Weather Forecasting Services

Weather Forecasting Services Market by Forecasting Type (Long-Range Forecasting, Medium-Range Forecasting, Short-Range Forecasting), Purpose (Operational Efficiency, Safety), End-User - Global Forecast 2024-2030

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[193 Pages Report] The Weather Forecasting Services Market size was estimated at USD 2.70 billion in 2023 and expected to reach USD 3.00 billion in 2024, at a CAGR 11.53% to reach USD 5.80 billion by 2030.

Weather Forecasting Services Market
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The global weather forecasting services market comprises businesses and organizations that provide predictive atmospheric data to diverse industries such as agriculture, aviation, and energy management, among others. Weather forecasting services include collecting and analyzing environmental data using computing technologies to provide correct insights to customers. The global weather forecasting services market is rapidly growing owing to the increasing reliance on accurate forecasts by the agricultural industry for operational optimization and safety. Further, the advent of customized forecasting solutions tailored specifically to meet specific industry weather forecasting requirements is generating a stronger outlook for the global weather forecasting services market. However, high initial investments for hardware upgrades and the inherently uncertain nature of weather forecasting raise challenges in achieving consistent growth. Besides the challenges, technological advancements, including artificial intelligence (AI), machine learning (ML), and remote sensing techniques, have significantly improved forecast accuracy over the years. Additionally, real-time monitoring through satellite imagery and IoT devices such as smart sensors and integrating big data analytics are expected to refine the predictive capabilities of weather forecasting services.

Weather Forecasting Services Market - Global Forecast 2024-2030
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Forecasting Type: Higher demand for medium-range weather forecasts attributed to timely decision-making.

Long-range weather forecasting provides predictions for extended periods (typically one month to a year). This type of forecast is especially useful for sectors including agriculture, energy management, tourism, and disaster mitigation planning that require long-term strategic decisions. Medium-range weather forecasts cover periods between three to thirty days in advance. They are highly beneficial for industries such as construction, logistics planning, water resource management, event planning, and insurance underwriting, where timely decision-making is crucial based on predicted weather conditions. With increasing urbanization and industrialization, medium-range weather forecast services are rapidly being adopted globally. Short-range weather forecasts provide near-term predictions for up to 72 hours ahead. These forecasts are essential for individuals and businesses who need immediate awareness of potential weather impacts on daily life, transportation, safety measures, and emergency preparedness.

Purpose: Optimize operations while simultaneously saving lives and property during severe weather events.

In the realm of weather forecasting services, operational efficiency is crucial for businesses and organizations that rely heavily on accurate and timely weather predictions to optimize their operations. These entities include industries such as agriculture, aviation, shipping, energy production, construction, and emergency management services. Improved operational efficiency reduces costs and enhances productivity by minimizing disruptions caused by unfavorable weather conditions. Weather forecasting services play a pivotal role in ensuring safety across numerous sectors by providing early warnings of severe weather events such as tornadoes, hurricanes, floods, or extreme temperatures. Timely information on impending hazards can save lives and property by enabling individuals and authorities to take appropriate preventative measures.

End-User: Requirement of weather forecasting to meet the specific needs of agriculture and aviation industries to make informed decisions.

Accurate weather forecasting is crucial for the agriculture sector, as it influences crop planning, irrigation schedules, and harvesting decisions. In aviation, advanced weather forecasting services are essential for flight planning, safety operations, and minimizing disruptions due to meteorological conditions. Weather forecasts help BFSI organizations assess risks associated with natural disasters and extreme events that might affect clients' assets or businesses. Reliable weather predictions enable energy utilities to manage production capacities more efficiently while ensuring grid stability during demand fluctuations influenced by unpredictable meteorological events. The manufacturing industry uses weather forecasts to optimize logistics strategies and manage supply chain disruptions caused by adverse weather conditions. Media organizations utilize timely and accurate weather information to inform their audiences about expected conditions and potential hazards. Retailers use weather forecasts to predict consumer behavior and adjust pricing, promotion, or inventory strategies accordingly. Fleet management, shipping companies, and public transportation systems depend on accurate weather forecasts to ensure safe and efficient operations.

