Weather Forecasting Services Market by Industry (Insurance Aviation, Others), Forecasting Type (Nowcast, Short, Medium, Extended, Long) Purpose (Safety, Operational Efficiency), Organization (Large, Small-Sized Enterprises) and Global Forecast to 2028
[289 Pages Report] The Weather Forecasting Services market is projected to grow from USD 1.9 billion in 2023 to USD 2.8 billion by 2028, at a CAGR of 8.2%. The demand for enhanced safety and minimize the loss in various industry is driving the market for Weather Forecasting Services. The Forecasting services is developing rapidly by use of advanced technologies to minimize the loss due to bad weather conditions. Government support and growing investments are propelling the development of Meteological , further boosting the growth of the Weather Forecasting Services market. Increased adoption of big data, artificial intelligence (AI), the Industrial Internet of Things (IIoT), the Internet of Things (IoT), and data analytics in Weather Forecasting Services are used for accurate weather forecasting data. The Weather Forecasting Services systems help to collect and transmit the forecast data and improve safety and prevent accidents.
Weather Forecasting Services Market Forecast to 2028
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Weather Forecasting Services Market Dynamics
Driver: Integration of weather forecasting services in transport and logistics sectors
At present, there is a growing demand for faster delivery of goods, compelling the logistics sector to improve its infrastructure accordingly. To bring improvisations in infrastructure, the transport and logistics sectors largely depend on weather forecasting services. Weather patterns can create ripple effects in the manner shipments are transported all over the world, within and between countries. Weather conditions can make or break the chain of goods being transported to their final delivery stations safely and on time. Hence, it is very important for the transport and logistics service providers to pre-investigate the weather conditions for their smooth functioning. The trucking industry is a major component of logistics services to move goods daily.
According to the Federal Highway Administration (FHWA) in March 2022, weather is responsible for 23% of all roadway delays, causing over 32 billion lost vehicle hours per year and costing trucking companies between USD 2.2 billion and USD 3.5 billion. To prevent such significant losses, transport companies are utilizing weather forecasting services. By accessing these services, they can anticipate the impact of weather on their trucking routes in advance. The information from the weather service providers will also help them plan ahead for incoming delays, including whether it requires leaving early, late, or focusing on other routes. With road risk being a constant source of concern for transport and logistics companies, weather service providers can help by providing real-time updates on weather, thus helping them understand the impact of weather events like floods, fog, ice, rain, etc. Logistics companies, to keep their assets safe from damage due to harsh weather conditions, are increasingly making use of weather forecasting services.
Thus, the increasing scope of weather forecasting services in end-use industries, such as transport and logistics, is one of the key factors driving the growth of the market.
Restraints: Complexity and lack of specialized weather forecasting models
Weather Forecasting is done by using various computational models by extensive data. The weather data is very crucial for forecasting model to give accurate Weather Forecast. There is limited availability of data and resources in some regions. The lack of specialized weather forecasting models results into less accurate predictions for certain regions. It becomes challenging to anticipate extreme weather events like hurricanes, tornadoes, or severe storms accurately due to complexity and lack of data. Some of the weather forecasting models are complex which can effect the forecasting accuracy. This is expected to restrain the growth of the market, as the entire weather forecasting process entails various functions that need to be considered to arrive at an accurate analysis.
Opportunities: Development of high-end radars and satellites for weather monitoring
The incorporation of various new technologies in weather monitoring and weather forecasting services is leading to highly accurate weather predictions. Scientists and engineers are developing different types of high-end radar, satellites, and supercomputers capable of sensing natural calamities such as tornadoes, floods, and thunderstorms beforehand to enable early issuance of warnings. Continuous efforts are being made to upgrade different satellite systems used for weather forecasting. Existing climate and weather models rely on data from satellites in high orbits. These satellites are unable to provide immediate data with enough detail to observe changes and developments in weather patterns. Small satellites can get close to storms to study them and help improve future predictions of weather and climate change.
Challenges: Lack of effective automation
The involvement of humans in weather forecasting is a time-consuming process. It may also lead to errors while analyzing the forecast data. Manual data logging or collection may also introduce errors in these processes.
Additionally, the lack of requisite analytical skills to correctly interpret the data received from different sources may also cause errors in weather forecasting. The inability of weather forecasters to correctly interpret the data could also lead to faulty analysis. Thus, the need to provide time-to-time training to weather forecasters for accurate reading and analysis of weather-related data also acts as a challenge to the growth of the market. Automation of weather forecasting services may help overcome this challenge, but only to a certain extent, since weather forecasting processes cannot be fully automated. Human intervention in weather forecasting processes for the effective analysis of weather data prior to prediction will always be required. Hence, the lack of effective automation of weather forecasting services poses a challenge to the growth of the weather forecasting services market.
