Weather Forecasting Services Market Size to grow by USD 1308.4 million between 2024-2028
According to a research report “ Weather Forecasting Services Market” by Type (Medium-range, Long-range, Short-range, Nowcasting) Application (Energy and utilities, Aviation, Media and consumer, Logistics and transportation, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 1308.4 million, at a CAGR of 10.78% during the forecast period. In the agricultural sector, weather conditions play a pivotal role in farming operations, particularly in the cultivation of fruits, vegetables, and legumes. Precise weather information is indispensable for agricultural production, as temperature and other environmental factors significantly influence crop growth. With the escalating effects of climate change, weather and environmental risk management in agriculture have become increasingly essential. As the global population continues to expand, the demand for agricultural goods is on the rise. Adopting adaptive agriculture management practices has become imperative for farmers to mitigate risks and ensure optimal yields. To effectively plan for the upcoming agricultural season, farmers heavily rely on accurate and reliable weather forecasts. Advanced weather forecasting tools can provide farmers with valuable insights, enabling them to make informed decisions and ultimately contribute to feeding a growing world population..
Browse market data tables, figures, and in-depth TOC on “Weather Forecasting Services Market” by Type (Medium-range, Long-range, Short-range, Nowcasting) Application (Energy and utilities, Aviation, Media and consumer, Logistics and transportation, Others) Geography (North America, APAC, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Type, the Medium-range segment is projected to dominate the market size in 2024
The Weather Forecasting Services Market provides medium-range forecasts, extending from three to four days to two weeks. Notably, major global service providers deliver these medium-range forecasts. According to NOAA's SciJinks, the accuracy of a 5-day forecast stands at 90%, and a 7-day forecast at 80%. The European Centre for Medium-Range Weather Forecasting (ECMWF) is a leading research institute and operational service, generating worldwide numerical weather forecasts and related data for its members and the broader community. ECMWF's supercomputer facilities and meteorological data archives are among the most extensive globally. Additionally, the Centre offers advanced training and collaborates with the WMO to implement its programs.
By Application, Energy and utilities segment is expected to hold the largest market size for the year 2024
In the global market for weather forecasting services, the energy and utilities sector held the largest market share in 2023. Weather data and operational insights are essential for electricity production in energy companies. Moreover, the increasing reliance on renewable energy sources necessitates accurate meteorological data to ensure a stable power supply. The IBM Thomas J. Watson Research Center conducted a study to explore the potential benefits of high-resolution, short-term weather forecasting for the energy and utilities industries, underscoring the industry's growing demand for precise and timely meteorological information.
North America is forecasted to hold the largest market size by region in 2024
The Weather Forecasting Services Market is a significant business sector, providing essential meteorological data to various industries. These services enable businesses to mitigate risks, optimize operations, and make informed decisions. Accurate and timely weather forecasts are crucial for sectors such as agriculture, aviation, energy, and construction. Weather forecasting providers leverage advanced technologies, including AI and machine learning, to deliver precise and reliable forecasts. This market is poised for growth, driven by increasing demand for weather insights and advancements in forecasting technologies.
The Weather Forecasting Services Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Title: Weather Forecasting Services Market: Marine, Logistics & Transportation, Manufacturing, Renewables, and More The global weather forecasting services market is witnessing significant growth, driven by the increasing demand from various industries such as marine, logistics & transportation, manufacturing, renewables, energy & utilities, aviation, agriculture, and small & medium enterprises (SMEs) as well as large enterprises. Long-range, medium-range, and short-range forecasts, along with nowcasting, are essential for industries to optimize operations and mitigate risks. Historical data analysis plays a crucial role in forecasting accuracy. Key players in the market include NOAA SciJinks, DTN, satellite systems, air-based observation systems, and marine observing systems. The market is expected to grow at a compound annual growth rate (CAGR) of USD 2 from 2021 to 2026. Regional opportunities exist in North America, Europe, Asia-Pacific, and the Middle East & Africa. The COVID-19 pandemic has accelerated the adoption of weather forecasting services due to the need for business continuity and energy transitions. PDF reports and customized solutions cater to specific industry requirements. Stay updated with the latest industry trends and insights by exploring our comprehensive market research reports.
Market Research Overview
Title: Weather Forecasting Services Market: A USD 3 Billion Industry Serving Banking, Finance, SMEs, and Various Sectors in Middle East & Africa The Weather Forecasting Services Market is a significant USD 3 billion industry, growing at a Compound Annual Growth Rate (CAGR) of 6%, according to a recent PDF report by Germanwatch Global Climate Research Institute. This market caters to various sectors, including Banking Financial Services, Small & Medium Enterprises (SMEs), and major industries like Marine, Logistics & Transportation, Manufacturing, Renewables, Energy & Utilities, Aviation, Agriculture, and more. Key players in this market include Fugro, NiMet (Nigeria's Meteorological Agency), Amagi, AerisWeather, Vaisala, Climavision, StormGeo, Spire Global, Met Office, Earth Networks, AccuWeather Inc., and others. These companies leverage advanced Computer Systems, Supercomputers, Satellite systems, Air-based observation systems, and Marine observing systems to provide long-range, medium-range, short-range, and nowcasting services. The farming industry, renewable energy production, and meteorology significantly benefit from these services. In the Middle East & Africa region, opportunities lie in historical data analysis, regional opportunities, and collaboration with organizations like the Intergovernmental Panel on Climate Change (IPCC). The COVID-19 pandemic and energy transitions have further fueled the demand for accurate weather forecasting services.
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