The weather forecasting services market is expected to generate US$ 2.35 billion by 2022, from an estimated US$ 2.2 billion in 2021. By 2032, the market is expected to reach US$ 4.5 billion, with a 6.7% CAGR during the forecasted period of 2022–2022. The market’s growth can be due to the increasing need in end-use industries including transportation, logistics, and renewable energy to boost productivity and cut costs in various developing nations.
It is anticipated that the business will experience significant development opportunities throughout the forecasting period due to the growing use of short-range weather forecasting services to forecast environmental conditions.
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On the other hand, it is projected that the primary impediment to the market’s expansion will be the underlying nonlinearity of weather forecasting models. The process’ rising complexity as a result of the proper integration and analysis of a massive amount of data is another barrier inhibiting the industry’s progress over the Forecasting period.
Key Takeaways from the Weather Forecasting Services Market Report:
- Weather forecasting services for agriculture capture the largest revenue share of more than 60%
- Medium-range Forecasting services segment to expand at a CAGR of 6.7% during the Forecasting period
- The U.S market is expected to secure US$ 1.44 Billion while expanding at a CAGR of 7%
- China to record a CAGR of 6.8% during the 2022-2032 period of assessment
Competitive Landscape:
- In January 2022, Global weather and digital media leader AccuWeather announced the acquisition of? Paris-based environmental technology company Plume Labs®?for an undisclosed amount, effective immediately. The deal is AccuWeather’s 15th?acquisition since its founding 59 years ago.? AccuWeather integrated the company into? January 2022? and the deal was closed in December of 2021.
- In May 2022, DTN, a global data, analytics, and technology company began testing the high-performance computing (HPC) capabilities of Amazon Web Services (AWS) and running data processing and modeling workloads on? Amazon Elastic Compute Cloud?(Amazon EC2), a service that provides secure, resizable computing capacity in the cloud.
Leading Key Players:
- AccuWeather, Inc.
- DTN
- Earth Networks
- Fugro
- Met Office
- Precision Weather Service
- Spire Global
- StormGeo
- The Tomorrow Companies Inc.
- The Weather Company (IBM)
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Weather Forecasting Services Market Segmentation:
By Forecast:
- Nowcasting Weather Forecasting Services
- Short-range Weather Forecasting Services
- Medium-range Weather Forecasting Services
- Long-range Weather Forecasting Services
By Organization Size:
- Weather Forecasting Services for Large Enterprises
- Weather Forecasting Services for Small & Medium Enterprises
By Industry:
- Weather Forecasting Services for Agriculture
- Weather Forecasting Services for Aviation
- Weather Forecasting Services for Energy & Utilities
- Weather Forecasting Services for Renewables
- Weather Forecasting Services for Retail
- Weather Forecasting Services for Manufacturing
- Weather Forecasting Services for Media
- Weather Forecasting Services for Logistics & Transportation
- Weather Forecasting Services for the Marine Industry
- Weather Forecasting Services for Other Industries
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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