Weather Forecasting Services Market helps the authorities to know the timely condition of the weather. This further helps them to make the public aware of the weather condition through the spread of weather forecasts and warnings on a routine basis. This leads to the saving of livelihood, life, and property.
Covid-19 Impact & Market Status
It has been observed that COVID- 19 had a huge effect on all industries and it even affected the behavior of the consumer on a worldwide basis. Likewise, COVID-19 had a negative influence on the Weather Forecasting Services Market. There was a negative impact on the observation of weather in regard to its quantity and quality, including monitoring of the atmosphere and climate. Meteorological measurements which were taken from aircraft have also shown a decrease during the pandemic in comparison to normal measurements. The drop was approximately 75- 80.
Weather Forecasting Services Market by End-User Industry (Banking Financial Services and Insurance Segment)
Based on End-user Industry, it has been analyzed that the segment which holds the major share of the market is Banking Financial Services and Insurance segment. This segment communicates properly with its customers and makes the information clearly available to them regarding the weather conditions. Precautions can be taken by the policyholders to prevent damage due to weather.
Weather Forecasting Services Market by Size (Small and Medium Enterprises Segment)
Based on Size, it has been analyzed that small and medium size enterprises hold a major share of this market as they are a business that remains focused, and follow the programs of the government. It has been evaluated that to expand the weather forecasting services, there will be a contribution by weather forecasters.
Weather Forecasting Services Market by Type (Short Range Segment)
Based on Type, it has been evaluated that Short Range segment holds a major share of the market. To create short-range predictions, there has been used of weather maps, photos of satellites, data from weather balloons, charts of weather, and other ground-based data.
Weather Forecasting Services Market based on Region
It has been evaluated that North America holds the biggest share of the weather Forecasting Services Market and in the next 10 years, it will show a substantial increase. The dominant industry in this region is the manufacturing industry and the aviation industry. They are working further on the reduction of the level of pollution by using more renewable energy sources such as solar energy.
There is a need to enlarge the market as through these weather forecasting services, there is early information regarding the changes in the weather. This information helps the industries linked with the atmosphere and climate take proper decisions on time. This ensures safety and sustainability.
Weather Forecasting Services Market has a few amazing benefits. The future weather can be forecasted which helps to take decisions for the future on a priority basis. Facilities for tourism can also be arranged locally according to the conditions of the weather. Farmers benefit the most from these services as it helps them to grow crops according to the prevailing and future conditions of weather. The aviation industry can be benefitted as they can take care of the schedule of their flights according to the weather.
Weather Forecasting Services Market is a connection to meteorology through a large range of tools, methods, approaches, and solutions. This large range of products is used to analyze the data regarding the atmosphere and provides data related to existing or future weather formats for a specific place.
In 2022, the size of the market of Weather Forecasting Services Market is USD 2.51 Billion whereas it is predicted that the size of the market of Weather Forecasting Services Market by 2029 will be USD 4.72 Billion, and the expected Compound Annual Growth Rate (CAGR) is 10.3% in the forecast period.
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The main aim of Weather Forecasting Services is to provide protection for life and property. The homes near the oceans and dams can be relocated during times of flood in advance in order to save life and livelihood. Flights can be rescheduled in advance if the air conditioner is becoming windy which is not safe for airplanes.
There are some limitations to the Weather Forecasting Services Market. There is a recurrent change of false alarms which can restrict the growth of the Weather Forecasting Service Market. The warnings regarding a natural disaster have already been given which sometimes prove to be wrong. It is false information due to the presence of several factors in analyzing the weather.
In context with this, this report gives a detailed analysis of various leading Weather Forecasting Services Market vendors, which involve AccuWeather, DTN, StormGeo, Fugro, ENAV S,p.A. Likewise, the research study of the industrial Weather Forecasting Services Market consists of particulars on upcoming trends, opportunities, scope, and extortions that will disturb the process of the market. This study is filled with details in order to provide support to firms to exploit and strategize on any upcoming opportunities related to growth.
Latest Innovations in the Weather Forecasting Services Market: A Snapshot
• An deal for USD 125 million was reached in November 2021 between ENAV and the Ministry of Sustainable Infrastructures and Mobility. This agreement was done in order to implement various projects like Piano Nazionale di Represa e Resilienza, which also includes support services to air navigation, management of aeronautical information, and drone operational services.
• In November 2021, a three-year partnership was announced between AirRated and Tomorrow.io. AirRated is a global benchmark for indoor air quality. This partnership was announced in order to provide real-time, hyperlocal weather data which is to be involved in the IAQ model of AirRated. This particular data would be combined with the data of Tomorrow.io to optimize buildings in a better way through an in-depth understanding of the air outside.
The aim of trade research analysis is to provide reliable lessons on the universal Weather Forecasting Services Market. Intricate data has been identified by the study and it also demonstrates the industry's prevailing and historical state along with expected market drifts and the expected size of the market.
Weather Forecasting Services Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2029 |
| Study Period | 2018-2029 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2029 | USD 4.72 billion |
| Growth Rate | CAGR of 10.3 % during 2019-2029 |
| Segment Covered | Type, End User, Size, Purpose, Regions |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | AccuWeather, DTN, StormGeo, Fugro, ENAV S,p.A |
Key Segments of the Weather Forecasting Services Market
End- User Industry Overview (USD Billion)
- Transportation
- Media
- Aviation
- Banking Financial Services and Insurance
- Agriculture
- Manufacturing
- Energy and Utilities
- Retail
Size Overview (USD Billion)
- Small and Medium Enterprises
- Large Enterprises
Type Overview (USD Billion)
- Medium Range
- Short Range
- Long Range
- Nowcasting
Purpose Overview (USD Billion)
- Safety
- Efficiency
- Operational
Regional Overview (USD Billion)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
South America
- Mexico
- Brazil
- Rest of South America
The Middle East and South Africa
Frequently Asked Questions (FAQ) :
The market value of weather forecasting services market in 2029 was USD 4.72 billion.
The weather forecasting services market is growing at a CAGR of 10.3% over the forecast period.
The top companies that hold the market share in weather forecasting services market are AccuWeather, DTN, StormGeo, Fugro, ENAV S,p.A. & among others.