SAN FRANCISCO, Aug. 9, 2022 /PRNewswire/ -- The global weather forecasting services market size is expected to reach USD 4.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.7% from 2022 to 2030. Many businesses and industries such as aviation, agriculture, marine, transportation and logistics, and renewables are weather-sensitive, requiring highly accurate weather forecasting services and solutions to make decisions and operate efficiently. Climate change has led to more frequent extreme weather events, driving the demand for weather forecasting services worldwide.
Key Industry Insights & Findings from the report:
- In terms of forecast, the medium-range segment accounted for the largest revenue share in 2021 and is anticipated to expand at the highest CAGR over the forecast period. This can be attributed to the increasing demand and improvement in the accuracy of medium-range forecasts across industries.
- By organization size, the large enterprises segment accounted for the largest revenue share in 2021 and is expected to retain its lead over the forecast period. This can be attributed to factors such as advanced technological infrastructure and larger investments by enterprises.
- Based on industry, the media segment dominated the market in 2021. The aviation segment accounted for the second-largest revenue share in 2021. The renewables segment is expected to expand at the highest CAGR of 7.1% over the forecast period owing to the energy transition worldwide.
- North America held the largest revenue share in 2021 and is expected to retain its position over the forecast period. This can be attributed to the presence of a large number of weather forecasting service players in the region. The Asia Pacific region is anticipated to expand at the highest CAGR of over 6.8% over the forecast period.
Read 147-page full market research report, "Weather Forecasting Services Market Size, Share & Trends Analysis Report By Forecast (Nowcasting, Short-range), By Organization Size, By Industry, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Weather Forecasting Services Market Growth & Trends
The Covid-19 pandemic struck the globe in 2020, leading to travel restrictions and lockdowns. It impacted the operations of the market players owing to government regulations and supply chain disruption. Some of the market players witnessed negative or lower year-over-year (YoY) growth in revenues during the financial year. The accuracy of weather forecasts was probably reduced as lesser flights operated during the lockdown period. Other observation systems such as marine and satellites were affected to a lesser extent.
Many weather forecasting service providers offer tailored solutions to industries, meeting application-specific needs. Technological advancements such as Artificial Intelligence (AI) and Machine Learning (ML) are expected to aid in improving the weather forecast quality. Many players also offer data and analytics weather solutions to their clients, helping them mitigate risks and operate more efficiently. Market players are investing in research and technology such as automation and supercomputers for providing highly accurate weather forecasts
Weather Forecasting Services Market Segmentation
Grand View Research has segmented the global weather forecasting services market based on forecast, organization size, industry, and region:
Weather Forecasting Services Market - Forecast Outlook (Revenue, USD Million, 2017 - 2030)
- Nowcasting
- Short-range
- Medium-range
- Long-range
Weather Forecasting Services Market - Organization Size Outlook (Revenue, USD Million, 2017 - 2030)
- Large Enterprises
- Small & Medium Enterprises
Weather Forecasting Services Market - Industry Outlook (Revenue, USD Million, 2017 - 2030)
- Agriculture
- Aviation
- Energy & Utilities
- Renewables
- Logistics & Transportation
- Marine
- Retail
- Media
- Manufacturing
- Others
Weather Forecasting Services Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
List of Key Players of Weather Forecasting Services Market
- DTN
- Fugro
- AccuWeather, Inc.
- TWC Product & Technology LLC
- Met Office
- StormGeo
- Spire Global, Inc.
- Precision Weather
- The Tomorrow Companies Inc.
- Earth Networks
Check out more market research studies published by Grand View Research:
- Weather Information Technologies Market- The global weather information technologies market size is estimated to reach USD 17.78 billion by 2027, registering an estimated CAGR of 8.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. The increasing need for real-time weather predictions and air quality index is one of the significant factors contributing to market growth. Furthermore, the prevalence of digital transformation technologies for determining highly accurate estimations has led to numerous growth opportunities for industry players.
- Precision Viticulture Market - The global precision viticulture market size is expected to reach USD 2.55 billion by 2027, registering a CAGR of 9.2% from 2020 to 2027, according to a new report by Grand View Research, Inc. The increasing focus of farmers on ensuring farm productivity coupled with the rising need to monitor grape quality is the key factor driving the adoption of advanced technology solutions at vineyards. Moreover, the demand for high-quality grapes from vine manufacturing companies is further encouraging vineyard owners to adopt precision viticulture technologies at vineyards.
- Weather Forecasting Systems & Solutions Market - The global weather forecasting systems and solutions market size is expected to reach USD 4.63 billion by 2025, according to a study conducted by Grand View Research, Inc., experiencing a CAGR of 7.1% during the forecast period. Spiraling demand for disaster management and weather monitoring systems and growing concerns regarding rainfall uncertainties are providing a fillip to the market.
Browse through Grand View Research's Next Generation Technologies Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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