Weather Forecasting Services Market Size is projected to reach USD 3.78 Billion by 2030, growing at a CAGR of 6.53%: Straits Research

New York, United States, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Weather forecasting services use many meteorological methods and instruments. Weather forecasting uses a variety of methods to examine atmospheric data and predict existing and future weather conditions. Weather forecasting relies on organized and unstructured data to enhance analytical productivity and income for a variety of end-use sectors.

Market growth is driven by aviation, transportation, and end-use safety concerns. Renewable energy production boosts market growth. Complex weather forecasting models and a labor shortage may limit market growth. Advances in computing systems and a burgeoning transportation industry in developing countries will boost the weather forecasting services market.

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Global Weather Forecasting Services Market: Drivers

• Today's Farmers Need Weather Forecasting Services

Seasons and weather affect farming considerably. When growing fruits, vegetables, and legumes, temperature and other factors must be considered. Meteorological-dependent crop production requires accurate weather data. Climate change has made weather and climate risk management in agriculture more important. Growing population means more need for agricultural products. Changing climates make agricultural management more vital and require careful planning. The farming business relies on weather predictions to plan for the forthcoming season. Intergovernmental Panel on Climate Change: Agricultural and food security are threatened by climate change (IPCC). Farmers can benefit from better weather and climate early warning systems. Weather forecasting tools help farms feed a growing global population.

• Computer Technology Advances

Computer advancements have propelled meteorology's expansion. Doppler radar can detect a microburst (a wind shear induced by a thunderstorm's outflow). Terminal Doppler weather radar detects and reports airspeed loss due to low altitude wind shear. Dual polarization technology helps forecasters distinguish between types of precipitation and their amounts. Navy radar could improve weather forecasts. Such advances could boost the sector. Weather forecasting services enable safe, interoperable network communications for land and sea rescue, administration, and support operations.

Report Scope

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Global Weather Forecasting Services Market: Key Future Opportunities

• Supercomputers Boost Computing Power

Weather predictions use a complex, high-energy infrastructure. Environmental observation data has risen rapidly in recent years, a survey says. Weather forecasting centres are expected to deliver integrated solutions that meet forecasters' computing needs and enable data mobility, management, and cost ownership.

Thanks to enhanced supercomputers' ability to analyze high-resolution weather forecasts and climate models, weather predictions will be more accurate. Forecasters can better understand long-term weather trends using simulation-based methods and complicated software models. Simulated weather forecasts and supercomputers ensure accurate weather forecasts because they use data-driven models for predictive modeling and knowledge discovery. So, the development of supercomputers could boost the weather forecasting services business.

Regional Overview of Global Weather Forecasting Services Market

The Global Weather Forecasting Services Market is split into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

In 2021, North America maintained a leading position in the market with a revenue share of more than 28%, and it is likely to hold this position throughout the forecast period. Investments in R&D, qualified experts, and technological infrastructure all contributed to the market's growth. The US is home to The Weather Company (IBM), AccuWeather, Inc., DTN, and Earth Networks, among others. Companies with headquarters outside North America, like the Netherlands' Fugro, have offices there.

Over the predicted period, Asia Pacific is expected to have a 7% CAGR. The surge is due to the developing technology infrastructure in the region. According to the Germanwatch global climate risk index 2021, several Asia Pacific states are prone to weather and climate effects. Increased activity in the region is expected to raise demand for weather forecasting technology. For example, the agriculture industry requires tailored weather forecasts to limit the likelihood of undesirable results.

Key Highlights

• The Global Weather Forecasting Services Market was valued at USD 2.14 billion in 2021 and is predicted to reach at USD 3.78 billion by 2030, increasing at a CAGR of 6.53% from 2022 to 2030.
• By Forecast, the Global Weather Forecasting Services Market is segmented into Nowcasting, Short-range, Medium-range, and Long-range. It is predicted that the medium-range sector would have the highest CAGR over the forecast period.
• By Organization Size, the Global Weather Forecasting Services Market is segmented into Large Enterprises and Small & Medium Enterprises. The large enterprises category is expected to maintain its dominance throughout the projected period.
• By Industry, the Global Weather Forecasting Services Market is segmented into Agriculture, Aviation, Energy & Utilities, Renewables, Logistics & Transportation, Marine, Retail, Media, Manufacturing, and Others. In 2021, the media sector was the most dominant part of the market and held a revenue share of more than 15 percent.
• By Region, the Global Weather Forecasting Services Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Over the projection period, North America is expected to keep its dominance in the market, with a revenue share of over 28%.

