose a significant obstacle to the expansion of the worldwide market. These models, intricate computer programs, furnish real-time forecasts for future weather conditions at particular locations. Moreover, computer-assisted numerical models cater to various forecast intervals, encompassing long-range, medium-range, and short-range forecasts, tailored to different regions.

What will be the size of the Market During the Forecast Period?

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Market Segmentation by Type, Application, and Geography

Type Segment Analysis

The medium-range segment will account for a major share of the market's growth during the forecast period. The National Center for Medium-Range Weather Forecasts (NCMRWF) is part of the Ministry of Earth Sciences. The purpose of this center is to develop reliable and accurate advanced numerical weather forecasting for India and neighboring regions through research, development, and demonstration of new and diverse applications while maintaining the highest level of knowledge, skills, and technical base. to create a system. The importance of the medium-range forecast will have a positive impact on the growth of the global weather forecast services market during the forecast period. 

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The medium-range segment was valued at USD 518.20 million in 2018. In this segment, the forecast range is for three to four days in two weeks. Most service providers around the world offer moderate weather forecasts, with a 5-day forecast of 90% and a 7-day forecast of 80%, according to the National Oceanic and Atmospheric Administration (NOAA) SciJinks. European Center for Medium-Term Weather Forecasts (ECMWF). They are both a research institute and a 24/7 operational service, generating global numerical weather forecasts and other data for their member, and cooperating countries, and the greater community. The center's supercomputer facilities and meteorological data archive are among the largest in the world. Such things will increase segment growth during the forecast period.

Application Segment Analysis

Based on application, the market has been segmented into energy and utilities, aviation, media and consumer, logistics and transportation, and Others. The energy and utilities segment will account for the largest share of the type segment. Weather information and operational intelligence are crucial to the production of electricity for energy companies. In addition, accurate renewable energy supply is largely dependent on meteorological data, as the increase in renewable energy makes the worldwide power supply more susceptible to shifting weather conditions. These factors increase the demand in the energy and utility industries. Such factors will increase segment growth during the forecast period.

Regional Analysis

APAC is estimated to contribute 38% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.  

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Another region that is significantly contributing to the market is North America. North America is expected to dominate the market in 2023 and maintain its lead throughout the forecast period. The market is growing due to factors such as technological infrastructure, the presence of experts, and investments in research and development. Additionally, the increasing importance of operational efficiency and the rise of public-private partnerships aimed at providing more accurate and reliable weather forecasts are opening up lucrative market opportunities. According to one United Nations Environment Programme (UNEP) study, renewable energy investment increased by 1% in 2019 compared with 2018 and was valued at USD282.2 billion. The United States increased its investment in renewable energy by 28%. Overall, investment in renewable and clean energy in North America has increased steadily, especially in recent years. Such factors will have a positive impact on the growth of the regional target market during the forecast period. 

Market Customer Landscape

The report includes the adoption lifecycle of the market, spanning from the innovator’s stage to the laggard’s stage. Furthermore, the report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.  

Global Market Customer Landscape

Market Dynamics and Customer Landscape

The Market is witnessing significant growth due to the increasing demand for accurate and timely weather information in various industries. The market is segmented based on the range of forecasts, including short-range, medium-range, and long-range. Air-based observation systems, satellite systems, and marine observing systems are the major technologies used in weather forecasting. Energy transitions and agriculture are major end-users of weather forecasting services. Large enterprises and small & medium enterprises (SMEs) are adopting weather forecasting services in industries such as aviation, energy & utilities, renewables, manufacturing, logistics & transportation, and marine. Nowcasting, which provides short-term weather forecasts, is gaining popularity due to its accuracy and real-time information. Medium-range and long-range forecasts are used for planning and decision-making in various industries. DTN, NOAA SciJinks, and other weather forecasting providers offer these services to their clients. The compound annual growth rate (CAGR) of the market is expected to remain positive due to the increasing demand for accurate weather information and the development of advanced technologies in weather forecasting. The Market is witnessing significant growth due to the increasing demand for accurate and timely weather information in various industries.

The market is segmented based on the range of forecasts, including short-range, medium-range, and long-range. Air-based observation systems, satellite systems, and marine observing systems are the major technologies used in weather forecasting. Energy transitions and agriculture are major end-users of weather forecasting services. Large enterprises and small & medium enterprises (SMEs) are adopting weather forecasting services in industries such as aviation, energy & utilities, renewables, manufacturing, logistics & transportation, and marine. Nowcasting, which provides short-term weather forecasts, is gaining popularity due to its accuracy and real-time information. Medium-range and long-range forecasts are used for planning and decision-making in various industries. DTN, NOAA SciJinks, and other weather forecasting providers offer these services to their clients. The compound annual growth rate (CAGR) of the market is expected to remain positive due to the increasing demand for accurate weather information and the development of advanced technologies in weather forecasting. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage. 

