CHICAGO, Sept. 15, 2023 /PRNewswire/ -- The Weather Forecasting Services market is estimated at USD 1.9 billion in 2023 and is projected to reach USD 2.8 billion by 2028, at a CAGR of 8.2% from 2023 to 2028 according to a new report by MarketsandMarkets. The growth can be attributed to the increasing need for weather forecasting data for safety and enhancement for all type of industries.
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Weather Forecasting Services Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 1.9 billion |
Estimated Value by 2028 | $ 2.8 billion |
Growth Rate | Poised to grow at a CAGR of 8.2% |
Market Size Available for | 2019-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million) and Volume (Thousand Units) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Industry, Forecasting Type, Purpose, Organization and Region |
Geographies Covered | Asia Pacific, Europe, North America and Rest of World |
Key Market Challenge | Lack of effective automation |
Key Market Opportunities | Development of high-end radars and satellites for weather monitoring |
Key Market Drivers | Integration of weather forecasting services in transport and logistics sectors |
The Energy & Utilities segment held the largest growth rate in the Weather Forecasting Services market by Industry.
By Industry, the Weather Forecasting Services market has been segmented into Aviation, Agriculture, Transport and Logistics, Marine, Oil and gas, Energy and utilities, Insurance, Retail, Media, Construction and mining and others.
Energy & Utilities Segment to hold the highest growth rate during the forecast period. This industry is adopting widely technological applications to provide real time data access and accurate forecasting. Accurate weather forecasting enables energy & utilities to optimize their operations, reduce downtime, and enhance safety. Managing power generation and distribution during extreme weather events for scheduling maintenance and grid planning drives the market.
The Weather Forecasting Services Safety segment is expected to account for the largest share of Weather Forecasting Services by Purpose in 2023.
By Purpose, the Weather Forecasting Services market is segmented into Safety, Operational Efficiency and Others. The Safety offers preventive measures and resource allocation effectively. Weather Predictions provides accurate and timely weather data to make informed decisions to save lives and protect property as a safety purpose.
The Short-Range Forecast segment of the Weather Forecasting Services market by Forecast type is projected to dominate the market.
The Weather Forecasting Services industry based on the Forecast Type is segmented into Nowcast, Short Range, Medium Range, Extended Range and Long-Range Forecasting. The range Forecast segment to hold the highest market and Nowcast Forecast to hold the highest growth rate during the forecast period. The rapid development in the weather forecasting services for weather predictions to enhanced safety and prevent loss in various industries is driving the growth of the market.
The Small and medium-sized Enterprises segment held the largest growth rate in the Weather Forecasting Services market by Organisation.
By Organisation, the Small and medium-sized segment to hold the largest growth rate during forecast period. The Weather Forecasting Services market based on organization is segmented into Large Enterprise and Small and medium-sized Enterprises. Small & Medium-Sized Enterprises offers cost-effective solutions with essential weather data for day-to-day operations in industries like agriculture or local events planning. The rise in demand for cost effective services drives the growth of market for Small & Medium- Medium-sized enterprises.
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Asia Pacific is to hold the highest growth rate in 2023.
The Weather Forecasting Services market industry has been studied in North America, Europe, Asia Pacific, Rest of the World. The Asia Pacific region accounts for the highest growth rate during the forecast period due to the active demand for weather forecasting data in the region to enhance the growth of the market. India is expected to show the highest growth rate in Asia Pacific Region for Weather Forecasting Services market. Increase in rise of demand for Weather predictions for various industries drives the Weather Forecasting Services market in Asia Pacific Region
Major players operating in the Weather Forecasting Services companies are The Weather Company (US), DTN (US), Accuweather (US), Fugro (Netherlands), and Enav S.P.A. (Italy).
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