Chicago, Oct. 05, 2023 (GLOBE NEWSWIRE) -- The Weather Forecasting Services Market Size is projected to grow from USD 1.9 billion in 2023 to USD 2.8 billion by 2028, at a CAGR of 8.2%. The demand for enhanced safety and minimize the loss in various industry is driving the market for Weather Forecasting Services. The Forecasting services is developing rapidly by use of advanced technologies to minimize the loss due to bad weather conditions
Key Market Players
The Weather Forecasting Services companies is dominated by a few globally established players such as The Weather Company (US), DTN (US), Accuweather (US), Fugro (Netherlands), and Enav S.P.A (Italy) are some of the leading players operating in the Weather Forecasting Services market; they are the key service providers that secured Weather Forecasting Services contracts in the last few years. Major focus was given to the contracts and new product development due to the changing requirements of commercial, government and navy.
Weather Forecasting Services Market Dynamics
Driver: Integration of weather forecasting services in transport and logistics sectors
At present, there is a growing demand for faster delivery of goods, compelling the logistics sector to improve its infrastructure accordingly. To bring improvisations in infrastructure, the transport and logistics sectors largely depend on weather forecasting services. Weather patterns can create ripple effects in the manner shipments are transported all over the world, within and between countries. Weather conditions can make or break the chain of goods being transported to their final delivery stations safely and on time. Hence, it is very important for the transport and logistics service providers to pre-investigate the weather conditions for their smooth functioning. The trucking industry is a major component of logistics services to move goods daily.
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Restraints: Complexity and lack of specialized weather forecasting models
Weather Forecasting is done by using various computational models by extensive data. The weather data is very crucial for forecasting model to give accurate Weather Forecast. There is limited availability of data and resources in some regions. The lack of specialized weather forecasting models results into less accurate predictions for certain regions. It becomes challenging to anticipate extreme weather events like hurricanes, tornadoes, or severe storms accurately due to complexity and lack of data. Some of the weather forecasting models are complex which can effect the forecasting accuracy. This is expected to restrain the growth of the market, as the entire weather forecasting process entails various functions that need to be considered to arrive at an accurate analysis.
Opportunities: Development of high-end radars and satellites for weather monitoring
The incorporation of various new technologies in weather monitoring and weather forecasting services is leading to highly accurate weather predictions. Scientists and engineers are developing different types of high-end radar, satellites, and supercomputers capable of sensing natural calamities such as tornadoes, floods, and thunderstorms beforehand to enable early issuance of warnings. Continuous efforts are being made to upgrade different satellite systems used for weather forecasting. Existing climate and weather models rely on data from satellites in high orbits. These satellites are unable to provide immediate data with enough detail to observe changes and developments in weather patterns. Small satellites can get close to storms to study them and help improve future predictions of weather and climate change.
Challenges: Lack of effective automation
The involvement of humans in weather forecasting is a time-consuming process. It may also lead to errors while analyzing the forecast data. Manual data logging or collection may also introduce errors in these processes.
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Weather Forecasting Services Companies - ABB and Emerson Electric Co. (US) are the Key Players
ABB
ABB is a Switzerland multinational one of the leading manufacturers of industrial equipment and systems. The company’s strength lies in continuously improving its processes and automation methods. In April 2023, Finnish Board Guard (Finland) awarded the company a contract to provide supply an integrated power and propulsion package comprising dual Azipod propulsors and an onboard DC grid power system for two newly built Finnish border guard patrol vessels. It also strives to increase its market share in the connected ship market by securing maritime, navy, and government contracts and agreements globally.
Emerson Electric co.
Emerson Electric Co. (US) Emerson is among the leading provider of connected ship technology and helping the maritime industry to improve safety, efficiency, and compliance. The company is a global technology, software, and engineering company that provides innovative solutions for customers in industrial, commercial, and residential markets. Emerson offers products and services which includes process automation, networked control systems, building automation, networked power grid solutions, and industrial automation software and hold prominent place in the development of connected ship technology.
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The Weather Forecasting Systems Market is projected to reach USD 3.5 billion by 2026, at a CAGR of 5.1% in value during the forecast period.