Weather Forecasting Services Market Ecosystem
Companies that provides services Weather Forecasting Services, includes government firms, industries as key stakeholders in Weather Forecasting Services Market. Investors, funders, academic researchers, integrators, service providers, and licensing authorities are the major influencers in this market. Prominent companies in this market include The Weather Company (US), DTN (US), Accuweather (US), Fugro (Netherlands), and Enav S.P.A (Italy).
Based on the Industry, the Energy and utilities segment is estimated to grow at highest rate during the forecast period.
Based on the Industry, the Energy & Utilities is estimated to grow at highest rate. Solar application are a rising in energy & utilities industry and are expected to grow by adopting advanced solar energy solutions. The generation of the energy are based on weather. The hydropower and solar energy are totally dependent on weather conditions and hence proper forecasting is needed. The Accurate Weather Forecasting is essential for the Energy and Utilities industry for optimization of energy production and distribution, anticipating energy demand, integrating renewable energy sources, responding to emergencies, and making informed business decisions.
Based on Purpose, the Safety is anticipated to dominate the market.
Based on the Purpose, the Safety holds the largest market share. Weather forecasting plays a prominent role in ensuring safety of our lives and minimizing the infrastructural lose. The Forecasted Data provides crucial information to individuals, communities, and authorities to prepare for and respond to weather-related calamities. Safety of citizens and individuals are primary focus of any country. Weather forecasting are crucial for public safety for timely warnings and advisories, facilitating evacuations, road closures, and the activation of emergency response teams.
The Short-Range Forecasting segment of the Weather Forecasting Services market by Forecasting type is projected to dominate the market.
The Short- Range Forecasting holds the major market share of the Weather Forecasting Services market by Forecasting type segment. Short- Range Forecasting refers to prediction of weather conditions for short period of time ranging from hours to some days. The short- range forecasting are very important for meteorological research and various industries like Agriculture, Transport & logistics and others. Short-range forecasting provides timely and accurate information for immediate decision-making, emergency response and to minimize the loss in various sectors.
The Large Enterprise of the Weather Forecasting Services market by Organisation Size is projected to dominate the market.
The Large Enterprise Segment holds the major market share of the Weather Forecasting Services market by Organisation Size segment. Large enterprises in the weather forecasting services industry provides accurate and reliable weather information for a wide range of industries. The Large Enterprise focus on more investment to adopt advanced technology, vast data resources, and a network of meteorologists and scientists to deliver comprehensive weather forecasts.
The North America market is projected to dominate Weather Forecasting Services market.
North America is projected to dominate the Weather Forecasting Services market during the forecast period.Canada is projected to show highest growth rate for the Weather Forecasting Services market in North America. The domination of the Weather Forecasting Services market in North America can be attributed by the presence of top weather forecasting services providers. The Weather Forecasting Services market in Canada was predicted to develop and evolve in future years, owing to advancements in technologies and rising demand for Forecasting services.
Weather Forecasting Services Market by Region
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Key Market Players
The Weather Forecasting Services companies is dominated by a few globally established players such as The Weather Company (US), DTN (US), Accuweather (US), Fugro (Netherlands), and Enav S.P.A (Italy) are some of the leading players operating in the Weather Forecasting Services market; they are the key service providers that secured Weather Forecasting Services contracts in the last few years. Major focus was given to the contracts and new product development due to the changing requirements of commercial, government and navy.
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Report Metric |
Details |
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Market size available for years |
2019–2022 |
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Base year considered |
2022 |
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Forecast period |
2023-2028 |
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Forecast units |
Value (USD Billion) |
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Segments Covered |
By Forecast Type, By Purpose, By Industry, By Organisation Size |
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Geographies covered |
North America, Europe, Asia Pacific, Middle East & Africa, Rest of the World |
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Companies covered |
The Weather Company (US), DTN (US), Accuweather (US), Fugro (Netherlands), and Enav S.P.A (Italy) and among others. |
Weather Forecasting Services Market Highlights
The study categorizes Weather Forecasting Services market based on Forecast Type, Purpose, Industry,Organisation Size, and Region.
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Segment |
Subsegment |
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By Forecast Type |
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By Purpose |
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By Industry |
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By Organisation Size |
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By Region |
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Recent Developments
- In April 2023, The Weather Company :- The Weather Company is offering cloud-based services that will take map experiences to the next level by expanding high-resolution. It will provide new material and rendering techniques to create more detailed and exciting map views, especially in 3D.
