According to the latest report by IMARC Group, titled “Weather Forecasting Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global weather forecasting services market analysis. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global weather forecasting services market size reached US$ 2.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 1.82 Billion by 2028, exhibiting a growth rate (CAGR) of 9.1% during 2023-2028.
What is a Weather Forecasting Services?
Weather forecasting is the process of predicting the weather using science and technology to forecast atmospheric conditions for a certain period and location. It uses various tools, solutions, methods, and approaches connected to meteorology. Some commonly used tools are thermometers, barometers, hygrometers, anemometers, doppler radar, rain gauges, radiosondes, buoys, wind vanes, weather balloons, and weather satellites.
It helps minimize weather-related losses and improves societal benefits, including evacuating masses during hurricanes, floods, and earthquakes and protecting life, harvest, property, and public health and safety. As a result, weather forecasting services are extensively used in aviation, agriculture, transportation, manufacturing, retail, banking, financial, services, and insurance (BFSI) sectors across the globe.
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What are the key factors driving in the weather forecasting services market?
The market is primarily driven by the escalating demand for weather forecasting services owing to uncertain climatic conditions and global energy transitions. In addition, the widespread adoption of radar imaging, model data, digital satellite photography, and surface measurements to anticipate weather conditions more precisely is contributing to the market growth.Moreover, the growing utilization of weather forecasting services by farmers to determine wind alerts, precipitation forecasts, and actionable insights for managing their operations, maximizing profits, and enhancing yields, represents another significant growth-inducing factor.
Besides this, the extensive application of these services in the aviation sector for navigation in extreme weather conditions is propelling market growth. Furthermore, investment in research and development (R&D) activities to launch supercomputers and ensure accurate weather forecasts is also creating a positive market outlook.
For the competitor segment, the report includes global key players of the weather forecasting services market.
- AccuWeather Inc.
- BMT Group
- Custom Weather
- ENAV S.p.A.
- International Business Machines Corporation
- Met Office
- Precision Weather Services
- Skymet Weather Services Pvt. Ltd.
and StormGeo AS.
|Weather Forecasting Services Market Report Scope|
|Market size value in 2022||US$ 2.0 Billion|
|Market forecast in 2028||US$ 1.82 Billion|
|Growth Rate||CAGR of 9.1% from 2023 to 2028|
|Base year for estimation||2022|
|Report coverage||Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends|
|Segments covered||Forecasting Type, Purpose, Organization Size And End User|
|Regional scope||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Key companies profiled||AccuWeather Inc., AerisWeather, BMT Group, Custom Weather, DTN, ENAV S.p.A., Fugro, International Business Machines Corporation, Met Office, Precision Weather Services, Skymet Weather Services Pvt. Ltd. and StormGeo AS.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization purview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
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The report has been segmented the market into following categories:
Breakup by Forecasting Type:
- Short-range Forecasting
- Medium-range Forecasting
- Long-range Forecasting
Breakup by Purpose:
- Operational Efficiency
Breakup by Organization Size:
- Large Enterprises
- Small and Medium-Sized Enterprises
Breakup by End User:
- Energy and Utilities
- Banking, Financial Services and Insurance (BFSI)
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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