Weather Forecasting Services Global Market Report 2024

The weather forecasting services market has grown rapidly in recent years. It will grow from $2.06 billion in 2023 to $2.27 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The historical period's growth can be ascribed to heightened awareness and preparedness, the globalization of businesses, governmental investments in meteorology, the influence of extreme weather events, and the adoption of precision agriculture practices.

The weather forecasting services market is expected to see strong growth in the next few years. It will grow to $3.22 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The anticipated growth in the forecast period can be credited to climate modeling, a rising demand for renewable energy, integration with the Internet of Things (IoT), improved emergency management systems, and collaborations between public and private sectors. Noteworthy trends expected in the forecast period encompass technological integration in aviation, advancements in meteorological technology, progress in numerical weather prediction, the emergence of hyper-local weather forecasting, and the expansion of extreme weather prediction.

The anticipated growth in the weather forecasting services market is expected to be propelled by the increased use of weather monitoring for disaster management. Weather monitoring services utilize environmental monitoring equipment to gather and analyze weather data, providing accurate and reliable information for decision-making in disaster management and climate change monitoring. For instance, in October 2022, ReliefWeb, a UK-based humanitarian information portal, reported that the frequency of natural disasters worldwide in 2021 was 13% higher than the average of the previous 30 years (1991-2020). Additionally, Access Partnership, a Belgium-based public policy consultancy, projected in March 2022 that the global annual number of natural disasters is anticipated to increase by 37% (from 442 to 541 incidents) by 2025. Consequently, the use of weather monitoring for disaster management is a key driver of the growth in the weather forecasting services market.

The growth of the weather forecasting services market is also expected to be driven by government initiatives for weather forecasting. Government initiatives involve actions or programs implemented by a government to address specific issues, achieve goals, or enact policies aimed at enhancing society, the economy, public services, or overall citizen well-being. Governments collaborate with meteorological agencies, scientific institutions, and international organizations to share data, research findings, and expertise. This collaboration fosters innovation and allows for the integration of diverse datasets, leading to more reliable forecasts. For example, the NAOO Weather Forecast Office, a US-based government agency, disclosed that the US government is reviewing proposals for two grant competitions with FY24 Notice of Funding Opportunity (NOFO), totaling up to $2 million per year for three to six new projects. Therefore, the increasing initiatives by governments for weather forecasting contribute to the growth of the weather forecasting services market.

Technological advancement stands out as a significant trend in the weather forecasting services market, with companies within the industry embracing technologies such as artificial intelligence to maintain their competitive positions. In October 2022, Jua.ai AG, a Switzerland-based artificial intelligence climate company specializing in insights and research for weather forecasting, introduced an AI-powered platform offering customized weather models for the meteorological industry. This predictive model covers various weather parameters, including precipitation, wind speed, air pressure, and wind direction, with updates every fifteen minutes. Notably, it provides up to 25 times higher spatial resolution and ten times higher temporal resolution compared to conventional alternatives, leading to substantial improvements in forecasting extreme events.

Major companies in the weather forecasting services market are increasingly engaging in partnerships to drive revenue growth. Partnerships facilitate the sharing of resources, expertise, and knowledge between companies and meteorological organizations. In May 2023, AccuWeather, a US-based weather forecasting company, partnered with The Trade Desk, a US-based advertising technology company, to enhance digital advertising precision and relevance. This collaboration enables marketers and media buyers to directly leverage AccuWeather's data suite within The Trade Desk platform, enabling more targeted and timely communication with customers based on real-time, hyper-localized weather data and forecasts.

In September 2021, Moody’s Corporation, a US-based risk assessment company, completed the acquisition of Risk Management Solutions (RMS) for approximately $2.0 billion. This strategic move expands upon the complementary customer bases and competencies of Moody's and RMS in the life, property and casualty (P&C), and reinsurance insurance categories. Risk Management Solutions (RMS), a US-based company, specializes in providing climate and natural disaster risk modeling and analytics to businesses, aiding them in informed decision-making.

Major companies operating in the weather forecasting services market report are 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.

North America was the largest region in the weather forecasting services market in 2023. The regions covered in the weather forecasting services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the weather forecasting services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

There are two main types of weather forecasting services onshore weather forecasting services and offshore weather forecasting services. Onshore weather forecasts are tailored to provide information about weather conditions impacting coastal areas, beaches, and other locations near bodies of water. These forecasts play a crucial role in minimizing downtime, aiding in activity planning, and enhancing overall security and safety. Various types of forecasts, such as nowcast, short-range, medium-range, extended-range, and long-range, are utilized for operational efficiency and safety. These services find application in diverse industries, including transportation, aviation, energy and utilities, banking and financial services, insurance (BFSI), agriculture, media, manufacturing, retail, and others. Both large enterprises and small to medium enterprises benefit from onshore weather forecasting services to optimize their operations and ensure safety across various sectors.

The weather forecasting services market research report provides weather forecasting services market statistics, including weather forecasting services industry global market size, regional shares, competitors with a weather forecasting services market share, detailed weather forecasting services market segments, market trends and opportunities, and any further data you may need to thrive in the weather forecasting services industry. This weather forecasting services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The weather forecasting services market includes revenues earned by companies by providing climatology services, analog methods of forecasting, persistence, and trends, and numerical weather prediction. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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