Global Weather Forecasting Services Market Analysis 2023-2028

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The global weather forecasting services market size reached US$ 2.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.3 Billion by 2028, exhibiting a growth rate (CAGR) of 9.1% during 2023-2028.

According to the latest report by IMARC Group, titled “Weather Forecasting Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global weather forecasting services market analysis.The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global weather forecasting services market size reached US$ 2.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 1.82 Billion by 2028, exhibiting a growth rate (CAGR) of 9.1% during 2023-2028.

Weather forecasting services represent the prediction of weather by using advanced technologies and sciences for a specific location. They also forecast several changes on the surface of the earth caused by atmospheric conditions, such as storm tides, snow and ice cover, floods, etc. Weather forecasting services assist farmers in controlling the pests and other crop diseases to spread over the field by determining the accurate period for using specific pesticides. In line with this, they help in reducing weather-related losses and enhancing societal benefits, including the protection of life and property as well as public health and safety. Consequently, weather forecasting services find extensive applications in various sectors, such as aviation, energy and utilities, transportation, banking, financial services and insurance (BFSI), agriculture, manufacturing, retail, etc.

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Market Trends:

The inflating need for disaster management is primarily driving the weather forecasting services market. Additionally, changing climate conditions and energy transitions and the rising investments by government bodies in RD activities are further catalyzing the market growth. Besides this, the widespread adoption of weather forecasting services by farmers to determine precipitation forecasts, wind alerts, actionable insights, etc., for improving yields, managing their operations, and maximizing profits is acting as another significant growth-inducing factor.

Moreover, they are also utilized to enhance the irrigation method for boosting agricultural production and farming, which is positively influencing the global market. Apart from this, the escalating demand for weather forecasting services to enable efficient and safe network communications for land and sea rescue, administration, support operations, etc., is also propelling the market growth. Furthermore, the introduction of supercomputers for ensuring accurate predictions is projected to fuel the weather forecasting services market in the coming years.

For the competitor segment, the report includes global key players of the weather forecasting services market.

  • AccuWeather Inc.
  • AerisWeather
  • BMT Group
  • Custom Weather
  • DTN
  • ENAV S.p.A.
  • Fugro
  • International Business Machines Corporation
  • Met Office
  • Precision Weather Services
  • Skymet Weather Services Pvt. Ltd.

and StormGeo AS.

Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Forecasting Type:

  • Short-range Forecasting
  • Medium-range Forecasting
  • Long-range Forecasting

Breakup by Purpose:

  • Operational Efficiency
  • Safety
  • Others

Breakup by Organization Size:

  • Large Enterprises
  • Small and Medium-Sized Enterprises

Breakup by End User:

  • Transportation
  • Aviation
  • Energy and Utilities
  • Banking, Financial Services and Insurance (BFSI)
  • Agriculture
  • Media
  • Manufacturing
  • Retail
  • Others

Regional Insights:

  • Asia Pacific
  • North America
  • Europe
  • Middle East and Africa
  • Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

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