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Global Weather Forecasting Services Market Overview 2033 : Forecasted Market Size And Growth Rate
Weather Forecasting Services Global Market Report 2024
According to The Business Research Company's, The weather forecasting services market size has grown rapidly in recent years. It will grow from $2.06 billion in 2023 to $2.27 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to increased awareness and preparedness, globalization of businesses, government investments in meteorology, impact of extreme weather events, precision agriculture practices.
The weather forecasting services market size is expected to see strong growth in the next few years. It will grow to $3.22 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to climate modeling, increased demand for renewable energy, integration with internet of things (iot), enhanced emergency management systems, public and private collaborations. Major trends in the forecast period include technological integration in aviation, advancements in meteorological technology, advancements in numerical weather prediction, rise of hyper-local weather forecasting, expansion of extreme weather prediction.
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Market Drivers and Trends:
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.
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Major Key Players of the Market:
AccuWeather Inc.; Fugro NV; Met Office; The Weather Company (IBM); StormGeo AS; Precision Weather Service; DTN LLC; Earth Networks Inc.; Spire Global Inc.; 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.; WeatherBELL Analytics LLC; AerisWeather Inc.; Custom Weather Inc.; Vaisala Oyj; Ubimet GmbH; Clear Science Inc.; Weather Source LLC; PESSL INSTRUMENTS GMBH; Weather Underground Inc.; Climacell Inc.; Windfinder GmbH; Meteoblue AG; Weatherbit Inc.; Foreca Ltd.; European Centre for Medium-Range Weather Forecasts; National Centers for Environmental Prediction
Weather Forecasting Services Market 2024 Key Insights:
• The weather forecasting services market will grow to $3.22 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• The Surge In Weather Monitoring For Disaster Management
• Innovative Technologies Reshaping The Weather Forecasting Market
• North America was the largest region in the weather forecasting services market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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