Weather Forecasting Services Market Size, Share, Opportunities, And Trends By Type (Short-Range, Medium-Range, Long-Range), By End-User (Agriculture, Aviation, Energy & Utilities, Oil & Gas, Marine, Retail, Media, Others), And By Geography - Forecasts From 2023 To 2028
- Published : May 2023
- Report Code : KSI061615178
- Pages : 140
The weather forecasting services market is projected to grow at a CAGR of 16.08% to reach US$6.168 billion in 2028 from US$2.172 billion in 2021.
Weather forecasting services are specialized organizations that provide meteorological information to various clients, including individuals, businesses, and governments. These services utilize advanced technologies and sophisticated weather models to predict the atmospheric conditions for a particular location or region over a period of time. The information provided by these services is crucial for planning and decision-making, particularly in industries such as agriculture, aviation, and transportation. Weather forecasting services rely on various data sources to create accurate weather forecasts. These sources include satellite imagery, radar data, weather balloons, and ground-based weather stations. Then, using sophisticated algorithms, meteorologists analyze this data to develop numerical models that simulate atmospheric conditions. These models are continuously updated based on real-time data, allowing weather forecasters to provide accurate and up-to-date information to their clients. Weather forecasting services employ highly trained and experienced meteorologists who analyze data and develop precise weather forecasts. These experts work in state-of-the-art weather forecasting centers equipped with advanced technology and tools to support their work.
The weather forecasting services market is driven by rising population and urbanization, growing industrialization, and economic growth.
As the global population grows and more people move to urban areas, the demand for weather forecasting services increases. The United Nations predicts that the global population will reach 9.7 billion by 2050, with most of this growth occurring in urban regions. In addition, urban areas are more susceptible to severe weather events, such as hurricanes and flooding, which increases the demand for accurate and timely weather information. According to the World Bank, urbanization rates are expected to increase from 56% in 2019 to 68% by 2050. Weather forecasting services can capitalize on population growth and urbanization by expanding their services to new regions and investing in advanced technologies to improve the accuracy and speed of their forecasts.
Further, economic growth and industrialization drive demand for weather forecasting services in agriculture, aviation, transportation, and energy industries. Accurate weather forecasts are crucial for planning and decision-making in these industries, and weather-related disruptions can result in significant financial losses. Weather forecasting services can respond to the demand for their services by developing specialized products and services for industries highly dependent on accurate weather information.
Based on end-user, the weather forecasting services market is expected to witness positive growth in the marine segment.
The marine weather forecasting services market is a rapidly growing segment of the overall weather forecasting industry. Maritime weather forecasting services are essential for the safe and efficient operation of marine vessels and offshore facilities and for providing weather-related information to other sectors such as fishing, aquaculture, and tourism. The segment is driven by increasing safety concerns, rising demand for real-time weather data, and the need for accurate weather predictions to support operational decision-making. In addition, with the increasing focus on environmental protection and sustainability, marine weather forecasting services are also being used to support the development of renewable energy sources such as offshore wind farms.
Europe accounted for a significant share of the global weather forecasting services market.
Based on geography, the weather forecasting services market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The European weather forecasting services market is expected to experience steady growth due to the increasing adoption of weather forecasting services in various industries, such as agriculture, energy, and transportation. In addition, the presence of well-established weather forecasting services providers such as MeteoGroup and The Met Office is expected to drive market growth in the region. Moreover, the increasing adoption of advanced technologies such as big data analytics and artificial intelligence (AI) in weather forecasting is expected to fuel market growth.
- In December 2022, an Ariane-5 rocket launched the MTG-I1. It is designed to provide the World Meteorological Organization (WMO) community with more precise data, improving weather forecasting for the next two decades and safeguarding human lives, assets, and infrastructure. The MTG-I1 has two new instruments, the Flexible Combined Imager and Europe's first Lightning Imager, offering high-quality data for better short-term weather prediction. The Lightning Imager can detect individual lightning strikes, day or night, throughout Europe, Africa, and surrounding waters. Meanwhile, the Flexible Combined Imager can provide meteorological services with a wealth of more precise information. The MTG initiative is a collaboration between EUMETSAT, ESA, and WMO, all members of the Coordination Group for Meteorological Satellites (CGMS).
- In October 2022, Jua, a Switzerland-based start-up, introduced its weather prediction system that utilizes artificial intelligence (AI) and surpasses existing models in update frequency, temporal resolution, and geospatial resolution. The platform's launch was accompanied by a pre-seed financing round of $2.5m, spearheaded by Promus Ventures.
Weather Forecasting Services Market Scope:
|Market Size Value in 2021||US$2.172 billion|
|Market Size Value in 2028||US$6.168 billion|
|Growth Rate||CAGR of 16.08% from 2021 to 2028|
|Forecast Period||2023 – 2028|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Type, End-User, and Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||DTN, Earth Networks, Fugro, Spire Global, StormGeo, IBM, Agricultural Weather Information Service, Inc., Maxar Technologies, ECMWF|
|Customization Scope||Free report customization with purchase|
- By Type
- By End-User
- Energy & Utilities
- Oil & Gas
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Research Design
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. WEATHER FORECASTING SERVICES MARKET BY TYPE
6. WEATHER FORECASTING SERVICES MARKET BY END-USER
6.4. Energy & Utilities
6.5. Oil & Gas
7. WEATHER FORECASTING SERVICES MARKET BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.2. Earth Networks
9.4. Spire Global
9.7. Agricultural Weather Information Service, Inc.
9.8. Maxar Technologies
Agricultural Weather Information Service, Inc.
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