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Major Players in Global Weather Forecasting Services Market

• AccuWeather, Inc.
• Meteosim S.L.
• StormGeo, DTN
• Precision Weather Services
• Meteoblue AG
• CustomWeather
• Weather Routing Inc.
• TempoQuest
• Skymet Weather Services Pvt Ltd.
• GLOBAL WEATHER CORPORATION
• Skyview Systems
• Fugro
• BMT Group Ltd.
• Speedwell Weather Ltd.
• Earth Networks

Global Weather Forecasting Services Market: Segmentation

By Forecast

• Nowcasting
• Short-range
• Medium-range
• Long-range

By Organization Size

• Large Enterprises
• Small & Medium Enterprises

By Industry

• Agriculture
• Aviation
• Energy & Utilities
• Renewables
• Logistics & Transportation
• Marine
• Retail
• Media
• Manufacturing
• Others

By Geography

• North America
• Europe
• Asia Pacific (APAC)
• Latin America
• Middle East and Africa (MEA)

Table of Content

1. Introduction
   1. Market Definition
   2. Market Scope
2. Research Methodology
   1. Primary Research
   2. Research Methodology
   3. Assumptions & Exclusions
   4. Secondary Data Sources
3. Market Overview
   1. Report Segmentation & Scope
   2. Value Chain Analysis: Weather Forecasting Services Market
   3. Key Market Trends
      1. Drivers
      2. Restraints
      3. Opportunities
   4. Porter's Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitution
      4. Threat of New Entrants
      5. Competitive Rivalry
   5. Market Share Analysis
4. Forecast Overview
   1. Introduction
      1. Market Size & Forecast
   2. Nowcasting
      1. Market Size & Forecast
   3. Short-range
      1. Market Size & Forecast
5. Industry Overview
   1. Introduction
      1. Market Size & Forecast
   2. Agriculture
      1. Market Size & Forecast
   3. Aviation
      1. Market Size & Forecast
6. Regional Overview
   1. Introduction
      1. Market Size & Forecast
   2. America
      1. North America
      2. U.S.
         1. By Forecast
         2. By Industry
      3. Canada
         1. By Forecast
         2. By Industry
      4. Mexico
         1. By Forecast
         2. By Industry
      5. Latin America
         1. By Forecast
         2. By Industry
   3. Europe
      1. Market Size & Forecast
      2. Germany
         1. By Forecast
         2. By Industry
      3. France
         1. By Forecast
         2. By Industry
      4. U.K.
         1. By Forecast
         2. By Industry
      5. Italy
         1. By Forecast
         2. By Industry
      6. Spain
         1. By Forecast
         2. By Industry
      7. Rest of Europe
         1. By Forecast
         2. By Industry
   4. Asia Pacific
      1. Market Size & Forecast
      2. Japan
         1. By Forecast
         2. By Industry
      3. China
         1. By Forecast
         2. By Industry
      4. Australia
         1. By Forecast
         2. By Industry
      5. India
         1. By Forecast
         2. By Industry
      6. South Korea
         1. By Forecast
         2. By Industry
      7. Rest of Asia-Pacific
         1. By Forecast
         2. By Industry
   5. Middle East & Africa
      1. Market Size & Forecast
      2. Saudi Arabia
         1. By Forecast
         2. By Industry
      3. South Africa
         1. By Forecast
         2. By Industry
      4. Kuwait
         1. By Forecast
         2. By Industry
      5. Rest of Middle East & Africa
         1. By Forecast
         2. By Industry
7. Company Profile
   1. AccuWeather Inc
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   2. Meteosim S.L
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
   3. StormGeo
      1. Company Overview
      2. Financial Performance
      3. Recent Developments
      4. Product Portfolio
8. Conclusion & Recommendation
9. Acronyms & Abbreviations

Table of Content and Figure @ https://straitsresearch.com/report/weather-forecasting-services-market/toc

Recent Developments

• January 2022 - AccuWeather Global Weather Centre, AccuWeather today announced that it has acquired Plume Labs®, a provider of environmental technology based in Paris, for an undisclosed sum, with effect from today. The acquisition marks AccuWeather's 15th since the company's establishment 59 years ago. The acquisition was completed in December 2021, and AccuWeather began integrating the business in January 2022.

• January 2022 - The eagerly awaited update to the Earth Networks Total Lightning Network® had been made public by AEM. The ENTLN now makes it easier for AEM clients to track lightning in real time and deliver early warning for severe weather occurrences that could endanger operational effectiveness and public safety thanks to major improvements to location accuracy and lightning detection efficiency.

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