- Short Range Forecast
- Medium Range Forecast
- Long Range Forecast
Weather Forecasting Services Market size was valued at USD 1.66 billion in 2021 and is expected to grow at a CAGR of 12.6% from 2022–2028. Weather forecast refers to a type of consulting service that provides real-time forecasts and aids in day-to-day operations and informed decision-making in various industry settings. Key factors that are expected to boost the growth of market include the growing demand for weather forecasting using big data and advanced analytics. In addition, climate change has created uncertainties related to rainfall patterns. Therefore, the proliferation of weather forecasting services in industries to enhance safety and reduce losses is a key factor that drives the market growth. Moreover, increasing use of weather forecasting in transport & logistics to improve their infrastructure burgeoning the market. Collaboration & partnership of key players aims to provide deeper insights to customers and help them make decisions. Long-term weather patterns can be made with great accuracy, but there is no proper way to make accurate weather analysis in the short term. This is expected to hinder the weather forecasting services market growth.
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Weather plays an important role in maintaining safety standards for all aircraft, maritime, transport, shipping, utilities, oil and gas, agriculture, renewable energy, media, retail, and insurance industries. Forecasts based on temperature and rainfall are important for agriculture and allows farmers to make critical decisions about planting and harvesting. Accurate weather forecasts also allow governments and businesses to better respond to natural disasters that affect the lives of millions. Therefore, the proliferation of weather forecasting services in industries to enhance safety and reduce losses is a key factor that drives market growth. Complexities associated with weather forecasting models and generation of false alarm expected to hinder market growth. The systems are fed massive amounts of data and made to learn to spot a storm that might produce lightning or tornadoes. Developments in these areas offer new opportunities for growth in the weather forecasting service market.
The weather forecasting services market is growing at a CAGR of 12.6% over the forecast period.
Fugro, Vaisala, Spire, The Weather Company, StormGeo, Accuweather
North America is the fastest-growing region for the weather forecasting services market