How Has the Weather Forecasting Services Market Size Evolved in Recent Years?
The weather forecasting services market has seen considerable growth due to a variety of factors.
•In the past few years, the market size for weather forecasting services has seen substantial growth. It is predicted to expand from $2.26 billion in 2024 to $2.49 billion in 2025, marking a compound annual growth rate (CAGR) of 9.9%.
This growth during the historic period can be traced back to a heightened awareness and readiness, the globalization of businesses, investments in meteorology by governments, the effect of severe weather incidents, and the implementation of accurate agriculture practices.
What are the Market Size and Expected Growth Rates for the Weather Forecasting Services Market?
The weather forecasting services market is expected to maintain its strong growth trajectory in upcoming years.
• In the ensuing years, the market for weather forecasting services is set to witness a significant surge in size. Its projected value by 2029 is "$3.56 billion, with a compound annual growth rate (CAGR) of 9.3%.
The expansion during the forecast period can be credited to factors like climate modeling, a surge in demand for renewable energy, integration with the internet of things (iot), improved emergency management systems, and collaborations between public and private entities. Key trends likely to shape the forecast period include the incorporation of technology in aviation, advancements in meteorological technology, progress in numerical weather prediction, the emergence of hyper-local weather forecasting, and the broadening scope of extreme weather prediction.
What Are The Essential Drivers Behind The Growth Of The Weather Forecasting Services Market?
The growth of the weather forecasting services market is anticipated to be driven by the increased utilization of weather monitoring intended for disaster management. By utilizing environmental monitoring equipment, weather monitoring services gather and interpret weather-based data, benefiting the decision-making process. Their high accuracy and reliability make them ideal for monitoring climate changes and weather conditions. For example, Access Partnership, a Belgium-based technology public policy consultancy, predicted that the global yearly count of natural disasters will witness a 37% increase, rising from 442 to 541 incidents, by 2025. Hence, the use of weather monitoring in the field of disaster management significantly contributes to the expansion of the weather forecasting services market.
How Is The Global Weather Forecasting Services Market Divided Into Key Segments?
The weather forecasting services market covered in this report is segmented –
1) By Type: Onshore Weather Forecasting Services, Offshore Weather Forecasting Services
2) By Forecast Type: Nowcast, Short-Range, Medium Range, Extended Range, Long Range
3) By Purpose: Operational Efficiency, Safety
4) By Organization Size: Large Enterprises, Small And Medium Enterprises
5) By Industry: Transportation, Aviation, Energy And Utilities, Banking Financial Services And Insurance (BFSI), Agriculture, Media, Manufacturing, Retail, Other Industries
Subsegments:
1) By Onshore Weather Forecasting Services: Local Weather Forecasts, National Weather Forecasts, Climate Monitoring Services
2) By Offshore Weather Forecasting Services: Marine Weather Forecasts, Coastal Weather Forecasts, Weather Routing Services
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What Trends Are Reshaping The Future Of The Weather Forecasting Services Market?
Progress in technology is a prominent trend in the weather forecasting services market. Firms in this market are leveraging technologies like artificial intelligence to maintain their market dominance. For example, in October 2022, Jua.ai AG, a Swiss artificial intelligence climate company offering insights and research in weather forecasting, introduced an AI-driven platform that delivers personalized weather models for the meteorology sector. This weather prediction model estimates various factors related to the weather, including precipitation, wind speed, air pressure, and the direction of the wind. It refreshes every quarter of an hour, enhancing the prediction of extreme weather events. Its spatial resolution is up to 25 times more precise, and its temporal resolution is up to ten times better than traditional options.
Who Are the Key Players in the Weather Forecasting Services Market?
Major companies operating in the weather forecasting services market include:
• AccuWeather Inc.
• Fugro NV
• Met Office
• The Weather Company (IBM)
• StormGeo AS
• Precision Weather Service
• DTN LLC
• Earth Networks Inc.
• Spire Global Inc.
• The Tomorrow Companies Inc.
• ENAV S.p.A.
• BMT Group
• Skymet Weather Services Pvt. Ltd.
• Skyview Systems Ltd.
• Jupiter Intelligence Inc.
• Weather Intelligence Pty. Ltd.
• WeatherBELL Analytics LLC
• AerisWeather Inc.
• Custom Weather Inc.
• Vaisala Oyj
• Ubimet GmbH
• Clear Science Inc.
• Weather Source LLC
• PESSL INSTRUMENTS GMBH
• Weather Underground Inc.
• Climacell Inc.
• Windfinder GmbH
• Meteoblue AG
• Weatherbit Inc.
• Foreca Ltd.
• European Centre for Medium-Range Weather Forecasts
• National Centers for Environmental Prediction
What are the Regional Insights into the Weather Forecasting Services Market?
North America was the largest region in the weather forecasting services market in 2024. The regions covered in the weather forecasting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
