The global market for weather forecasting services is projected to expand from US$ 1,501.00 million in 2021 to US$ 2,732.52 million by 2028, reflecting a compound annual growth rate (CAGR) of 8.9% during the period from 2021 to 2028.
As global temperatures continue to rise, the warming atmosphere has intensified water evaporation, resulting in more frequent heavy rainfall and snowfall events. However, this increased precipitation is not uniformly distributed, with certain regions experiencing insufficient rainfall. Climate change has altered air and ocean currents, leading to significant shifts in weather patterns. The growing frequency of natural disasters, driven by adverse climatic changes, has raised security concerns, which are pivotal in propelling the growth of the weather forecasting services market. Timely and accurate weather predictions can lead to substantial cost savings and enhance protection against disasters. Furthermore, advancements in computing technologies, including sophisticated data analytics, model development, and machine learning methodologies, are expected to drive demand for weather forecasting services throughout the forecast period.
The weather forecasting services market is categorized based on various criteria, including industry, purpose, forecasting type, organization size, and geographical region. In terms of industry, the market encompasses sectors such as agriculture, aviation, marine, transport and logistics, energy and utilities, oil and gas, media, insurance, retail, construction and mining, among others. Regarding purpose, the market is divided into operational efficiency, safety, and additional categories. The forecasting types include nowcast, short-range, medium-range, and long-range forecasts. The market is also segmented by organization size into large enterprises and small to medium-sized enterprises. Geographically, the market is divided into five major regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Notably, in 2020, the Asia Pacific region held a significant share of the global market.
The COVID-19 pandemic has had varying impacts across Europe, with some countries experiencing spikes in cases that led to extended lockdowns and social distancing measures. This situation has significantly affected the electronics sector and related services, disrupting supply chains in various European nations. Countries like Italy, Spain, and Germany implemented stringent measures to curb the spread of the virus, which has impacted the weather forecasting services market. Despite Europe being a leading market due to its high environmental safety standards, the disruption in the supply chain for hardware components essential for managing natural disaster impacts has resulted in delays in weather forecasting services.
Moreover, the production of electronic devices and associated weather forecasting services in Europe has seen a notable decline due to the pandemic, and this trend is expected to persist in the coming years. The recent emergence of new COVID-19 variants and the subsequent containment measures may further hinder market growth in this region in the near future.
The overall size of the weather forecasting services market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach also aimed to provide an overview and forecast of the weather forecasting services market across all segments. Additionally, primary interviews were conducted with industry participants and experts to validate the data and gain deeper analytical insights. Participants included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the weather forecasting services sector.
Several prominent companies are active in the global weather forecasting services market, including Global Weather Corporation, Accuweather, Inc., BMT Group Ltd., Skymet Weather Services Pvt. Ltd., Precision Weather, The Weather Company, Fugro, Enav S.p.A., Met Office, and Skyview Systems Ltd.. Additionally, numerous other players contribute significantly to the market, generating substantial revenue year after year.