Weather Forecasting Services Market Size, Share and Global Trend By Type (Short Range, Medium Range, Long Range), By Purpose (Safety, Operational Efficiency, Others), By End-User Industry (Renewable Energy, Oil & Gas, Shipping, Media, Agriculture, Insurance, Retail, Aviation, Others) and Regional Forecast, 2024-2032

Weather forecasts are made by gathering however much data and information as could reasonably be expected about the present condition of the environment especially the temperature, moistness, and wind, etc.  and using an understanding of atmospheric processes through meteorology to determine how the atmosphere evolves in the future.

It is a sort of consulting service that gives real-time forecasts and encourages effective everyday planning and helps to make effective decision making in different industrial operations. The advance information from Weather forecasting services helps to make sure safety, effectiveness, improved maintainability, and saves cost. Weather forecasting services are generally utilized in different business sectors like oil and gas, agribusiness, shipping, media, aviation. Also, an increase in government initiatives for enhancing renewable sources of energy to decrease their ozone-depleting substance discharges so as to create clean vitality.

On the basis of type, the global weather forecasting services market is segmented into short, medium, and long-range. The short-range and medium-range are both expected to dominate the market in the above segmentation. The forecast for this segment is the most accurate. For short-range the forecasting is done for 2-3 days, and it is predicted for the aviation and shipping industry. For medium-range, the prediction is made for 7-10 days, and it is anticipated for especially agriculture.

On the basis of purpose, the global weather forecasting services market is segmented into safety, operational efficiency, and other purposes. Operational efficiency is expected to dominate the market in the above segmentation. It is relied upon to lead the climate anticipating managements advertise by virtue of its motivation of productivity and financial practicality. Expanding demand for sustainable power source power plants like solar, wind, etc., development in global trade among nations, and transportation have brought about increment famous for operational proficiency.

On the basis of end-user industry, the global weather forecasting services market is segmented into renewable energy, oil & gas, shipping, media, agriculture, insurance, retail, aviation, and others. Renewable energy is expected to dominate the market in the above segmentation. Increment in power utilization and vitality prerequisites for domestic and commercial use. Most of the nations around the world are confronting a few difficulties to meet electricity demand. Owing to uncertainty inn climate condition they can't forecast the exact capacity produced at a specific interval of time. Weather forecasting services helps to predict how much capacity of electricity they can produce and what amount of electricity they need to produce by other sources.

The factor that is expected to drive the growth of the global weather forecasting services market is expanding the occurrence of catastrophic events because of undesired climatic changes and resulting security concerns. The progressed and authentic weather forecasting accomplished inside the stipulated time can prompt significant cost investment funds and furthermore help with security against calamities and cataclysmic events. Advanced weather forecasting help to reduce uncertainty like a flood, drought, and other natural calamities. It improved agriculture productivity and implemented by the industry to track their profitability.

The factor that is expected to restrain the growth of the global weather forecasting services market is the weather is extremely difficult to forecast correctly. It is expensive to monitor-so many variables from so many sources. The system and computers needed to perform the millions of calculations necessary are expensive and complicated.

Key Players Covered

Some of the major companies in the global weather forecasting services market are The Weather Company, Accuweather, StormGeo, MeteoGroup, Vaisala, Sutron, Campbell Scientific Inc., National Oceanic and Atmospheric Administration, Environdata Weather Stations Pty Ltd, and National Aeronautics and Space Administration.

Segmentation

Regional Analysis

The global weather forecasting services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In North America, countries like the USA and Canada is dominated by most of the end-user industries like aviation, manufacturing, etc. Also, the region is focusing more on renewable sources of energy like solar to curb the pollution level. These are the factors that help to weather forecasting services to grow.  In Asia, Pacific demand is coming from countries like India, China, etc. Owing to the growth of the industries at a rapid pace including the growth of the transportation industry. These industries mostly depend upon the weather forecasting to enhance their productivity and profitability. In India, agriculture plays an essential role in the economy. The weather forecasting is most famous for the agriculture sector. In Europe owing to fast industrialization and development in the aviation and shipping industry requires perfect weather to enhance productivity. Also, increasing focus on renewable sources of energy which needs complete forecasting tom to estimate their production capacity.

Key Industry Developments

• In Feb 2019, StormGeo and Grupo Climatempo have signed a partnership agreement in which StormGeo acquires 51 % of Climatempo. This expansion will focus on consumer segments into a variety of industries through substantial investments in innovation and technology. This partnership with StormGeo, Climatempo gains access to complementary products and technologies to further strengthen its competence and reach, including services and solutions focused on the utilities and renewable energy sectors.


• In Sep 2018, Fugro has secured won 3 contracts with BHP Petroleum Inc., which see the company delivering a range of specialist services to support exploration and production operations in Trinidad and Tobago and the Gulf of Mexico.


• In Sep 2018, The National Oceanic and Atmospheric Administration have secured contracts from companies GeoOptics, PlanetIQ and Spire to provide GPS radio occultation weather data from satellites currently in orbit or planned to be launched. The worth of this contract is $8 million.