Weather Forecasting Services Market Expected to reach $4.19 Billion by 2030

According to a recent report published by Allied Market Research, titled, “Weather Forecasting Services Market by Forecasting Type and End-use Industry: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global weather forecasting services market size was valued at $1.63 billion in 2020, and is projected to reach $4.19 billion by 2030, registering a CAGR of 10.3% from 2021 to 2030.

The need for weather forecasting services grows at a substantial rate due to technical improvements in product offerings, increase in desire to improve performance & operational efficiency, rise in demand for advanced data analysis models, and expansion in application areas among end users. In addition, the need to minimize maintenance costs, increase in air traffic, rise in the requirement to reduce economic turnbacks, and increase in awareness of forecasting solutions are projected to generate profitable prospects for the weather forecasting services industry. Furthermore, the key factor that drives the market size includes growth associated with the aviation & shipping industry, whereas the rise in safety concerns among end-use industries drives the growth of the market. In addition, increase in the production of renewable energy fuels the growth of the market. However, complexities associated with weather forecasting models and lack of skilled workforce are expected to impede the market growth. Furthermore, technological advancements in computing systems and growth of the transportation industry among developing regions are expected to provide lucrative opportunities for the market growth.

On the basis of forecasting type, the short-range forecasting segment dominated the weather forecasting services market size in 2020, and is expected to continue its dominance in the coming years, as it is used in various user-specific applications such as aviation, hydrology, disaster management, agriculture, and others. However, the medium-range forecasting segment is expected to witness growth at the highest rate owing to rapid industrialization and continuous growth in sea transport and air travel.

On the basis of region, the weather forecasting services industry was dominated by North America in 2020, owing to the growth in demand for real-time weather management, and increase in demand for performance optimization. However, Asia-Pacific is expected to witness growth at the highest rate owing to high population base and presence of catastrophe-prone regions in the countries such as China, India, Japan, and Australia.

Due to the COVID-19 pandemic, the weather forecasting services market is expected to decile as a result of numerous government, public, and other organizations adopting a work-from-home culture for their personnel. Moreover, a number of government agencies and non-governmental organizations (NGOs) are using weather forecasting services to reduce losses caused by natural disasters, pandemic situations, and to increase their market share. In this pandemic situation, weather forecasting services provide numerous benefits to various organizations, such as improving corporate governance standards and increasing workforce efficiency for providing services in emergency situations such as storms, floods, and other disasters in remote locations. However, as a result of the decline in travel by the majority of population, the demand for weather forecasting services has plummeted.

Key Findings of The Study

• By forecasting type, the short-range forecasting segment accounted for the largest weather forecasting services market share in 2020.
• By end use industry, energy & utilities generated highest revenue in the weather forecasting services market forecast.
• By region, the North America segment generated the highest revenue in 2020.

Key players operating in the global weather forecasting services market analysis include AccuWeather, Inc., BMT Group, ENAV, Fugro, Global Weather Corporation, Met Office, Precision Weather Services, Skymet Weather Services Pvt., Ltd., Skyview Systems Ltd., and The Weather Company. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures, to strengthen their foothold in the global weather forecasting services market.