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The Weather Forecasting Systems Market was valued at USD 2.8 billion in 2023 and is expected to grow to USD 5.0 billion by 2032, achieving a compound annual growth rate (CAGR) of 6.36% over the forecast period of 2024-2032.
Weather forecasting services encompass a wide range of meteoro logically related methods, tools, solutions, and approaches. The process of weather forecasting comprises the use of numerous techniques to analyse atmospheric data and offer current or future weather formats for a specific location. Weather forecasting makes extensive use of structured and unstructured data to boost analytical output while increasing revenue for a variety of end-use industries.
The market is growing due to expansion in the aviation and shipping industries, as well as an increase in safety concerns among end-use industries. Furthermore, increased generation of renewable energy fuels industry expansion. However, the difficulties connected with weather forecasting models and a shortage of experienced labour are projected to stymie market expansion.
Furthermore, technological advancements in computing systems and the expansion of the transportation industry in developing countries are expected to provide lucrative opportunities for the growth of the weather forecasting services market.
MARKET DYNAMICS
KEY DRIVERS
Continuous weather monitoring is required to enable disaster management.
Climate change patterns are causing rainfall uncertainties.
RESTRAINTS
Atmospheric variables have a dynamic nature.
Model complexity in weather forecasting
OPPORTUNITIES
Weather monitoring using high-end radar and tiny satellites
Increasing supercomputer computational capabilities for weather forecasting
CHALLENGES
The occurrence of misleading weather warnings
A substantial capital investment is required.
IMPACT OF COVID-19
The grounding of the worldwide aviation fleet has resulted in a sharp decrease in the movement of commercial aircraft, which is a main source of critical weather data. Meteorological agencies use this data to improve the accuracy of weather predictions, including the occurrence of catastrophic weather events such as hurricanes. For example, by the end of March 2020, the data produced by the US-based aircraft fleet had decreased by 50%, while the readings provided by aircraft across North America had decreased by 80%, according to the European Centre of Medium Range Weather Forecasts.
The centre calculated that if all data given by North America's aircraft fleet were suddenly unavailable, weather forecast accuracy would fall by an average of 15%. In the shipping business, a similar paradigm can be observed. Sea-based measurements are critical for forecasting weather over the oceans as well as maintaining long-term records of ocean health and climate changes. However, the number of shipboard observations has been continuously falling since March 2020, with a 15% loss of stations accounted for since the epidemic. The short-term outlook for the weather forecasting systems market is ultimately contingent on governments' swift response to the COVID-19 outbreak, the efficiency of their efforts, and the ongoing pandemic's influence on the global economy.
Weather satellites are expected to lead the weather forecasting systems market from 2023 to 2030, and this segment is expected to grow further due to the increasing need for earth monitoring and weather observing systems to measure, monitor, and provide valuable inputs on a variety of climatic parameters.
The aviation segment dominated the weather forecasting services market by end-use industry in 2021 and is likely to maintain its dominance in the future years, owing to increased connectivity of aerospace IT infrastructure in the aviation industry. However, the transportation category is predicted to grow at the fastest rate over the projection period, as transportation system security can directly influence operational safety and productivity in the industry, as well as indirectly impact services.
The market is divided into three segments based on forecast range: short-range forecast, medium-range forecast, and long-range forecast. The Medium-Range Forecast category is expected to grow the fastest over the anticipated time period. This time span is between 7 and 10 days. It is used in areas including as agriculture, water management, and flood control. Medium-Range weather information is useful when firms make minor operational plan decisions.
Weather forecasting systems are used in aviation, energy, agriculture, retail, media, and other industries. Weather forecasting services provide early warnings of changes in the weather, allowing businesses to arrange weather-sensitive activities at the proper time, assuring safety and sustainability. As these organisations' security and safety concerns grow, so does the demand for weather forecasting services in order to avoid ecological disasters and natural disasters while also increasing revenue streams. For example, the aviation industry relies on forecasting services to stay current on air traffic control and weather. Furthermore, weather forecasting services offer dependable communication services and products to meet the specific needs of government-centric maritime operations.