- In June 2023, AccuWeather, Inc. : - AccuWeather, Inc. introduced the AccuWeather HeatWave Counter and Severity Index, a new heat index to help people better understand the severity, intensity, and duration of heat waves.
- In January 2023, DTN :- DTN introduced WeatherFactor API to improve pre-voyage planning and better anticipate voyage duration risks. Further expanding its suite of marine data APIs for the shipping industry, the API blends and seamlessly delivers insights not only on voyage duration, but also weather impacts, fuel consumption, carbon emissions, and other bid profitability indicators.
Frequently Asked Questions (FAQs) Addressed by the Report:
Which are the major companies in the Weather Forecasting Services market? What are their major strategies to strengthen their market presence?
Some of the key players in the Weather Forecasting Services market The Weather Company (US), DTN (US), Accuweather (US), Fugro (Netherlands), and Enav S.P.A (Italy) and among others, are the key service providers that secured Weather Forecasting Services system contracts in the last few years.
What are the drivers and opportunities for the Weather Forecasting Services market?
The market for Weather Forecasting Services has grown substantially across the globe, especially in Asia Pacific. With new capabilities, including faster data rates, accurate forecasting, and increased efficiency. Due to this increased demand, there is an increased need for Weather Forecasting Services market with the necessary capabilities. Several advancements in Weather Forecasting Services have been made recently, and the adoption of cutting-edge technologies such as Internet Of Things (IOT), Data Analytics and Artificial Intelligence. Because of these developments, accurate and real-time weather forecasted data can be available.
Which region is expected to grow at the highest rate in the next five years?
The market in the Asia Pacific region is projected to grow at the highest CAGR from 2023 to 2028, showcasing strong demand for Weather Forecasting Services in the region. Several Asia Pacific countries and organizations are also actively investing in the development of Weather Forecasting Services around the region.
What is the CAGR of the Weather Forecasting Services Market?
The CAGR of the Weather Forecasting Services Market is 8.2%
Which function of Weather Forecasting Services is expected to significantly lead in the coming years?
The Industry segment of the Weather Forecasting Services market is projected to witness the highest CAGR. There have been various application of Weather Forecasting Services in different industries like Agriculture, Aviation, Transport & Utilities, Marine, Insurance, Retail and others. The market will be driven by the widespread usage of Weather Forecasting Services to minimize loss due to bad weather conditions
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The study involved four major activities in estimating the current size of the Weather Forecasting Services market. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
The ranking analysis of companies in the Weather Forecasting Services market was carried out using secondary data from paid and unpaid sources, as well as by analyzing the product portfolios and service offerings of key companies operating in the market. These companies were rated based on the performance and quality of their products. These data points were further validated by primary sources.
Secondary sources referred for this research study included the conference of American Meteorological Society on Weather analysis and forecasting, corporate filings such as annual reports, investor presentations, and financial statements of trade, business, and professional associations. The secondary data was collected and analyzed to arrive at the overall size of the market, which was validated by primary respondents.
Primary Research
Extensive primary research was conducted after obtaining information regarding the Weather Forecasting Services market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand and supply sides across major countries of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Primary data was collected through questionnaires, emails, and telephonic interviews. The primary sources from the supply side included various industry experts, such as Chief X Officers (CXOs), Vice Presidents (VPs), Directors from business development, marketing, product development/innovation teams, and related key executives from Weather Forecasting Services companies; service providers; distributors; and key opinion leaders.
Primary interviews were conducted to gather insights such as market statistics, data on revenue collected from the products and services, market breakdowns, market size estimations, market forecasting, and data triangulation. Primary research also helped in understanding the various trends related to technology, application, vertical, and region. Stakeholders from the demand side, such as CIOs, CTOs, CSOs, and installation teams of the customer/end users who are using Weather Forecasting Services, were interviewed to understand the buyer’s perspective on the suppliers, products, component providers, and their current usage of Weather Forecasting Services and future outlook of their business which will affect the overall market.
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Market Size Estimation
The research methodology used to estimate the size of the Weather Forecasting Services market includes the following details.
- The top-down and bottom-up approaches were used to estimate and validate the size of the Weather Forecasting Services market. The research methodology used to estimate the market size includes the following details.
- The key players were identified through secondary research, and their market ranking was determined through primary and secondary research. This included a study of the annual and financial reports of the top market players and extensive interviews of leaders, including chief executive officers (CEO), directors, and marketing executives.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated, enhanced with detailed inputs, analyzed by MarketsandMarkets, and presented in this report.
