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2022
Weather Forecasting Services Market

Weather Forecasting Services Market

by Forecasting Type (Short-range Forecasting, Medium-range Forecasting, and Long-range Forecasting) and End-use Industry (Transportation, Aviation, Energy & Utilities, BFSI, Agriculture, Media, Manufacturing, Retail, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030

✷  Report Code: A02059
Pages: 250
Feb 2022 | 14913 Views
Author(s) : Monica C, Pramod B , Vineet K
Tables: 107
Charts: 59
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Weather Forecasting Services Market Statistics: 2030

The global weather forecasting services market size was valued $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 weather forecasting services provided numerous benefits to various organizations during this pandemic situation, such as improving standards of corporate governance and increasing efficiency of workforce for providing services in emergency cases as storms, floods, and other disasters in remote places. However, with decrease in travel by the majority of population, the demand for weather forecasting services has decreased drastically.

Weather forecasting services cover a wide range of methods, tools, solutions, and approaches that are all connected to meteorology. The weather forecasting process entails the use of various tools to evaluate atmospheric data and provide current or future weather formats for a specific place. Weather forecasting uses a large amount of structured and unstructured data to increase analytical output while increasing income for numerous end-use sectors.

Weather-Forecasting-Services-Market

Growth associated with the aviation & shipping industry and the rise in safety concerns among end-use industries drive 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 transportation industry among developing regions are expected to provide lucrative opportunities for the weather forecasting services market growth.

By end-use industry, the aviation segment dominated the weather forecasting services market in 2020, and is expected to continue its dominance in the coming years, owing to increase in connectivity of aerospace IT infrastructure in the aviation industry. However, the transportation segment is expected to witness growth at the highest rate during the forecast period as security of transport systems can directly influence operational safety and productivity of the industry, and indirectly impact the services.

Region wise, the weather forecasting services market was dominated by North America in 2020, owing to large number of vendors and favorable government policies. However, Asia-Pacific is expected to witness growth at the highest rate owing to large population base and hub for global goods transportation.

The report focuses on growth prospects, restraints, and trends of the weather forecasting services market analysis. The study provides Porter’s five forces analysis to understand impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the weather forecasting services market share.

Segment Review

The weather forecasting services industry is segmented on the basis of forecasting type, end-use industry, and region. On the basis of forecasting type, the market is segmented into short-range forecasting, medium-range forecasting, and long-range forecasting. On the basis of end-use industry, it is classified into transportation, aviation, energy & utilities, banking financial services & insurance (BFSI), agriculture, media, manufacturing, retail, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Weather Forecasting Services Market
By Forecasting Type

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Short Range Forecasting segment is projected as one of the most lucrative segments.

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The key players profiled in the 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 players have adopted various strategies to increase their market penetration and strengthen their position in weather forecasting services industry.

COVID-19 Impact Analysis

The weather forecasting services market is projected to decline due COVID-19 situation owing to various government, public, and other organization adopting work from home culture for their employees. In addition, various government organizations and NGOs are adopting weather forecasting services for improving the loss suffered owing to the natural disasters, the pandemic situation, and to improve their weather forecasting services market trends.

Weather Forecasting Services Market
By End Use Industry

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Energy and Utilities segment is projected as one of the most lucrative segments.

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Top Impacting Factors

Rise in Safety Concerns among End-use Industries

Aviation, energy, agriculture, retail, media, and other businesses all employ weather forecasting systems. Forecasting services give early warnings of weather changes, allowing these businesses to plan weather-sensitive activities at the appropriate time, ensuring safety and sustainability. As these businesses' security and safety concerns grow, the need for weather forecasting services continues to develop in order to avert ecological calamities and natural disasters while also growing income streams. The aviation industry, for example, relies on forecasting services to stay up to current on air traffic control and weather. Furthermore, weather forecasting services provide sturdy communication services and products to help the unique requirements of government-centric maritime operations.

