Weather Forecasting Services Market by Forecasting Type, Purpose, End-User

Description

List of Tables

[193 Pages Report] 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.

KEY MARKET STATISTICS
Base Year [2023]	USD 2.70 billion
Estimated Year [2024]	USD 3.00 billion
Forecast Year [2030]	USD 5.80 billion
CAGR (%)	11.53%

Forecasting Type: Higher demand for medium-range weather forecasts attributed to timely decision-making.

Long-range weather forecasting provides predictions for extended periods (typically one month to a year). This type of forecast is especially useful for sectors including agriculture, energy management, tourism, and disaster mitigation planning that require long-term strategic decisions. Medium-range weather forecasts cover periods between three to thirty days in advance. They are highly beneficial for industries such as construction, logistics planning, water resource management, event planning, and insurance underwriting, where timely decision-making is crucial based on predicted weather conditions. With increasing urbanization and industrialization, medium-range weather forecast services are rapidly being adopted globally. Short-range weather forecasts provide near-term predictions for up to 72 hours ahead. These forecasts are essential for individuals and businesses who need immediate awareness of potential weather impacts on daily life, transportation, safety measures, and emergency preparedness.

Purpose: Optimize operations while simultaneously saving lives and property during severe weather events.

In the realm of weather forecasting services, operational efficiency is crucial for businesses and organizations that rely heavily on accurate and timely weather predictions to optimize their operations. These entities include industries such as agriculture, aviation, shipping, energy production, construction, and emergency management services. Improved operational efficiency reduces costs and enhances productivity by minimizing disruptions caused by unfavorable weather conditions. Weather forecasting services play a pivotal role in ensuring safety across numerous sectors by providing early warnings of severe weather events such as tornadoes, hurricanes, floods, or extreme temperatures. Timely information on impending hazards can save lives and property by enabling individuals and authorities to take appropriate preventative measures.

End-User: Requirement of weather forecasting to meet the specific needs of agriculture and aviation industries to make informed decisions.

Accurate weather forecasting is crucial for the agriculture sector, as it influences crop planning, irrigation schedules, and harvesting decisions. In aviation, advanced weather forecasting services are essential for flight planning, safety operations, and minimizing disruptions due to meteorological conditions. Weather forecasts help BFSI organizations assess risks associated with natural disasters and extreme events that might affect clients' assets or businesses. Reliable weather predictions enable energy utilities to manage production capacities more efficiently while ensuring grid stability during demand fluctuations influenced by unpredictable meteorological events. The manufacturing industry uses weather forecasts to optimize logistics strategies and manage supply chain disruptions caused by adverse weather conditions. Media organizations utilize timely and accurate weather information to inform their audiences about expected conditions and potential hazards. Retailers use weather forecasts to predict consumer behavior and adjust pricing, promotion, or inventory strategies accordingly. Fleet management, shipping companies, and public transportation systems depend on accurate weather forecasts to ensure safe and efficient operations.

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.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Weather Forecasting Services Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis 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: 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 examination of the current state of vendors in the Weather Forecasting Services Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. 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 this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

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

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Weather Forecasting Services Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Weather Forecasting Services Market?

3. What are the technology trends and regulatory frameworks in the Weather Forecasting Services Market?

4. What is the market share of the leading vendors in the Weather Forecasting Services Market?

5. Which modes and strategic moves are suitable for entering the Weather Forecasting Services Market?

Product Code: MRR-5A2C6AA66872

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing dependence of agriculture activities on accurate and reliable weather forecasts
  - 5.1.1.2. Demand for customized forecasting solutions tailored specifically to meet specific industry requirements
  - 5.1.1.3. Incorporation of weather forecasting services by transport and logistics sectors
- 5.1.2. Restraints
  - 5.1.2.1. High initial investments associated with weather forecasting services
- 5.1.3. Opportunities
  - 5.1.3.1. Integration of modern technologies in weather forecasting solutions
  - 5.1.3.2. Continuous development of advanced computing systems for weather forecasting services
- 5.1.4. Challenges
  - 5.1.4.1. Complexities and uncertainty associated with weather forecasting models
5.2. Market Segmentation Analysis
- 5.2.1. Forecasting Type: Higher demand for medium-range weather forecasts attributed to timely decision-making.
- 5.2.2. Purpose: Optimize operations while simultaneously saving lives and property during severe weather events.
- 5.2.3. End-User: Requirement of weather forecasting to meet the specific needs of agriculture and aviation industries to make informed decisions.
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Weather Forecasting Services Market, by Forecasting Type

6.1. Introduction
6.2. Long-Range Forecasting
6.3. Medium-Range Forecasting
6.4. Short-Range Forecasting

7. Weather Forecasting Services Market, by Purpose

7.1. Introduction
7.2. Operational Efficiency
7.3. Safety

8. Weather Forecasting Services Market, by End-User

8.1. Introduction
8.2. Agriculture
8.3. Aviation
8.4. Banking Financial Services & Insurance
8.5. Energy & Utilities
8.6. Manufacturing
8.7. Media
8.8. Retail & Consumer Goods
8.9. Transportation

9. Americas Weather Forecasting Services Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Weather Forecasting Services Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Weather Forecasting Services Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Francisco Partners to Acquire The Weather Company Assets from IBM
- 12.3.2. NOAA completes upgrade to weather and climate supercomputer system
- 12.3.3. MeteoSim to collaborate with Malawi Meteorological Services
12.4. Strategy Analysis & Recommendation

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio