The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Size and Growth

• Current Market Size: The weather forecasting services market grew from $2.06 billion in 2023 to $2.27 billion in 2024, a CAGR of 10.2%.
• Future Growth Projection: The market is expected to reach $3.22 billion by 2028, with a CAGR of 9.1%.
• Historic Growth Drivers:
  • Increased awareness and preparedness.
  • Globalization of businesses.
  • Government investments in meteorology.
  • Impact of extreme weather events.
  • Precision agriculture practices.

Factors Driving Future Growth

• Climate Modeling: Advances in climate modeling are enhancing forecast accuracy.
• Renewable Energy Demand: Growing reliance on renewable energy sources increases the need for precise weather forecasts.
• IoT Integration: The integration with IoT systems enhances data collection and analysis.
• Enhanced Emergency Management: Improved systems for emergency management rely on accurate weather forecasting.
• Public-Private Collaborations: Collaborations between public and private sectors are driving innovation and growth.

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Major Trends in the Forecast Period

• Technological Integration in Aviation: Improved weather forecasting technologies are being integrated into aviation systems.
• Advancements in Meteorological Technology: Continuous advancements are making weather predictions more accurate.
• Numerical Weather Prediction: Enhanced numerical models are refining forecasting accuracy.
• Hyper-Local Weather Forecasting: The rise of hyper-local forecasts provides precise weather information for small geographic areas.
• Expansion of Extreme Weather Prediction: Better tools for predicting extreme weather events are emerging.

Surge in Weather Monitoring for Disaster Management

• Disaster Management: Increased weather monitoring for disaster management is a key growth driver.
• Environmental Monitoring Equipment: Advanced equipment is used to collect and analyze weather data for better decision-making.
• Accuracy and Dependability: High accuracy and dependability are critical for weather and climate change monitoring.
• Rising Natural Disasters:
  • Statistics: ReliefWeb reported a 13% increase in natural disasters from 1991-2020.
  • Future Projections: Access Partnership forecasts a 37% rise in natural disasters by 2025.
• Market Impact: These trends are driving growth in the weather forecasting services market.

Key Players in the Market

• Major Companies:
  • 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
  • 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

Innovative Technologies Reshaping the Market

• Technological Advancements: Companies are adopting technologies like AI to enhance forecasting.
• AI-Powered Platforms: For instance, Jua.ai AG launched an AI-powered platform providing customized weather models.
• Enhanced Forecasting: This platform offers higher spatial and temporal resolution compared to conventional methods.

Moody’s Corporation’s Expansion

• Strategic Acquisition: In September 2021, Moody’s Corporation acquired Risk Management Solutions (RMS) for approximately $2.0 billion.
• Complementary Competencies: The acquisition expanded Moody’s capabilities in climate and natural disaster risk modeling.

Market Segmentation

• By Type:
  • Onshore Weather Forecasting Services
  • Offshore Weather Forecasting Services
• By Forecast Type:
  • Nowcast
  • Short-Range
  • Medium Range
  • Extended Range
  • Long Range
• By Purpose:
  • Operational Efficiency
  • Safety
• By Organization Size:
  • Large Enterprises
  • Small And Medium Enterprises
• By Industry:
  • Transportation
  • Aviation
  • Energy And Utilities
  • Banking Financial Services And Insurance (BFSI)
  • Agriculture
  • Media
  • Manufacturing
  • Retail
  • Other Industries

Regional Insights

• Largest Region: North America was the largest region in the weather forecasting services market in 2023.

In conclusion, the weather forecasting services market is poised for substantial growth driven by technological advancements, increasing demand across various industries, and the rising need for accurate weather monitoring in disaster management.

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The Weather Forecasting Services Global Market Report 2024  provides an overview of the weather forecasting services market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The weather forecasting services market forecast analyzes weather forecasting services market size, weather forecasting services market share, leading competitor and their market positions.

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