Redding, California, March 08, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Weather Forecasting Services Market, by Range (Short Range, Medium Range, Long Range), Type (Onshore, Offshore) and End-Use Industry (Agriculture, Government & Public Sector, Transportation, Energy & Utilities), and Geography - Global Forecasts to 2030,’ the weather forecasting services market is projected to reach $3.59 billion by 2030, at a CAGR of 7.4% during the forecast period.
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The growth of this market is attributed to the rising need for weather forecasting services in the agriculture industry; increasing demand for streamlined operations across various verticals, including mining and construction; and rapid weather fluctuations. In addition, advanced technologies in weather forecasting services such as big data analytics, miniaturization, and IoT; increasing prevalence of weather data in businesses to improve their analytical capabilities; increasing use of satellites and radars; and growth in the renewable energy sector are expected to offer significant opportunities for the growth of this market. However, the high costs of weather forecasting services are hindering their implementation. Also, the lack of standardization in weather forecasting models is a major challenge to the growth of this market.
Impact of COVID-19 on the Weather Forecasting Services Market
The COVID-19 pandemic negatively affected the services that collect weather and climate data, creating the risk of inaccurate future forecasts and large gaps in long-term data collection. The decrease in air traffic due to the halt in travel activities was another major challenge for weather forecasting services during the pandemic, as thousands of sensors and commercial aircrafts send weather data to the Aircraft Meteorological Data Relay (AMDAR) program. The number of weather-related measurements taken from aircrafts decreased by 75-80%, which led to an increase in weather forecast errors by 1-2%.
The airline industry was badly hit due to the lockdowns imposed by governments across the globe. This also reduced the need for weather forecasting services. As commercial aircrafts were banned, the demand for weather forecasting declined due to the lack of new projects. Thus, the COVID-19 pandemic negatively impacted the weather forecasting services market.
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The weather forecasting services market is segmented by range (short range, medium range, and long range), type (onshore weather forecasting services and offshore weather forecasting services), end-use industry (agriculture, government & public sector, transportation, energy & utilities, media & entertainment, broadcast, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the markets at regional and country levels.
Based on range, the weather forecasting services market is segmented into short range, medium range, and long range. In 2023, the short range segment is expected to account for the largest share of the weather forecasting services market. The large market share of this segment is attributed to the increasing demand for highly accurate information about rainfall, heat & cold wave conditions, thunders, and storms and adverse weather conditions in advance to reduce damages. However, the medium range segment is projected to register the highest CAGR during the forecast period.
Based on type, the weather forecasting services market is segmented into offshore weather forecasting services and onshore weather forecasting services. In 2023, the offshore weather forecasting services segment is expected to account for the larger share of the market. This segment is also projected to register the highest CAGR during the forecast period. This segment's large market share and growth are attributed to efficient day-to-day planning and informed decision-making for offshore operations; the surge in demand for planning weather-sensitive operations to ensure safe, efficient operations; and enormous savings on total operating costs. In addition, offshore weather forecasting services provide consultation for forecasting solutions and real-time forecasts.
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Based on end-use industry, the weather forecasting services market is segmented into agriculture, government & public sector, transportation, energy & utilities, media & entertainment broadcast, and other end-use industries. In 2023, the transportation segment is expected to account for the largest share of the weather forecasting services market. The large market share of this segment is attributed to the increasing need for weather analysis and forecasting services; the rising adoption of sensors to take temperature readings and forecast weather conditions; and the growing demand for weather forecasting services for gathering weather data to enhance flight safety and increase trade traffic. However, the media & entertainment segment is projected to register the highest CAGR during the forecast period.
Based on geography, the weather forecasting services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the market. The large market share of this regional market is mainly attributed to the presence of major players such as The Weather Company (U.S.) and DTN (U.S.), among others; the rising investments in weather forecasting technologies to better understand climate change; and the growing adoption of weather forecasting services among militaries and Navy sectors in the U.S. for oceanic and atmospheric forecasting. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.
The major players in this market are AccuWeather, Inc. (U.S.), Fugro N.V. (Netherlands), Met Office (U.K.), Precision Weather (U.S.), StormGeo AS (Norway), The Tomorrow Companies Inc. (U.S.), The Weather Company (U.S.), DTN, LLC. (U.S.), Earth Networks, Inc. (U.S.), Jupiter Intelligence, Inc (U.S.), Weather Intelligence Pty Ltd. (Australia), Skymet Weather Services Pvt. Ltd. (India), Spire Global, Inc. (U.S.), BMT Group (U.K.), Understory (U.S.), EarthCast Technologies, LP (U.S.), PlanetiQ (U.S.), Planalytics, Inc.(U.S.), Kachelmann GmbH (U.S.), and Saildrone, Inc. (U.S.).
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Scope of the Report:
Weather Forecasting Services Market, by Range
- Short Range
- Medium Range
- Long Range
Weather Forecasting Services Market, by Type
- Onshore Weather Forecasting Services
- Offshore Weather Forecasting Services
Weather Forecasting Services Market, by End-use Industry
- Agriculture
- Government & Public Sector
- Transportation
- Aviation
- Marine
- Road Transportation
- Energy & Utilities
- Media & Entertainment Broadcast
- Other End-use Industries
Weather Forecasting Services Market, by Geography
- Asia-Pacific
- China
- Japan
- India
- Australia & New Zealand
- South Korea
- Singapore
- Malaysia
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- Denmark
- Rest of Europe
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Saudi Arabia
- Rest of Middle East & Africa
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