Global Weather Forecasting Services Market 2023-2030

Global Weather Forecasting Services Market 2023-2030

Global Weather Forecasting Services Market Size, Share & Trends Analysis Report by Forecasting Type (Nowcast Weather Forecasting Services, Short-Term Weather Forecasting Services, Medium-Term Weather Forecasting Services, and Long-Term Weather Forecasting Services), by Ownership (Government-Owned Weather Forecasting Services, and Private-Owned Weather Forecasting Services), and By End-Users (Media & Entertainment, Aviation, Research, Agriculture, Events, Retail, and Others) Forecast Period (2023-2030)

The global weather forecasting services market is anticipated to grow at a significant CAGR of 9.1% during the forecast period. The market growth is attributed to factors such as the growth of the agriculture industry in terms of technology and yield, the growth of aviation, logistics transportation, and media industries, increasing demand for weather forecasting services from the government, and growing public awareness about weather forecasting, technological advancements in weather forecasting. This leads to increasing demand for weather forecasting services for instance, in June 2023, the UK Health Security Agency (UKHSA) launched a new Heat-Health Alerting (HHA) service in partnership with the Met Office. This will help to monitor the impacts of high temperatures on the health of populations and take preventive measures accordingly.

Segmental Outlook

The global weather forecasting services market is segmented based on the Based-on forecasting type, ownership, and end-users. Based on the forecasting type, the market is further sub-segmented into nowcast, short-term, medium-term, and long-term weather forecasting services. Based on ownership, the market is sub-segmented into government-owned and privately-owned weather forecasting services.

Based on end-users, the market is sub-segmented into media, aviation, research, agriculture, events, retail, and others. Among the end-users, FinTech is anticipated to hold a considerable share of the market, owing to greater transparency, improved user experience, and increasing internet accessibility.

The Agricultural Industry is Anticipated to Hold a Prominent Share in the Global Weather Forecasting Services Market

Among the types, the agriculture sub-segment is anticipated to hold a prominent share of the market due to predicting crop yield, planning irrigation, and preventing crops from natural calamities and diseases. Considering unpredictable climate changes in recent years, the demand for weather forecasting services has increased significantly. For instance, in March 2023, Tamil Nadu Agricultural University (TANU) announced to installation village-wise weather forecast system by the end of the year. Under this program, the state government has established 385 automatic weather stations -224 in the first phase and 161 in the second phase. This initiative will help farmers across the state to make better crop management decisions and minimize crop loss due to extreme climate conditions.

Regional Outlook

The global weather forecasting services market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the Asia-Pacific region is expected to grow considerably in the coming years. According to the Organization of Economic Development (OECD)- Food and Agriculture Organization (FAO) report (base period 2018-2020), the region is anticipated to account for 53% of global agricultural and fish production by 2030. Rapidly growing populations and Gross Domestic Product (GDP) rates, increasing rates of foreign investments, adoption of technology, improving government policies, and changing climate conditions are some of the key factors for the growth of weather forecasting services in this region.

Latin America and the Caribbean are Expected to Hold a Prominent Share in the Global Weather Forecasting Services Market

Among all regions, Latin America and the Caribbean are expected to hold a prominent share of the weather forecasting services market. The regional market growth is attributed to factors such as growing population, growth in agricultural industries and overall GDP, adoption of advanced technologies, and changing weather conditions. For instance, as per the Organization of Economic Development (OECD)- Food and Agriculture Organization (FAO) report (base period 2020-2022), Agricultural and fish production in the region is projected to expand by 12% by 2032. Almost 70% of this growth is expected to come from crop production (+17%), compared to a more muted expansion of 11% in the livestock sector and a contraction of 10% in the value of fish production. Apart from this, the regional population is also expected to reach 700 million by 2032. This will help the growth of weather forecasting services in this region.

Market Players Outlook

The major companies serving the global weather forecasting services market include AccuWeather, Inc., International Business Machines Corporation (IBM), DTN, Earth Networks, Inc., WeatherBELL Analytics, LLC, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including collaborations with private and government players and adopting new technologies such as Artificial Intelligence (AI)/Machine Learning (ML) to stay competitive in the market. For instance, in December 2022, DeepMind and Google introduced GraphCast, an ML-based weather simulator that can produce 10-day forecasts in less than 60 seconds. GraphCast created an autoregressive model using graph neural networks (GNN) in an encode-process-decode configuration. This technology can be used in various meteorological applications such as seasonal climate predictions, wildfires, and animal and human activities.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global weather forecast services market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.