The global weather forecasting services market was valued at US$ 1,413.37 million in 2020 & it is expected to grow at a CAGR of 8.9% during the forecast period 2021–2028.
Weather forecasting services aims at giving day-to-day forecast 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. This is especially important for sectors dealing with weather-sensitive services. Some examples of such sectors are renewable energy, agriculture, construction, aviation, media, shipping, and utilities. These industries have heavy use for weather services. The services are especially in demand in today's world, where the climate is becoming increasingly variable and unpredictable due to global warming.
Covid 19 Impact
Our world was hit hard by the impact of the COVID-19 pandemic. The extremely high number of infection cases sends everyone into a frenzy. Governments were doing their best to decrease the infection rate by acting on their minimal information. The rise in the reported number of infectious cases has directly or indirectly affected the manufacturing process of almost every industry, for good or bad. The weather forecast services require specialized equipment, and its manufacturing was at a standstill during these years. This affected the industry deeply; however, the industry is slowly undergoing recovery and is expected to grow even more due to increasing climate changes worldwide.
Drivers
Changing Climate Patterns Resulting in Uncertainties in Rainfall
Global warming has had an adverse effect on the climatic conditions we face compared to what we experienced a few years back. The temperature and timing of the different seasons in particular areas were previously mapped and predictable. Extreme changes in climatic patterns rarely occur. Recently, the overall climatic temperature has gone up. This has given rise to much more precipitation than normal, directly affecting the rainfall frequency and intensity. Heavy downpours and frequent snowfalls due to heavy precipitation are experienced in some areas, while others do not even touch the mark of the required level. This has raised the need for weather forecasting services. The rise in incidents of natural disasters has resulted in heavy dependence on the weather forecasting services market for damage control. The situation is dire, and it calls for extreme actions.
Significant Investment into Clean Energies and Government Support
Several environmental organizations have been raising their voices against how we use our natural resources. The rising awareness amongst the masses about clean energies has significantly improved the deteriorating climatic conditions. Sustainable development is linked to state-of-art technologies such as adopting weather forecast services. This has created a high demand for the same, propelling market growth.
Market Restraints
Rising Complexity Associated with Weather Forecasting Models
Weather is dynamic and unpredictable, especially in adverse global warming. Weather forecasting is a complex process historically based on shrewd guesswork. The process has evolved to observing and analyzing a large amount of data. Nonlinear weather forecasting models are complex and not always accurate. The proper integration of a large sum of data makes the process even more tedious. This is especially true for short-term weather predictions. This is considered a key restraining factor for the growth of the weather forecasting services market.
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Global 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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Global 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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Regional Analysis
The global weather forecasting services market is in North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America.
The weather forecasting services market was dominated by North America, which accounted for 45.6% in 2020 and will continue to dominate by 2028, accounting for 44.0% of revenue share. Europe is the second-largest contributor to the global weather forecasting services market, followed by APAC.
The US, Canada, and Mexico are the key economies in North America. These areas have seen a spike in population, and there is an overpowering increase in the population's spending power in these countries. The presence of capital in the hands of the population means the ability to spend money on new technological advancements. The highly competitive market of the region has reported an increase in the demand for weather forecasting services. Employing new and innovative technologies has proved advantageous for companies to get ahead in the competition. This is driving the weather forecasting services market in the region.
The mining sector requires weather prediction. In APAC, China is the biggest hub for the mining sector. Other countries of this region are increasing their mining activities to become competitive in the market. This has contributed to the demand for weather forecasting services in the region.
Many developments have been witnessed in the APAC and North American regions. This is the probable reason the market is expected to do beautifully in these regions during the prediction period.
Lucrative Regions for Weather Forecasting Services Providers
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Segmentation
By Industry
The global weather forecasting services market, based on industry, was segmented into agriculture, aviation, marine, transport and logistics, energy and utilities, oil and gas, media, insurance, retail, construction, and mining, among others. In 2020, the energy and utility segment held the largest market share. They were expected to grow significantly during the coming years owing to the increasing variability of the climatic conditions, which has created a demand for the revamping of energy systems to reduce greenhouse emissions. Low-carbon energy generation is the need of the hour.
By Purpose
The global weather forecasting services market, based on purpose, was segmented into operational efficiency, safety, and others. In 2020, the safety segment held the largest share of the market. Weather prediction has many advantages. The top ones are public health and safety, life and property protection, economic prosperity, and quality of life. Thus, we can say weather forecasting is crucial for safety. Beyond this, it has advantages in helping many organizations and people plan their activities, deciding what to wear (i.e., warm weather, rainy weather, windy weather, cold weather), and many other crucial decisions. All these reasons have provided a helping hand to the weather forecasting services market. These factors are accountable for the segment's growth in the forecast period.