Weather Forecasting Services market size: Bottom-Up Approach
The bottom-up approach was employed to arrive at the overall size of the Weather Forecasting Services market from the revenues of the key players in the market.
Steps involved in the bottom-up approach:
- Identifying the companies offering weather forecasting services and the different industry verticals they provide services.
- Identifying the annual revenue of major companies operating in the weather forecasting services market.
- Identifying various potential industries in which weather forecasting services are used for safety and operational efficiency.
- Understanding the demand generated by companies operating across various industries.
- Where shares of the market were not clearly available, suitable shares were considered to analyze the weather forecasting services market size.
- Carrying out multiple discussions with industry experts to understand the type of services offered and technology used by service providers to forecast the weather. This information would help analyze the breakdown of the scope of work carried out by each major industry in the weather forecasting services market.
- Verifying and crosschecking the estimates at every level through discussions with key opinion leaders, including directors and operation managers, and, finally, with the domain expert at MarketsandMarkets.
- Studying various paid and unpaid sources of information, such as annual reports, press releases, white papers, and databases for this process.
Global Weather Forecasting Services Market Size: Top-Down Approach
- In the top-down approach, the overall market size was used to estimate the size of individual markets (mentioned in the market segmentation) acquired through percentage splits from secondary and primary research.
- For the calculation of specific market segments, the size of the most appropriate, immediate parent market was used to implement the top-down approach.
- The bottom-up approach was also implemented to validate the revenues obtained for various market segments.
Data Triangulation
The total market was split into several segments and subsegments after arriving at the overall weather forecasting services market size through the market size estimation process explained above. The data triangulation and market breakdown procedures explained below were implemented, wherever applicable, to complete the overall market engineering process and arrive at the exact statistics for market segments and subsegments. The data was triangulated by studying various factors and trends from the demand and supply sides. Along with this, the market size was validated using both top-down and bottom-up approaches.
Report Objectives
- To analyze the weather forecasting services market and provide projections for it from 2023 to 2028
- To define, describe, and forecast the size of the market by industry, forecast type, organization size, purpose, and region
- To understand the market structure by identifying its various subsegments
- To provide in-depth intelligence regarding the dynamics and the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
- To analyze opportunities in the market for stakeholders by identifying key trends
- To forecast the market size of segments with respect to major countries
- To analyze competitive developments such as new product launches, contracts, mergers & acquisitions, partnerships, agreements, and collaborations in the market
- To provide a detailed competitive landscape of the weather forecasting systems market, along with an analysis of the strategies adopted by key market players
- To analyze micromarkets1 with respect to individual technological trends, prospects, and their contribution to the overall market
- To strategically profile key market players and comprehensively analyze their market rank analysis and core competencies2
Market Definition
Weather forecasting services are a set of decision-support solutions used to carry out weather-sensitive operations to safeguard people, assets, and profits. They help improve business performance and find a competitive advantage. The services differ in terms of their usage, technology, and forecast purposes. Weather forecast information helps to plan weather-sensitive operations in advance and everyday planning of onshore and offshore operations. These services have different requirements and cater to different applications in various industries, such as aviation, transport & logistics, media, insurance, retail, construction & mining, marine, agriculture, energy & utilities, and oil & gas. Accurate forecasting offers wide-ranging benefits, from increasing agricultural production to reducing damage to crops and property. Weather forecasting is conducted using forecasting tools and comprises weather observation, weather analysis, and weather predictions.
Market Stakeholders
- Government and Civil Organizations
- Community Informants
- Satellite and Drone Operators
- Research Organizations, Forums, Alliances, and Associations
- Meteorological Departments
- Academic Researchers
- Original Equipment Manufacturers
- R&D Companies
- Maintenance Providers
- Providers of Support Solutions
- Technology Vendors
- Software Developers
- End Users
Available Customizations
MarketsAndMarkets offers the following customizations for this market report:
- Additional country-level analysis of the Weather Forecasting Services market
- Profiling of additional market players (up to 5)
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company in the Weather Forecasting Services market
Generating Response ...
Growth opportunities and latent adjacency in Weather Forecasting Services Market
Hi, Required Sample, Doing some market sizing/research for strategy development.
Weather Market Industry, Consumer Behavior analysis data required
Looking for a list of competitors in the Weather Forecasting industry to receive an RFI.
I am looking for an analysis of the major weather forecasting companies, such as The Weather Company, Accuweather, and DTN. Is it included in the revenue by each market, industry, and region? Who are the major customers for each company?