Weather Forecasting Services Market Overview:
Weather forecasting services incorporate a comprehensive range of practices, tools, solutions, and techniques interrelated to the study of meteorology. Weather forecasting process involves utilization of various software to analyze atmospheric data that delivers current or future state of the weather format for a particular location. Weather forecasting uses massive volume of structured and unstructured data to deliver improved analytical output while optimizing business revenues for various end-use industries. Weather forecasting services industry are currently implemented by transportation, aviation, energy & utilities, banking financial services & insurance (BFSI), agriculture, media, manufacturing, retail, others. These services enable reduction in maintenance & operational costs for businesses and improves overall safety of life & property.
Increase in number of natural disasters due to undesired climatic changes drives the growth of the weather forecasting services market. Reliable weather forecasting can lead to reduction in operational & maintenance costs for business operations. The weather forecasting systems are based on complex models, as a result the industry requires trained geologists and meteorologists to operate these systems. However, dearth of trained workforce is expected to hamper the weather forecasting services market growth. Advancements in computing system such as advanced data analytics and model development are projected to provide lucrative opportunities for weather forecasting services market players.
The global weather forecasting services market is segmented based on forecasting type, end-use industry, and region. On the basis of forecasting type, the market is divided into short-range forecasting, medium-range forecasting, and long-range forecasting. By end-use industry, the weather forecasting services market is categorized into transportation, aviation, energy & utilities, banking financial services & insurance (BFSI), agriculture, media, manufacturing, retail, others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Market Segmentation
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Top impacting factors
Factors such as growth in demand for increased application areas among aviation & shipping industry, development associated with end-use markets, dearth of trained professionals, and impact of developing economies impact the growth of the market. These factors collectively provide opportunities for the weather forecasting services market growth. However, each factor has its definite impact on the weather forecasting services market share.
Top Impacting Factors
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Growth associated with aviation & shipping market
Government organizations of multiple countries have introduced a number of initiatives to support and promote prominent players to establish commercial aircraft manufacturing facilities, especially in emerging and developed regions. This is anticipated to create new growth opportunities for local and international players operating in the weather forecasting services market. The UK government has taken an initiative towards the development of commercial aircraft industry by partnering with The Boeing Company, and invests around $447 million for aerospace R&D projects. Moreover, according to Federal Aviation Administration (FAA), system traffic in accordance with revenue passenger miles (RPMs) is expected to exhibit 2.6% growth for the period 20162036. Shipping industry is expected to provide lucrative opportunities for market growth. For instance, seaborne trade volumes accounted for 10 billion tons in 2015. In addition, the World Trade Organization stated that merchandise trade volumes across the globe are expected to showcase steady growth in 2015.
Lack of skilled workforce
Weather forecasting models such as weather event model (snowstorm, hurricanes), short & long-term forecasting model, and high accuracy models require meteorologists with superior interpretation skills and experience. Presently, the impact of the factor on the market is high, which is limiting end users to invest into advanced solutions and services. However, by 2023, the impact is projected to reduce due to availability of skilled workforce.
Impact of developing economies
Developing countries possess a significant potential for the weather forecasting services market, owing to low level of penetration and developing aerospace infrastructure. Furthermore, enhanced need for real-time weather monitoring solutions in commercial airline, energy, and transportation industries is expected to fuel the demand for weather forecasting services.
Increased application areas
Increase in trend of automation, technology upgradation, minimization of operation costs, growth in demand for real-time weather information management, and rise in demand for performance optimization are some of the factors that are expected to boost the market growth during the forecast period. The energy sector departments continuously focus on reducing operational costs associated with emergency shutdowns, which leads to heavy investments to improve Maintenance, Repair and Overhaul (MRO) services in accordance with timely weather update. Earlier, these services were majorly adopted by developed nations; however, in recent years, most of the emerging economies such as India and China have implemented forecasting services to enhance the productivity of government projects.
- The report provides an overview of the trends, structure, drivers, challenges, and opportunities in the global weather forecasting services market.
- Porters Five Forces analysis highlights the potential of buyers & suppliers, and provides insights on the competitive structure of the market to determine the investment pockets of the weather forecasting services market.
- Current and future trends adopted by the key market players are highlighted to determine overall competitiveness of the market.
- The quantitative analysis of the market from 2016 to 2023 is provided to elaborate the market potential.
Weather Forecasting Services Market Key Segments
By Forecasting Type
- Short-range Forecasting
- Medium-range Forecasting
- Long-range Forecasting
By End-use Industry
- Energy & Utilities
- Banking Financial Services & Insurance (BFSI)
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East
Key players profiled in the report
- Global Weather Corporation
- Accuweather Inc.
- BMT Group
- Skymet Weather services Pvt., Ltd.
- Precision Weather
- The Weather Company
- Enav S.p.A
- Met Office
- Skyview Systems Ltd.