November 29th, 2022
Global Weather Forecasting Services Market Overview (2022-2027)
• Historical Market Size (2021): US$ 1.82 Billion
• Forecast CAGR (2022-2027): 9.60%
• Forecast Market Size (2027): US$ 3.21 Billion
At 9.60% CAGR, Global Weather Forecasting Services Market Size & Share to Surpass US$ 3.21 Billion by 2027 | Industry Trends, Growth, Share, Opportunities, Statistics, Analysis & Forecast Report by IMARC
What are the growth prospects of the Weather Forecasting Services Industry?
The global weather forecasting services market size reached US$ 1.82 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 3.21 Billion by 2027, exhibiting a growth rate (CAGR) of 9.60% during 2022-2027.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What is a Weather Forecasting Services Market?
Weather forecasting is the process of predicting the weather using science and technology to forecast atmospheric conditions for a certain period and location. It uses various tools, solutions, methods, and approaches connected to meteorology. Some commonly used tools are thermometers, barometers, hygrometers, anemometers, doppler radar, rain gauges, radiosondes, buoys, wind vanes, weather balloons, and weather satellites.
It helps minimize weather-related losses and improves societal benefits, including evacuating masses during hurricanes, floods, and earthquakes and protecting life, harvest, property, and public health and safety. As a result, weather forecasting services are extensively used in aviation, agriculture, transportation, manufacturing, retail, banking, financial, services, and insurance (BFSI) sectors across the globe.
What are the major market drivers in a Weather Forecasting Services Market ?
The market is primarily driven by the escalating demand for weather forecasting services owing to uncertain climatic conditions and global energy transitions. In addition, the widespread adoption of radar imaging, model data, digital satellite photography, and surface measurements to anticipate weather conditions more precisely is contributing to the market growth.
Moreover, the growing utilization of weather forecasting services by farmers to determine wind alerts, precipitation forecasts, and actionable insights for managing their operations, maximizing profits, and enhancing yields, represents another significant growth-inducing factor.
Besides this, the extensive application of these services in the aviation sector for navigation in extreme weather conditions is propelling market growth. Furthermore, investment in research and development (R&D) activities to launch supercomputers and ensure accurate weather forecasts is also creating a positive market outlook.
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The report has been segmented the market into following categories:
Breakup by Forecasting Type:
o Short-range Forecasting
o Medium-range Forecasting
o Long-range Forecasting
Breakup by Purpose:
o Operational Efficiency
Breakup by Organization Size:
o Large Enterprises
o Small and Medium-Sized Enterprises
Breakup by End User:
o Energy and Utilities
o Banking, Financial Services and Insurance (BFSI)
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
List of Major Key Players:
The major players in the market are
DTN, ENAV S.p.A.
Fugro, International Business Machines Corporation
Precision Weather Services
Skymet Weather Services Pvt. Ltd.
and StormGeo AS.
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