Key market players:
- Global Weather Corporation (US)
- Accuweather, Inc. (US)
- BMT Group Ltd. (UK)
- Skymet Weather Services Pvt. Ltd.
- Precision Weather
- The Weather Company
- Fugro (Netherlands)
- Enav S.p.A. (Italy)
- Met Office
- Skyview Systems Ltd
- StormGeo (Norway)
- IBM Corporation (US)
Key Developments:
In June 2021,
StormGeo was hired by Kajima Corporation to provide weather forecasting services for Japan's first multi-turbine offshore wind farm. StormGeo was assigned by Kajima Corporation on behalf of the project owner, the Akita Offshore Wind Corporation, to provide weather, wave, and typhoon forecasting for the Akita and Noshiro wind farms throughout the 20-month offshore construction phase.In December 2019,
DTN acquired Weatherzone from Nine Entertainment (ASX: NEC). Weatherzone is a leading provider of weather information to consumers and businesses across major industries. This acquisition furthers DTN's global growth by leveraging and providing weather insights to help customers make decisions that minimize risks and maximize growth.In November 2019,
IBM introduced a new weather model that will provide worldwide high-resolution forecasts with detail as tiny as 2 miles wide. GRAF, or Global High-Resolution Atmospheric Forecasting, is the system's name. It will have a wide range of uses for governments and sectors worldwide, including airlines, agriculture, and retail. GRAF will generate 12 trillion pieces of weather data daily, and process forecasts every hour.In February 2019,
Global Weather Corporation, a leading provider of weather forecast data services for the corporate, mobility, energy, and media industries, announced that its RoadWX road surface conditions forecast service has been improved. The RoadWX prediction now recognizes five road surface conditions: dry, near dry, wet, slush, and ice/snow. The new "nearly dry" state bridges the gap between wet and dry roads, providing more information.
Report Coverage
The global weather forecasting services market research report provides a comprehensive market scenario in quantitative analysis of market size, share, trends, and forecast period. Besides this, the information serves as a reference to recognize and analyze the significant market drivers, restraints, opportunities, segments, and industrial landscape. The regional insights in the report feature the revenue share, market dominance, annual growth rate, and forecasts with country-level analysis.
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
With a constant increase in the temperature and the air becoming warmer, water evaporation has intensified, leading to frequent downpours and heavy snowfall. This heavy precipitation is not spread evenly across the world with some places not getting required amount of precipitation. Since climate change causes a shift in air and ocean currents, it changes weather patterns. The rising incidence of natural disasters due to undesired climatic changes and subsequent security concerns has surfaced as the key factor behind the growth in the global weather forecasting services market. Advanced and reliable weather forecasting achieved within the stipulated time can lead to significant cost savings and also help with protection against catastrophes and natural disasters. The technological advancements in computing systems, such as advanced data analytics, model development, and machine learning tools and techniques, are likely to boost he demand for weather forecasting services market.
Weather forecasting services are highly efficient and helpful when dealing with the turbulence and wind shear issues. These services help monitor and measure wind at and near the airport environment. They are also used in the aerospace sector to improve long-range wind awareness.
The aviation industry depends heavily on the weather for decision-making is taken without considering the weather. One of the major threats for air travel is safety issues, which has increased with an unbalanced rise in airport capacities and facilities, coupled with frequent extreme weather conditions being experienced globally. There has been an increase in air accidents due to bad weather conditions, taking the lives of about many passengers worldwide. Furthermore, the augmenting focus on operational efficiency and the surge in public-private partnership toward producing more accurate and reliable weather forecasts are creating lucrative market opportunities.
The global weather forecasting services market was dominated by the energy and utilities segment with market share of 21.2% in 2020. The increasing domestic energy demand from various countries, growing use of electric systems, and depletion of fossil fuels have led governments of different countries to resort to renewable energy sources, resulting in the high growth of the energy and utility segment during the forecast period. Weather forecasting services are critical in determining the best offshore wind turbine capacity based on weather conditions. The renewable energy sector's high reliance on weather conditions will likely fuel market expansion, contributing to the growth of the energy & utility segment over the projection period.
In 2020, North America led the market with a substantial revenue share, followed by Europe and APAC. Asia Pacific is a prospective market for weather forecasting services market players.
The major companies in weather forecasting services includes DTN, International Business Machines Corporation, AccuWeather Inc., Fugro, and ENAV S.P.A.
The List of Companies - Weather Forecasting Services Market
- 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)
- DTN
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:
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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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