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.

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Global Weather forecasting services Market: Strategic Insights

Global Weather forecasting services Market

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  CAGR (2021 - 2028)

  8.9%
• Market Size 2021
  US$ 1.5 Billion
• Market Size 2028
  US$ 2.73 Billion

Market Dynamics

GROWTH DRIVERS

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FUTURE TRENDS

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OPPORTUNITIES

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Key Players

• Accuweather Inc.
• BMT Group Ltd
• Enav S.p.A.
• Fugro
• Global Weather Corporation
• SKYVIEW SYSTEMS
• Precision Weather
• Skymet Weather Services Pvt., Ltd.
• StormGeo

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Industry

• Agriculture
• Aviation
• Marine
• Transport and Logistics
• Energy and Utilities
• Oil and Gas
• Media
• Insurance
• Retail
• Construction and Mining
• Others

Purpose

• Operational Efficiency
• Safety
• Others

Forecasting Type

• Nowcast
• Short Range
• Medium Range
• Long Range

Organization Size

• Large Enterprises and Small and Medium-sized Enterprises

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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.

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.

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.

Weather Forecasting Services Market Report Scope

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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.