Pune, India., Oct. 26, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Weather Forecasting Services Market Size and Forecast (2021–2028), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Industry (Agriculture, Aviation, Marine, Transport and Logistics, Energy and Utilities, Oil and Gas, Media, Insurance, Retail, Construction and Mining, and Others); Purpose (Operational Efficiency, Safety, and Others); Forecasting Type (Nowcast, Short Range, Medium Range, and Long Range); Organization Size (Large Enterprises and Small and Medium-sized Enterprises); and Geography” the market in terms of revenue was estimated to be worth $1.50 billion in 2021 and is poised to reach $2.73 billion by 2028, growing at a CAGR of 8.9% from 2021 to 2028.
The growth of the weather forecasting services market is driven by significant investment into clean energies and government support and changing climate patterns resulting in uncertainties in rainfall. However, uptake of advanced technologies in weather forecasting services is emerging as a future trend in the industry.
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Global Weather Forecasting Services Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 1.50 Billion in 2021 |
| Market Size Value by | USD 2.73 Billion by 2028 |
| Growth rate | CAGR of 8.9% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| Segments covered | Industry, Purpose, Forecasting Type, Organization Size, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
The weather forecasting services market is growing due to an increase in natural disasters resulting from unfavorable climate changes and the resulting security concerns. Advanced and accurate weather forecasting completed promptly can help in cost savings and aid in the prevention of catastrophes and natural disasters. As weather forecasting services are based on complicated models, professional meteorologists and geologists operate the weather forecasting systems. However, a scarcity of qualified workers hinders the market growth. On the other side, advances in computing systems, such as enhanced data analytics, model building, and machine learning tools and methodologies, are anticipated to open up new prospects for weather forecasting service providers in the coming years.
The rising awareness among the individuals about clean energies and strong demand from several prominent non-profit government organizations for them have significantly favored their uptake globally. It has led to a decrease in uncertainties toward climate change. For instance, according to one of the United Nations Environment Programme (UNEP) research, in 2019, the global investment into renewable energy rose to 1% from 2018 and was valued at US$ 282.2 billion. Furthermore, the US-registered 28% increase in their investment for renewable energy, whereas, the European region witnessed a decline of 7% in 2019 for their clean energy-related spending. Overall, the total global investment in renewable energy and clean energy saw a steady rise in investment, especially in the past few years.
Key data from several environmental organizations, indicating the worsening of global climate and the immediate need for sustainable development technologies, has facilitated the adoption of weather forecast services worldwide. Also, the Paris Agreement among the member countries of United Nations Framework Convention on Climate Change (UNFCC) that has set a target to minimize carbon emissions through a global framework and has significantly facilitated the penetration of numerous clean energy technologies. As a result, various government support/initiative and investment in clean energies boost the demand for weather forecasting services.
Changing Climate Patterns Resulting in Uncertainties in Rainfall:
With a constant increase in the temperature and the air becoming warmer, water evaporation has intensified, leading to frequent downpours and heavy snowfall. This heavy precipitation is not spread evenly across the world with some places not getting required amount of precipitation. Since climate change causes a shift in air and ocean currents, it changes weather patterns. The rising incidence of natural disasters due to undesired climatic changes and subsequent security concerns has surfaced as the key factor behind the growth in the global weather forecasting services market. Advanced and reliable weather forecasting achieved within the stipulated time can lead to significant cost savings and also help with protection against catastrophes and natural disasters. The technological advancements in computing systems, such as advanced data analytics, model development, and machine learning tools and techniques, are likely to boost the growth of the weather forecasting services market during the forecast period.
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Global Weather Forecasting Services Market: Segmental Overview
The weather forecasting services market is segmented on the basis of industry, purpose, forecasting type, organization size, and geography. Based on industry, the market is segmented into agriculture, aviation, marine, transport and logistics, energy and utilities, oil and gas, media, insurance, retail, construction and mining, and others. In 2020, the energy and utilities segment accounted for the largest share in the market. In terms of purpose, the market is segmented into operational efficiency, safety, and others. In 2020, the safety segment accounted for the largest share in the market. In terms of forecasting type, the market is segmented into nowcast, short range, medium range, and long range. In 2020, the short range segment accounted for the largest share in the market. In terms of organization size, the market is bifurcated into small and medium-sized enterprises, and large enterprises. In 2020, the large enterprises segment accounted for a larger share in the market. Geographically, the weather forecasting services market is broadly segmented into North America, Europe, APAC (Asia Pacific), MEA (the Middle East & Africa), and SAM (South America). In 2020, North America accounted for the largest market share.
Global Weather Forecasting Services Market: Competitive Landscape
Accuweather, Inc., BMT Group Ltd., Skymet Weather Services Pvt. Ltd., Precision Weather, The Weather Company, Fugro, Enav S.p.A., Met Office, and Skyview Systems Ltd. are a few major players in the market. The players adopt various key developmental strategies, such as product launch and business expansion, to offer better products and services to customers in the weather forecasting services industry.
Recent Developments:
- In June 2021, AccuWeather partnered with aWhere to expand weather forecasting insights for business.
- In March 2021, Microsoft entered into partnership with weather forecasting firm AccuWeather to integrate its weather data into Azure Maps.
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