Regional Insights

The American weather forecasting services market is rapidly growing owing to advanced technology infrastructure, a well-established meteorological network, and strong government support. The United States has been a pioneer in weather forecasting since the early 20th century with institutions including the National Oceanic and Atmospheric Administration (NOAA), which operates sophisticated models to predict regional and global weather patterns. In recent years, private companies have emerged to provide specialized weather forecasting services that cater to specific industries such as aviation, shipping, energy production, agriculture, insurance, and outdoor events management, among others. Europe has witnessed significant growth in demand for accurate short-range forecasts that can be helpful in managing renewable energy sources such as wind farms and solar installations. The European Centre for Medium-Range Weather Forecasts (ECMWF) plays an integral role in providing reliable predictions used by governments and private sector entities. In the Middle East and Africa, accurate weather forecasting is essential for managing water resources and dealing with extreme climate conditions such as droughts and heat waves. The Asia-Pacific region is projected to witness the highest growth rate in the weather forecasting services market, attributed to rapid urbanization, industrial development, and increasing dependence on renewable energy sources. In countries including India and China, where agriculture remains a significant contributor to GDP, accurate weather services forecasts are vital in ensuring food security for millions of people.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Weather Forecasting Services Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Weather Forecasting Services Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Francisco Partners to Acquire The Weather Company Assets from IBM

    Francisco Partners has acquired The Weather Company assets from International Business Machines Corporation. The acquisition encompasses various digital consumer-facing offerings, including Weather.com, Weather Underground, Storm Radar, and enterprise offerings. With the increased investment and resources from Francisco Partners, The Weather Company aims to go beyond forecasting and help users comprehend the impact of weather on their lives. [Published On: 2023-08-22]

  • NOAA completes upgrade to weather and climate supercomputer system

    The U.S. Department of Commerce and NOAA have expanded the capacity of the WCOSS supercomputing system by 20% to increase computing power and storage, resulting in improved weather forecast models in the upcoming years. With faster supercomputing capabilities, NOAA can run more complex forecast models, while the increased storage space will allow more data to be fed into the system. These upgrades bring several improvements to existing models. [Published On: 2023-08-10]

  • MeteoSim to collaborate with Malawi Meteorological Services

    MeteoSim, an international provider of meteorological and environmental services through its SaaS model, has emerged as the World Bank's competition winner as part of the Malawi Resilience and Disaster Risk Management Project. As part of this project, MeteoSim implements a numerical weather forecasting model for the Department of Climate Change and Meteorological Services in Malawi while providing training to the country's meteorological team. This innovative system plays a crucial role in effectively managing weather events and resources in Malawi, one of the most disadvantaged countries in the world with an economy heavily reliant upon agriculture. [Published On: 2023-08-03]

Key Company Profiles

The report delves into recent significant developments in the Weather Forecasting Services Market, highlighting leading vendors and their innovative profiles. These include Aaizel International Technologies Private Limited, AccuWeather, Inc., Advanced Environmental Monitoring LLC, AerisWeather by Vaisala Oyj, Campbell Scientific, Inc., CoralComp Private Limited, CustomWeather, Inc., DTN, Inc., Earth Networks, Inc., ENAV S.p.A., Fugro, Infoplaza BV, Jupiter Intelligence, Inc., Meteo-Logic Ltd., METEOSIM SL, Precision Weather Services, Saildrone, Inc., Skymet Weather Services Pvt., Speedwell Weather Ltd., StormGeo AS, TempoQuest Inc., The Tomorrow Companies Inc., Weather Routing, Inc., and WeatherBELL Analytics LLC.

