New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Weather Forecasting Services Global Market Report 2023" - https://www.reportlinker.com/p06466689/?utm_source=GNW
, 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., and WeatherBELL Analytics LLC.
The global weather forecasting services market is expected to grow from $1.87 billion in 2022 to $2.06 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The weather forecasting services market is expected to reach $2.94 billion in 2027 at a CAGR of 9.2%.
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.
Weather forecasting services refer to services related to weather forecasting in which atmospheric conditions for a certain place and period are forecasted using science and technology. The purpose of weather forecasting services is to share knowledge that people and organisations may utilise to reduce weather-related losses and improve societal advantages such as life and property protection, public health and safety, and economic prosperity and quality of life.
North America was the largest region in the weather forecasting services market in 2022. The regions covered in weather forecasting services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of weather forecasting services are onshore weather forecasting services and offshore weather forecasting services.Onshore weather forecasts refer to weather forecasts that are specifically designed to provide information about weather conditions that will affect coastal areas, beaches, and other locations near bodies of water.
These weather forecasts are used to reduce downtime and support activity planning while improving security and safety.The types of forecasts are nowcast, short-range, medium range, extended range, and long range, for operational efficiency and safety.
It is employed in large enterprises and small and medium enterprises, industries such as transportation, aviation, energy and utilities, banking financial services and insurance (BFSI), agriculture, media, manufacturing, retail, and others.
The increase in weather monitoring for disaster management is expected to propel the growth of the weather forecasting services market going forward.Weather monitoring services use environmental monitoring equipment to collect and analyze weather data to support decision-making.
It provides great accuracy and dependability for weather monitoring and climate change monitoring.For instance, in October 2022, ReliefWeb, a UK-based humanitarian information portal, in 2021, the total frequency of worldwide natural disasters was 13% greater than in the previous 30 years (1991-2020).
Further, in March 2022, Access Partnership, a Belgium-based public policy consultancy focused on technology, the global annual number of natural disasters is expected to rise by 37% (from 442 to 541 incidents) by 2025. Therefore, weather monitoring for disaster management is driving the growth of the weather forecasting services market.
Technological advancement is a key trend in the weather forecasting services market.Companies operating in the market are adopting technologies, such as artificial intelligence, to sustain their position in the market.
For instance, in October 2022, Jua.ai AG, a Switzerland-based artificial intelligence climate company that provides insights and research for weather forecasting, launched an AI-powered platform to give customized weather models to the meteorological industry. This weather prediction model predicts different weather-based parameters, such as precipitation, wind speed, air pressure, and wind direction. The model gets updated every fifteen minutes, which enables significant improvements in forecasting extreme events. It offers up to 25 times higher spatial resolution and ten times higher temporal resolution when compared to conventional alternatives.
In September 2021, Moody’s Corporation, a US-based risk assessment company, acquired Risk Management Solutions (RMS) for approximately $2.0 billion. The acquisition expands on the complementary customer bases and competencies of Moody’s and RMS in the life, P&C, and reinsurance insurance categories. Risk Management Solutions (RMS) is a US-based company that provides climate and natural disaster risk modeling and analytics to business entities to help them in decision-making.
The countries covered in the weather forecasting services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
The weather forecasting services market research report is one of a series of new reports that 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.
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