Technological Advancements in Computing Systems

The expansion of the weather prediction industry has been spurred by consistent technical breakthroughs in computing systems. A doppler radar, for example, is used to identify a microburst, a form of wind shear that occurs near the ground as a result of a thunderstorm's outflow. The terminal doppler weather radar detects and automatically reports the airspeed loss associated with low altitude wind shear. Furthermore, dual polarization technology allows forecasters to distinguish between different forms of precipitation and their amounts with greater confidence. The U.S. Navy's powerful radar technology offers a lot of potential for improving weather forecasting. Such advances create a substantial industry expansion potential. Moreover, weather forecasting services enable secure and interoperable network communications for land operations and critical marine operations such as rescue, administrative, and support functions.

Weather Forecasting Services Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific would exhibit the highest CAGR of 13.4% during 2021-2030.

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Key Benefits For Stakeholders       

  • The study provides an in-depth analysis of the weather forecasting services market forecast along with the current trends and future estimations to explain the imminent investment pockets.
  • Information about key drivers, restraints, & opportunities and their impact analysis on the global market is provided in the report.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
  • The quantitative analysis of the weather forecasting services market size from 2021 to 2030 is provided to determine the market potential.

Weather Forecasting Services Market Report Highlights

Aspects Details
By Forecasting Type
  • Short-range Forecasting
  • Medium-range Forecasting
  • Long-range Forecasting
By End User Industry
  • Transportation
  • Aviation
  • Energy & Utilities
  • Banking Financial Services & Insurance (BFSI)
  • Agriculture
  • Media
  • Manufacturing
  • Retail
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe   (UK, France, Germany, Rest of Europe)
  • Asia-Pacific   (China, Japan, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
By Key Market Players
  • Global Weather Corporation
  • Accuweather Inc.
  • BMT Group
  • Skymet Weather Services Pvt., Ltd.
  • Precision Weather
  • The Weather Company
  • Fugro
  • Enav S.p.A
  • Met Office
  • Skyview Systems Ltd.
 

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The adoption of weather forecasting services has increased over time to maintain safety levels across aviation, utilities, maritime, shipping, oil & gas, agriculture, media, retail, renewable energy, and insurance industries. Moreover, forecasts based on temperature and precipitation are important to agriculture as they allow farmers to make critical decisions about planting and harvesting. In addition, it helps predict uncertain weather conditions that can lead to airline flights accidents and significantly affect shipping activities in ports.

Key providers of the weather forecasting services market such as AccuWeather, Inc., BMT Group, ENAV, and Fugro account for a significant share in the market. Various companies are partnering to increase the weather forecasting services capabilities with the larger requirement. For instance, in October 2021, AccuWeather, the world's most accurate weather source, partnered with the virtual training platform, FlexIt, for combining AccuWeather's Superior Accuracy with FlexIt's custom fitness to create the only weather-informed fitness tool on the market. By integrating AccuWeather forecasting capabilities into FlexIt, users can take advantage of fitness curated for both their bodies and the environment. Moreover, users are notified of the weather condition allowing them to change their outdoor fitness plans accordingly. FlexIt users can now get suggestions on where to take their Virtual Personal Training sessions based on cutting-edge weather predicting technology.

In addition to the increase in demand for weather forecasting services, various companies are expanding their current services to continue with the rise in demand. For instance, in June 2020, AccuWeather announced the launch of the proprietary StoryTeller+, an exceptional, all-in-one interactive touch screen solution that meets the heavy demands of newsrooms, covering multiple angles of all stories. The suite of applications within this innovative technology supports a range of features in news stories, including live audience feedback, breaking news, weather, prime-time segments, and election coverage, which was especially timely as 2020 was an election year in the U.S. Moreover, StoryTeller+ helps broadcast presenters keep audiences informed and engaged with a user-friendly platform for creating brilliant graphics and features such as maps, charts and live polling, all in one software program.

Furthermore, market players are expanding their business operations and customers by increasing partnership and collaborative operations. For instance, in May 2021, NIRA Dynamics AB signed an agreement with Global Weather Corporation (GWC) to improve road condition services. The partnership is expected to improve road condition services for autonomous vehicle functions. Vehicle manufacturers and legislators put high requirements on data for autonomous driving and advanced driver assistance systems, which is why scalability and accuracy are extremely important to NIRA. Using RoadWX data from Global Weather Corporation, Swedish auto technology leader NIRA Dynamics is spearheading the next generation of connected car technology, preparing drivers for adverse weather or road conditions, reducing crashes, and improving safety.

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