Meticulous Research®—a leading global market research company, published a 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.’
According to the latest publication from Meticulous Research®, the weather forecasting services market is projected to reach $3.59 billion by 2030, at a CAGR of 7.4% during the forecast period 2023–2030. 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.
The weather forecasting services market is segmented by range, type, and end-use industry. The study also evaluates industry competitors and analyzes the market at the 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 in advance to ensure safe, efficient operations; and enormous savings on total operating costs. In addition, offshore weather forecasting services provide consultation to find the best solutions for projects and real-time forecasts with delivery methods to suit requirements and operations.
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 for 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 share of this regional market is 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.
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The key players operating in the weather forecasting technologies 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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