Weather Forecasting Services Market by Forecasting Type (Long-Range Forecasting, Medium-Range Forecasting, Short-Range Forecasting), Purpose (Operational Efficiency, Safety), End-User - Global Forecast 2024-2030

Weather Forecasting Services Market by Forecasting Type (Long-Range Forecasting, Medium-Range Forecasting, Short-Range Forecasting), Purpose (Operational Efficiency, Safety), End-User - Global Forecast 2024-2030

The Weather Forecasting Services Market size was estimated at USD 2.70 billion in 2023 and expected to reach USD 3.00 billion in 2024, at a CAGR 11.53% to reach USD 5.80 billion by 2030.

The global weather forecasting services market comprises businesses and organizations that provide predictive atmospheric data to diverse industries such as agriculture, aviation, and energy management, among others. Weather forecasting services include collecting and analyzing environmental data using computing technologies to provide correct insights to customers. The global weather forecasting services market is rapidly growing owing to the increasing reliance on accurate forecasts by the agricultural industry for operational optimization and safety. Further, the advent of customized forecasting solutions tailored specifically to meet specific industry weather forecasting requirements is generating a stronger outlook for the global weather forecasting services market. However, high initial investments for hardware upgrades and the inherently uncertain nature of weather forecasting raise challenges in achieving consistent growth. Besides the challenges, technological advancements, including artificial intelligence (AI), machine learning (ML), and remote sensing techniques, have significantly improved forecast accuracy over the years. Additionally, real-time monitoring through satellite imagery and IoT devices such as smart sensors and integrating big data analytics are expected to refine the predictive capabilities of weather forecasting services.

Regional Insights

The American weather forecasting services market is rapidly growing owing to advanced technology infrastructure, a well-established meteorological network, and strong government support. The United States has been a pioneer in weather forecasting since the early 20th century with institutions including the National Oceanic and Atmospheric Administration (NOAA), which operates sophisticated models to predict regional and global weather patterns. In recent years, private companies have emerged to provide specialized weather forecasting services that cater to specific industries such as aviation, shipping, energy production, agriculture, insurance, and outdoor events management, among others. Europe has witnessed significant growth in demand for accurate short-range forecasts that can be helpful in managing renewable energy sources such as wind farms and solar installations. The European Centre for Medium-Range Weather Forecasts (ECMWF) plays an integral role in providing reliable predictions used by governments and private sector entities. In the Middle East and Africa, accurate weather forecasting is essential for managing water resources and dealing with extreme climate conditions such as droughts and heat waves. The Asia-Pacific region is projected to witness the highest growth rate in the weather forecasting services market, attributed to rapid urbanization, industrial development, and increasing dependence on renewable energy sources. In countries including India and China, where agriculture remains a significant contributor to GDP, accurate weather services forecasts are vital in ensuring food security for millions of people.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Weather Forecasting Services Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increasing dependence of agriculture activities on accurate and reliable weather forecasts
• Demand for customized forecasting solutions tailored specifically to meet specific industry requirements
• Incorporation of weather forecasting services by transport and logistics sectors

Market Restraints

• High initial investments associated with weather forecasting services

Market Opportunities

• Integration of modern technologies in weather forecasting solutions
• Continuous development of advanced computing systems for weather forecasting services

Market Challenges

• Complexities and uncertainty associated with weather forecasting models

Market Segmentation Analysis

• Forecasting Type: Higher demand for medium-range weather forecasts attributed to timely decision-making.
• Purpose: Optimize operations while simultaneously saving lives and property during severe weather events.
• End-User: Requirement of weather forecasting to meet the specific needs of agriculture and aviation industries to make informed decisions.

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Weather Forecasting Services Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Weather Forecasting Services Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Francisco Partners to Acquire The Weather Company Assets from IBM

Francisco Partners has acquired The Weather Company assets from International Business Machines Corporation. The acquisition encompasses various digital consumer-facing offerings, including Weather.com, Weather Underground, Storm Radar, and enterprise offerings. With the increased investment and resources from Francisco Partners, The Weather Company aims to go beyond forecasting and help users comprehend the impact of weather on their lives.

NOAA completes upgrade to weather and climate supercomputer system

The U.S. Department of Commerce and NOAA have expanded the capacity of the WCOSS supercomputing system by 20% to increase computing power and storage, resulting in improved weather forecast models in the upcoming years. With faster supercomputing capabilities, NOAA can run more complex forecast models, while the increased storage space will allow more data to be fed into the system. These upgrades bring several improvements to existing models.

MeteoSim to collaborate with Malawi Meteorological Services

MeteoSim, an international provider of meteorological and environmental services through its SaaS model, has emerged as the World Bank's competition winner as part of the Malawi Resilience and Disaster Risk Management Project. As part of this project, MeteoSim implements a numerical weather forecasting model for the Department of Climate Change and Meteorological Services in Malawi while providing training to the country's meteorological team. This innovative system plays a crucial role in effectively managing weather events and resources in Malawi, one of the most disadvantaged countries in the world with an economy heavily reliant upon agriculture.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Weather Forecasting Services Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Weather Forecasting Services Market, highlighting leading vendors and their innovative profiles. These include Aaizel International Technologies Private Limited, AccuWeather, Inc., Advanced Environmental Monitoring LLC, AerisWeather by Vaisala Oyj, Campbell Scientific, Inc., CoralComp Private Limited, CustomWeather, Inc., DTN, Inc., Earth Networks, Inc., ENAV S.p.A., Fugro, Infoplaza BV, Jupiter Intelligence, Inc., Meteo-Logic Ltd., METEOSIM SL, Precision Weather Services, Saildrone, Inc., Skymet Weather Services Pvt., Speedwell Weather Ltd., StormGeo AS, TempoQuest Inc., The Tomorrow Companies Inc., Weather Routing, Inc., and WeatherBELL Analytics LLC.

Market Segmentation & Coverage

This research report categorizes the Weather Forecasting Services Market to forecast the revenues and analyze trends in each of the following sub-markets:

Forecasting Type

• Long-Range Forecasting
• Medium-Range Forecasting
• Short-Range Forecasting
• Purpose
• Operational Efficiency
• Safety
• End-User
• Agriculture
• Aviation
• Banking Financial Services & Insurance
• Energy & Utilities
• Manufacturing
• Media
• Retail & Consumer Goods
• Transportation

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

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