Weather Forecasting Services Market

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.

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.

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.

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.

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