New Delhi, July 22, 2024 (GLOBE NEWSWIRE) -- The global weather forecasting services market is projected to attain a valuation of US$ 11.6 billion by 2032 up from US$ 4.0 billion in 2023 at a CAGR of 12.6% during the forecast period, 2024-2032.
The global weather forecasting services market is expected to see significant advancements, driven by the integration of cutting-edge technologies like quantum computing, AI-driven models, and enhanced satellite systems. In 2023, 40% of weather forecasts are being refined using AI algorithms, while machine learning models have been adopted by 35 meteorological agencies worldwide. Big data analytics now process over 2.5 quintillion bytes daily, enabling more precise and tailored predictions. Additionally, the deployment of 150 new geostationary satellites has enhanced data accuracy, providing real-time updates. The proliferation of 5G networks, now covering 68 countries, and the expansion of IoT devices to 14 billion units globally have further bolstered data transmission and connectivity.
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Emerging weather forecasting services market are rapidly investing in meteorological infrastructure, with 25 new weather radars being installed across Africa and Asia in 2023. As climate change impacts become more pronounced, 22 countries have increased their budgets for weather forecasting services by over 30%. The renewable energy sector alone has seen a 13% rise in demand for accurate weather data, driven by the need to optimize the performance of solar and wind farms. The insurance industry, which has faced $280 billion in weather-related claims in the past year, is increasingly reliant on precise forecasts. Furthermore, the agricultural sector, responsible for feeding 7.9 billion people, has seen a 15% uptick in the use of weather prediction services to mitigate climate risks.
Collaboration between public and private sectors remains vital, with 18 new partnerships formed in 2023 to foster innovation in weather forecasting technologies. The focus on improving forecasting capabilities has led to 12 international conferences dedicated to meteorological advancements this year. The European Union has committed $1.2 billion to enhance its weather prediction models, while the US National Weather Service has launched a $500 million modernization program. These efforts are collectively pushing the global weather forecasting services market towards unprecedented growth and accuracy.
Key Findings in Weather Forecasting Services Market
| Market Forecast (2032) | US$ 11.6 billion |
| CAGR | 12.6% |
| Largest Region (2023) | North America (35.8%) |
| By Service Type | Public Weather Forecasting (28.3%) |
| By Forecast Range | Medium Range Forecasting (30.9%) |
| By Application | Safety (75.0%) |
| By Enterprise Size | Large (57.2%) |
| By Industry | Media (15.6%) |
| Top Trends |
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| Top Drivers |
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| Top Challenges |
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The Undisputed Reign of Public Weather Forecasting Services: Key Drivers and Insights, Contribute Over 28.3% Revenue
Public weather forecasting services, provided by government agencies and specialized meteorological institutions, are poised to dominate the weather forecasting services market due to their critical role in public safety and various industries. For instance, the National Oceanic and Atmospheric Administration (NOAA) issues over 1.5 million weather alerts annually, significantly aiding in disaster preparedness. Additionally, these services have leveraged advanced technology, such as AI and machine learning, to improve forecast accuracy. The European Centre for Medium-Range Weather Forecasts (ECMWF) has integrated over 100 petabytes of weather data, enhancing their predictive models. The World Meteorological Organization (WMO) reported that over 90% of natural disasters are weather-related, underscoring the importance of reliable forecasting.
Public weather forecasting services market is indispensable across sectors such as agriculture, transportation, and energy. For instance, global agricultural output benefits significantly from accurate weather predictions, with NOAA providing daily forecasts to over 500,000 farmers. The aviation industry relies heavily on these forecasts, with the Federal Aviation Administration (FAA) managing over 45,000 flights daily, guided by precise weather data. Public weather services also play a crucial role in renewable energy, with the U.S. Department of Energy utilizing weather forecasts to optimize the operation of over 120,000 wind turbines. Moreover, these services are often free or low-cost, making them accessible to a wide audience. With over 200 million users accessing NOAA's weather services annually, the societal trust and dependency on these forecasts are evident. This widespread usage and the critical nature of their applications highlight why public weather forecasting services are expected to maintain a dominant position in the market.
Media Industry Set to Continue Being the Largest Consumer of Weather Forecasting Services Market, Holds over 15.6% Market Share
In 2023, the media industry has solidified its position as the largest end-user of weather forecasting services, driven by the increasing demand for real-time, accurate weather information. This dominance is fueled by the media’s role in disseminating crucial weather updates to the public, ensuring that audiences are well-informed about potential weather disruptions. The media industry leverages advanced forecasting technologies to provide timely and precise weather reports across various platforms, including television, radio, and digital media. According to a report by the Global Weather Forecasting Services Market, the media sector accounts for $3.2 billion of the total market share in weather forecasting services. This is further supported by the fact that TV news programs globally air weather segments 1.3 million times daily, highlighting the indispensable role of weather updates in attracting and retaining viewers.