By Type
Short-range Forecasting
Medium-range Forecasting
Long-range Forecasting
By End-use
Transportation
Aviation
Energy & Utilities
BFSI
Agriculture
Media
Manufacturing
Retail
Others
By Application
Weather Satellites
Weather Observing Systems
Weather Stations
Weather Drones
Weather Balloons
Weather LiDAR
Weather Radar
Others
By Solution
Hardware
Software
REGIONAL ANALYSIS
From 2021 to 2028, Asia Pacific is predicted to lead the weather forecasting systems market. The Asia Pacific weather forecasting Systems market is expanding due to a greater emphasis on growing investments in weather forecasting Systems technologies by countries in this area. Furthermore, regional economies have undertaken a number of projects linked to sustainable and renewable energy generation in order to protect the environment and avoid future energy crises. Due to the vulnerability of most renewable energy sources to weather fluctuations, the necessity to maximise energy output mandates the adoption of sophisticated weather monitoring and forecasting systems to assure optimal output, hence boosting the weather forecasting systems market in the region.
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REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The Key Players are Skymet Weather Services Pvt., Ltd., Skyview Systems Ltd., Global Weather Corporation, Accuweather Inc., BMT Group, Fugro, Enav S.p.A, Met Office, Precision Weather, The Weather Company, and other players
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 2.8 Billion |
| Market Size by 2030 | US$ 5.0 Billion |
| CAGR | CAGR of 6.36% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Short-range Forecasting, Medium-range Forecasting, and Long-range Forecasting) • By End-use (Transportation, Aviation, Energy & Utilities, BFSI, Agriculture, Media, Manufacturing, Retail, and Others) • By Application(Weather Satellites, Weather Observing Systems, Weather Stations, Weather Drones, Weather Balloons, Weather LiDAR, Weather Radar, Others) • By Solution(Hardware, Software) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Skymet Weather Services Pvt., Ltd., Skyview Systems Ltd., Global Weather Corporation, Accuweather Inc., BMT Group, Fugro, Enav S.p.A, Met Office,Precision Weather, The Weather Company, and other players. |
| DRIVERS | • Continuous weather monitoring is required to enable disaster management. • Climate change patterns are causing rainfall uncertainties. |
| RESTRAINTS | • Atmospheric variables have a dynamic nature. • Model complexity in weather forecasting |
The market size of the Weather Forecasting Systems Market is expected to reach USD 4.61 billion by 2030
The growth rate of the Weather Forecasting Systems Market is 5.3% during the forecast period.
Skymet Weather Services Pvt., Ltd., Skyview Systems Ltd., Global Weather Corporation, Accuweather Inc., BMT Group, Fugro, Enav S.p.A, Met Office, Precision Weather, The Weather Company are leading players in the Weather Forecasting Systems Market.
Weather Forecasting Systems Market is segmented into 4 types: By Type, By Solution, By End-use, By Application.
Asia-pacific region dominated the Weather Forecasting Systems Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Weather Forecasting Systems Market Segmentation, by Type
8.1 Short-range Forecasting
8.2 Medium-range Forecasting
8.3 Long-range Forecasting
9. Weather Forecasting Systems Market Segmentation, by End-use
9.1 Transportation
9.2 Aviation
9.3 Energy & Utilities
9.4 BFSI
9.5 Agriculture
9.6 Media
9.7 Manufacturing
9.8 Retail
9.10 Others
10. Weather Forecasting Systems Market Segmentation, by Application
10.1 Weather Satellites
10.2 Weather Observing Systems
10.3 Weather Stations
10.4 Weather Drones
10.5 Weather Balloons
10.6 Weather LiDAR
10.7 Weather Radar
10.8 Others
11. Weather Forecasting Systems Market Segmentation, by Solution
11.1 Hardware
11.2 Software
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 USA
12.2.2 Canada
12.2.3 Mexico
12.3 Europe
12.3.1 Germany
12.3.2 UK
12.3.3 France
12.3.4 Italy
12.3.5 Spain
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4 Asia-Pacific
12.4.1 Japan
12.4.2 South Korea
12.4.3 China
12.4.4 India
12.4.5 Australia
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.1 Israel
12.5.2 UAE
12.5.3 South Africa
12.5.4 Rest
12.6 Latin America
12.6.1 Brazil
12.6.2 Argentina
12.6.3 Rest of Latin America
13. Company Profiles
13.1 Skymet Weather Services Pvt., Ltd.
13.1.1 Financial
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 Skyview Systems Ltd.
13.3 Global Weather Corporation
13.4 Accuweather Inc.
13.5 BMT Group
13.6 Fugro
13.7 Enav S.p.A
13.8 Met Office
13.9 Precision Weather
13.10 The Weather Company
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
15. Conclusion
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