Key Market Driver

The market is experiencing significant growth, driven by the increasing demand from today's farmers. Agriculture, heavily dependent on weather conditions and seasons, requires accurate weather information for optimal productivity. Climate change has heightened the importance of weather and environmental risk management in agriculture, necessitating adaptive management strategies.

Moreover, farmers rely on weather forecasts to plan and prepare for upcoming seasons, making advanced weather forecasting systems indispensable. These systems provide quantitative data on atmospheric conditions, land, and oceans, enabling farmers to make informed decisions and mitigate risks. With the global population expanding, the need for more agricultural goods underscores the importance of accurate weather forecasting services. As agriculture plays a vital role in feeding the world, weather forecasting services are crucial for ensuring agricultural productivity and food security. Hence, such factors are driving the market during the forecast period.

Significant Market Trends

The rising penetration of advanced technologies is the primary trend in the global market growth. Weather forecasting facilities often use sophisticated and energy-intensive equipment and infrastructure. Environmental observation data is a rapidly growing subset of big data. As a result, weather forecasting centers must not only provide an integrated solution to meet the computing needs of weather forecasters but also transmit and manage data and bear the full costs of these operations.

Furthermore, the increase in supercomputer processing power is expected to make it easier to integrate a variety of high-resolution weather predictions and climate models, resulting in extremely accurate and exact forecasts. During the forecast period, such factors will fuel the growth of the global market during the forecast period.

Major Market Challenge

Complexities of weather forecasting models are a major challenge to the growth of the global market. Weather forecast models are computer programs, including highly complex computer programs, that provide real-time future weather information for specific locations. In addition, computer-aided numerical models have been designed for different weather forecast intervals, such as long-range forecasts and medium-range forecasts, and regional models under which we have the short-range forecast.

This also includes complex methods such as persistence, climatologic, looking at the sky, use of barometer, nowcasting, use of forecasting models, analog, and ensemble forecasting. Weather forecasting is a difficult discipline that relies on the effective interaction of weather observation, data processing by meteorologists and computers, and a fast communication system which makes it a highly complex procedure. Thus, the complexities of the weather forecasting model can hinder the growth of the market in focus during the forecast period.

Who are the Major Market Players?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

AccuWeather Inc.: The company offers weather forecasting services such as AccuWeather Weather Radar App. Also, the company produces and distributes news and weather content.

Advanced Environmental Monitoring LLC: The company offers weather forecasting services under the brand, Earth Networks. Also, the company focuses on monitoring critical environmental parameters, including meteorology, hydrology, air, and soil.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:

• Alfa Laval Corporate AB
• BMT Group Ltd.
• Campbell Scientific Inc.
• CSIR National Aerospace Laboratories
• Danaher Corp.
• DTN LLC
• ENAV Spa
• Environdata Weather Stations Pty Ltd.
• Fugro NV
• International Business Machines Corp.
• Met Office
• National Oceanic and Atmospheric Administration
• Precision Weather Forecasting Inc.
• Skymet Weather Services Pvt. Ltd.
• Skyview Systems

Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments

• Type Outlook
  • Medium-range
  • Long-range
  • Short-range
  • Nowcasting

• Application Outlook 
  • Energy and utilities
  • Aviation
  • Media and consumer
  • Logistics and transportation
  • Others

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

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Market Analyst Overview

The Market is witnessing significant growth due to the increasing demand for accurate and reliable weather information in various industries. Energy transitions, agriculture, aviation, renewables, manufacturing, logistics & transportation, marine, and meteorology are some of the major sectors that heavily rely on weather forecasting services. Air-based observation systems, satellite systems, and DTN (Delay-Tolerant Networking) are the primary technologies used for weather forecasting. Medium-range and long-range forecasting are essential for large enterprises, while short-range forecasts cater to the needs of small & medium enterprises. Earth Networks, Met Office, Spire Global,  PDF report, Small & medium enterprise, StormGeo, Climavision, and Renewable energy production companies are some of the key players in the market. The farming industry and banking financial services are also adopting weather forecasting services to mitigate risks and optimize operations. Meteorology and computer system advancements have played a crucial role in improving the accuracy and reliability of weather forecasting. Supercomputers and computing systems are being used to process vast amounts of data and provide real-time weather information. The marine observing system is another emerging application area for weather forecasting services, with marine companies relying on accurate weather information for safe and efficient operations. Overall, the  Market is expected to continue its growth trajectory due to the increasing demand for weather information in diverse industries.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2028.
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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