The global weather forecasting services market is anticipated to grow at a CAGR of 8% during the forecast period of 2019-2028. Weather forecasting services are expected to gain pace in the upcoming years as uncertain climatic conditions help in improving yields, and managing operations in the agricultural industry. Moreover, climate-related risks in agriculture are expected to play a major role in the development of the agricultural sector.
Weather forecasting services can assist in the development of sustainable and economically viable agricultural systems, improving production and quality, reducing losses and risks, lowering costs, increasing efficiency in the use of water, labor, and energy, conserving natural resources, and lowering pollution caused by agricultural chemicals or other agents that contribute to environmental degradation.
Key Features and Market Dynamics
Some of the key drivers of the global weather forecasting services market are favorable government policies and subsidies, and growing concerns about environmental pollution. However, factors that might hamper the market in the coming future are a lack of trained officials to operate weather forecasting tools and growing concern over the disposal of drained EV batteries.
- Furthermore, weather forecasting services enable safe and efficient network communications for land and sea rescue, administration, and support operations, driving the market growth.
- Besides, key market players are heavily investing in research and development (R&D) activities to introduce supercomputers for accurate weather forecasting, which is expected to drive market growth.
Moreover, the market is witnessing the government’s shift toward private operators to cater to three main sectors Agriculture, logistics, and transport. Such government actions are expected to fuel the entry of private players in the forthcoming years.
Utilization of Weather Forecasting Services in Varied Industries
Weather forecasting services play an important role in the day-to-day activities of various industries like the aviation industry. Weather forecasting is critical for pilot and passenger safety and security, as well as the economic viability of the aviation industry.
Moreover, the aviation industry is a major meteorological customer, and, the greatest advances in forecasting have been for the advancement of meteorological services to aviation.
Over the last decade, the global weather forecasting services market has grown rapidly as the dependency of various industries on weather forecasting services has increased. The global market for weather forecasting services
The global weather forecasting services market witnesses the operation of some of the top government organizations including the India Meteorology Department, the National Center of Meteorology (NCM), The Turkish State Meteorological Service, TSMS, National Weather Service (NWS), The Meteorological Service of Canada, EUMETSAT, Meteorological Service Singapore, World Meteorological Organization (WMO).
However, some of the private players also operate in the market including AccuWeather Inc., AerisWeather, BMT Group, Custom Weather, ENAV S.p.A., Fugro, The Weather Company (IBM), Precision Weather Services, Skymet Weather Services Pvt. Ltd., StormGeo AS, and Met Office.
Key Market Segmentation
RationalStat has segmented the global weather forecasting services market on the basis of type, forecasting type, purpose, end user, and region.
- By Type
- Long Range
- By Forecasting Type
- Dust Storms
- Heavy Rainfall
- Marine Forecast
- Aviation Forecast
- Tropical Cyclones
- Heavy Snowfall
- Air Pollution
- Pilgrims Forecast
- Heat & Cold Wave
- By End User
- Energy & Utilities
- Oil & Gas
- By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East & Africa
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for global weather forecasting services market service providers, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.