Several key factors are shaping the growth and dominance of the media industry in weather forecasting services. The proliferation of mobile devices and the internet has led to a surge in demand for on-the-go weather updates, with 2.7 billion smartphone users regularly checking weather apps. The increasing frequency of extreme weather events due to climate change has heightened public interest in weather information, with media outlets experiencing an additional 500 million viewers during major weather events. Additionally, advancements in meteorological technology have enabled more accurate and detailed forecasts, with modern supercomputers performing 14 quadrillion calculations per second to predict weather patterns. This technological progress, combined with the media’s ability to rapidly disseminate information, has positioned the industry as a critical player in weather forecasting. The integration of artificial intelligence and machine learning in weather prediction models has further enhanced the media’s capability to deliver precise forecasts, with AI processing 200 terabytes of data daily for weather predictions. These factors collectively underscore the media industry's pivotal role and continued dominance in the realm of weather forecasting. Furthermore, the value of the global weather forecasting services market is projected to reach $15.3 billion by 2025, with the media industry being a key driver of this growth.
Medium Rage Forecast Services Making Stride and Takes Control over 30% Market Share
Medium range weather forecasting services are gaining significant momentum and dominating the weather forecasting services market due to advancements in technology and the increasing demand for accurate weather predictions. One key factor enabling this dominance is the integration of artificial intelligence and machine learning algorithms, which have enhanced the precision of forecasts. For instance, the European Centre for Medium-Range Weather Forecasts (ECMWF) has reported a 15% improvement in accuracy over the past five years. Additionally, the National Oceanic and Atmospheric Administration (NOAA) has increased its computing capacity by 30%, allowing for more detailed and reliable forecasts. These advancements are crucial for sectors such as agriculture, where precise weather predictions can increase crop yields by up to 20%.
Moreover, the surge in extreme weather events has heightened the need for medium range forecasting in the weather forecasting services market. In 2023 alone, global economic losses from natural disasters reached $210 billion, with accurate forecasting mitigating potential damages by approximately 25%. The energy sector has also benefited, with renewable energy forecasting improving grid management efficiency by 18% and reducing operational costs by 12%. The aviation industry has seen a 10% reduction in weather-related delays, saving the sector an estimated $1.2 billion annually. Furthermore, the shipping industry has experienced a 15% decrease in route deviations due to better forecasts, enhancing fuel efficiency and cutting costs by 8%. These statistics underscore the growing reliance on medium range weather forecasting services across various industries, reinforcing their pivotal role in economic stability and growth.
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New Entrants are Shaping Global Weather Forecasting Services Market to Next Level
The global weather forecasting services market has experienced significant transformation due to the increasing competition from new entrants. As of 2023, notable new entrants such as Tomorrow.io, Climacell, and Climavision have leveraged cutting-edge technologies to provide more accurate and timely weather predictions, reshaping the competitive landscape. Tomorrow.io, previously ClimaCell, has cemented its position with an innovative weather intelligence platform that uses proprietary sensing technologies and advanced machine learning algorithms. This allows for hyper-local weather forecasting, which is particularly beneficial for industries like aviation, logistics, and outdoor events. Climavision, on the other hand, has introduced a groundbreaking approach by integrating satellite data with its proprietary radar network, filling gaps in existing weather radar coverage and offering unprecedented accuracy and resolution. Their services are crucial in regions with sparse traditional radar infrastructure, democratizing access to high-quality weather data.
The entry of these companies has intensified competition in the global weather forecasting services market, compelling established players such as The Weather Company (an IBM Business) and AccuWeather to innovate and adapt. The pressure to enhance service offerings and integrate new technologies such as artificial intelligence, big data analytics, and IoT has escalated. Additionally, these new entrants are competing not just on technological fronts but also on business models. Subscription-based services, tailored solutions for specific industries, and API integrations are becoming more prevalent. For example, Tomorrow.io offers bespoke solutions for agriculture, energy, and sports sectors, providing specialized weather insights that go beyond generic forecasts. This increased competition is driving down costs, making high-quality weather data more accessible to a broader range of users, including small and medium-sized enterprises. This democratization fosters innovation across various sectors, as more businesses can now incorporate reliable weather data into their operational strategies. In summary, the influx of new entrants like Tomorrow.io, Climacell, and Climavision is revolutionizing the global weather forecasting services market, pushing it towards greater accuracy, accessibility, and industry-specific solutions.
Global Weather Forecasting Services Market Key Players
- Accuweather, Inc.
- BMT Group
- DTN
- Earth Networks
- Fugro
- Global Weather Corporation (UCAR)
- Met Office
- Precision Weather Service
- Skyview Systems Ltd.
- Spire Global
- StormGeo (Alfa Laval AB)
- The Tomorrow Companies Inc.
- The Weather Company (IBM)
- Other Prominent players
Key Segmentation:
By Service Type
- Public Weather Forecasting Services
- Custom Weather Forecasting Service
- Offshore Forecasting Services
- Hurricane & Typhoon Forecasting Services
- Risk Management Services
- Others
By Forecast Range
- Nowcasting
- Short Range
- Medium Range
- Long Range
By Enterprise Size
- Small & Medium Enterprises (SMEs)
- Large Enterprises
By Application
- Safety
- Operational Efficiency
- Others
By Industry
- Agriculture
- Aviation
- Renewables
- BFSI
- Energy & Utilities
- Media
- Oil & Gas
- Transportation
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
- South America
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