Market Segmentation & Coverage

This research report categorizes the Weather Forecasting Services Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Forecasting Type
    • Long-Range Forecasting
    • Medium-Range Forecasting
    • Short-Range Forecasting
  • Purpose
    • Operational Efficiency
    • Safety
  • End-User
    • Agriculture
    • Aviation
    • Banking Financial Services & Insurance
    • Energy & Utilities
    • Manufacturing
    • Media
    • Retail & Consumer Goods
    • Transportation

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

The report offers valuable insights on the following aspects:

  1. Market Penetration: It presents comprehensive information on the market provided by key players.
  2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
  3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
  4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
  5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

  1. What is the market size and forecast of the Weather Forecasting Services Market?
  2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Weather Forecasting Services Market?
  3. What are the technology trends and regulatory frameworks in the Weather Forecasting Services Market?
  4. What is the market share of the leading vendors in the Weather Forecasting Services Market?
  5. Which modes and strategic moves are suitable for entering the Weather Forecasting Services Market?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Weather Forecasting Services Market, by Forecasting Type
  7. Weather Forecasting Services Market, by Purpose
  8. Weather Forecasting Services Market, by End-User
  9. Americas Weather Forecasting Services Market
  10. Asia-Pacific Weather Forecasting Services Market
  11. Europe, Middle East & Africa Weather Forecasting Services Market
  12. Competitive Landscape
  13. Competitive Portfolio
  14. List of Figures [Total: 22]
  15. List of Tables [Total: 294]
  16. List of Companies Mentioned [Total: 24]
Why Customized Weather Forecasting Services Are Increasingly in Demand
October 9, 2023
BLOG
Why Customized Weather Forecasting Services Are Increasingly in Demand
In today's rapidly changing climate conditions, businesses across various industries are facing unprecedented uncertainties and challenges. Accurate weather forecasts have become crucial for many industries, from agriculture to transportation, logistics, and retail. However, a one-size-fits-all approach to weather forecasting solutions doesn't work for every business. That's why customized weather forecasting services have become increasingly popular among businesses worldwide. In this blog post, we'll explore why the demand for customized weather forecasting services is on the rise.

Need for Industry-Specific Solutions:

Different industries face a diverse range of issues and challenges in managing their operations efficiently. For example, two businesses operating in the same city may have vastly different weather-sensitive operations. A logistics company may need to route trucks away from severe weather events, whereas a construction firm may require a specialized forecast to help with scheduling outdoor projects. Customized weather forecasting services allow for these unique needs to be met, providing targeted data and insights.

Emerging Technologies:

The weather forecasting industry has come a long way in terms of technology development. Recent advances in machine learning (ML) and predictive analytics have allowed forecasting models to become more accurate, frequent, and timely. Now, businesses can benefit from more granular weather insights and data-based recommendations that were not possible even a few years ago.

Cost-Effective Solutions:

Customized weather forecasting services are no longer only for the big players. The advancements in technology and increased competition in the industry have brought down the cost of forecasting solutions. Today, small and medium-sized businesses can receive tailored weather forecasts at reasonable prices. This has helped democratize access to weather forecasting services and has set up a level playing field to mitigate the risk associated with weather-sensitive operations.

Increased Visibility and Control:

Businesses that adopt customized weather forecasting services gain more visibility and control over their operations. Real-time data and actionable insights help organizations plan ahead and make timely decisions to ensure business continuity and minimize risk. With weather forecasting services tailored to the specific needs of the organization, businesses can have the confidence to make informed decisions that optimize performance.

Competitive Edge:

By possessing more accurate weather forecasts and relevant recommendations, businesses can gain significant competitive advantages. Industry-specific weather insights can lead to more informed decision-making and more efficient resource utilization. In industries with tight margins, having the ability to respond effectively to weather events can make a significant difference between success and failure.

The demand for customized weather forecasting services will continue to grow as organizations seek more targeted and accurate weather insights. The benefit of tailored weather forecasting is becoming clear: businesses want to make use of the latest technologies to enhance their unique operations and gain a competitive edge. Investing in customized weather forecasting services can provide long-term benefits that go beyond immediate impact and help businesses improve their performance in the face of extreme weather conditions.

Frequently Asked Questions
  1. How big is the Weather Forecasting Services Market?
    Ans. The Global Weather Forecasting Services Market size was estimated at USD 2.70 billion in 2023 and expected to reach USD 3.00 billion in 2024.
  2. What is the Weather Forecasting Services Market growth?
    Ans. The Global Weather Forecasting Services Market to grow USD 5.80 billion by 2030, at a CAGR of 11.53%
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