Global Weather Forecasting Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Weather Forecasting Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Weather Forecasting Services is the application of science and technology to predict the conditions of the atmosphere for a given location and time. Accurate weather predictions are important for businesses and industries like Aviation, Marine, Agriculture, Media and Consumers, Energy, etc. These are the main drivers for Weather Forecasting Services market in the future period.

Market Overview:

The latest research study on the global Weather Forecasting Services market finds that the global Weather Forecasting Services market reached a value of USD 1527.83 million in 2022. It’s expected that the market will achieve USD 2553.92 million by 2028, exhibiting a CAGR of 8.94% during the forecast period.

The impact of COVID-19 on the weather forecast service industry

COVID-19 has severely affected the weather forecast service market. On the one hand, due to the grounding of most of the world's fleets, the number of commercial aircraft flights has drastically reduced, resulting in the industries' lack of data sources that provide critical weather observations. Information from commercial aircraft is one of the important sources used by meteorological agencies to predict the weather and improve the accuracy of most weather phenomena including hurricanes. As of March 2020, the data provided by US aircraft has fallen by 50%, and according to data from the European Center for Medium-Range Weather Forecast (ECMRWF), the readings provided by aircraft across the continent have fallen by 80%. The center estimates that if all data provided by the aircraft is cut off, the accuracy of the weather forecast will drop by 15%. On the other hand, the aviation industry is one of the important downstream customers in the weather forecast service market. A large number of groundings will also reduce downstream demand and hinder the development of the industry.

Increasing demand of weather forecast services

Weather plays a vital role in maintaining safety levels in the aviation, utilities, maritime, shipping, oil and gas, agriculture, media, retail, renewable energy, and insurance industries. For example, forecasts of temperature and precipitation are important to agriculture and enable farmers to make important decisions about planting and harvesting. And, uncertain weather conditions may cause flight delays or cancellations, and seriously affect port transportation activities. Accurate weather forecasts can also enable governments and companies to better prepare for responses to natural disasters that affect the lives of millions of people.
In addition, as the accuracy of the weather forecast improves, more and more individual consumers choose weather forecast services to make their lives more convenient.

Bright prospects for the renewable energy industry

Renewable energy is the cornerstone of building a better future for mankind, bringing new energy models to traditional energy-deficient areas, ensuring regional energy security; reducing greenhouse gas emissions and delaying global warming; improving air quality and providing a healthy life for human surroundings. Investing in renewable energy is also a huge economic opportunity. Over the past ten years, more and more capital from all over the world has invested in renewable energy. The world energy development is ushering in a global turning point in the future, solar energy and other renewable energy will become the most economical form of energy. However, the production of renewable energy, especially from wind and solar energy, changes due to its dependence on the weather. Without an accurate weather forecast, it is impossible for renewable energy generators to submit an accurate timetable. Based on modeling, historical data, machine learning and weather forecasting, the generator needs to predict the demand and power generation for the next day. Therefore, the global market will continue to require a large amount of accurate weather forecasts to improve the generation of renewable energy, which drives the market for weather forecast services.

Region Overview:

In 2021, the share of the Weather Forecasting Services market in North America stood at 43.35%.

Company Overview:

IBM is one of the major players operating in the Weather Forecasting Services market, holding a share of 21.94% in 2020.

IBM

International Business Machines Corporation (IBM) provides computer solutions. The Company offers application, technology consulting and support, process design and operations, cloud, digital workplace, and network services, as well as business resiliency, strategy, and design solutions.

AccuWeather

AccuWeather has local and international weather forecasts from the most accurate weather forecasting technology featuring up-to-the-minute weather reports.

Segmentation Overview:

By type, Short-range Forecasting segment accounted for the largest share of market in 2021.

Application Overview:

The market's largest segment by application is the segment Aviation, with a market share of 20.57% in 2021.

Key Companies in the global Weather Forecasting Services market covered in Chapter 3:

AWIS
Precision Weather
AccuWeather
Hometown Forecast Services
BMT ARGOSS
IBM
DTN
StormGeo
Enav S.p.A
Sailing Weather Service
Skymet Weather Services
Right Weather LLC
Fugro
WeatherBell Analytics

In Chapter 4 and Chapter 14.2, on the basis of types, the Weather Forecasting Services market from 2018 to 2029 is primarily split into:

Short-range Forecasting
Medium-range Forecasting
Long-range Forecasting

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Weather Forecasting Services market from 2018 to 2029 covers:

Aviation
Media and Consumer
Energy and Utilities
Transportation
BFSI
Agriculture
Marine
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)