weather-forecasting-services-market

Weather Forecasting Services Market By Forecasting (Nowcast, Short-range Forecasting, Medium-range Forecasting, Long-range Forecasting), By End-use Industries (Agriculture & Fisheries, Aviation, Transportation & Logistics, Marine, Energy & Utilities, Media, Others) - Growth, Future Prospects & Competitive Analysis, 2018 – 2026

04 Sep 2018 Format PDF icon PPT icon XLS icon Request Sample

Industry Outlook

Acyclic nature of weather and growth in end-use industries dependent on forecast stimulating the weather forecasting services market to register market value of US$ 1,300.5 Mn in 2017 and estimated to touch US$ 1,951.8 Mn by 2026 with a compound annual growth rate of 4.6%. Global warming and continued deterioration of natural resources disturbed the cyclic nature of weather. This can create a negative impact on end-use industries that heavily rely on weather and thus, encouraging the need for weather forecast services. Rapidly evolving satellite communication, digital imagery coupled with advanced predictive software changed the outlook of weather forecast and impacted several end-use industries. Perpetual growth in such industries has a lion share in promoting weather forecasting services market.

"Nowcast and Short-range Forecast Runs in Close Quarters for Market Domination" 

Fast paced weather forecast and short-range weather forecast are two of the most preferred weather forecast in the year 2017. These two segments also face each other in the race of fastest growing segment in terms of market value. Nowcast is commonly used through mobile application for services and end-use industries where precision is not of great concern. However, short-range weather forecast is must have vital information for end-use industries such as aviation, transportation and marine. Nowcast and Short-range are also extensively used during natural calamities and disasters for carrying out effective rescue operations. Medium-range and long-range preferred for applications such as agriculture and fisheries for predicting the nature of output and safety hence expected to experience retarded growth compared to Nowcast and short-range forecast.

"Aviation End-use Industry Flying High in Terms of Market Value"

Aviation industry is one of the biggest consumers of weather forecasting services and consequently, claims majority of shares in overall weather predicting services market. Significant increase in air traffic worldwide and unpredicted nature of weather are the factors responsible for the extensive use of services during air traffic control. Besides, Marine and transportation & logistics are the subsequent segments following aviation end-use industry in 2017. Perpetual rise in demand for energy encouraging renewable energy plants for power generation and requires precise weather forecast for optimum productivity. Weather forecasting services is a vital part of the overall generation process, thus augmenting weather forecasting services market growth. Media, agriculture & fisheries and other end-use industries projected to offer meager contribution to the market growth and projected to play the part of second fiddle in coming years.

"Asia Pacific Forecasted to Witness Most Dynamic Growth in Coming Years" 

North America is at top of the podium in global weather forecast services market in 2017 and estimated to remain strong region in terms of market value in coming years. However, Asia Pacific offers the most favorable market for leading weather forecasting companies to establish their presence. Countries including China and India are growing exponentially economically and often requires precise weather prediction for various industries. Hence these countries offer tremendous potential for weather forecasting services market to flourish in this region. Asia Pacific is home to several agricultural countries and unfortunately also home to several natural disasters. Both factors significantly encouraged governments and other organization and industries to opt for weather forecast to undertake preventive measure before any mishaps. Asia Pacific projected to emerge as the most dominant region in weather forecasting services market beyond forecast period from 2018 to 2026.

"Strategy of long-term Association can Fetch Fortunes to Weather Forecast Service Companies"

A number of companies participate in highly fragmented market striving to crack long-term association with end-use industries and stay competitive. End-users including airports, governments, media, and marine among others often enter into a strategic agreement for the frequent weather updates from these companies. Incorporation of advanced technologies such as artificial intelligence, machine learning, modeling & representation tools and satellite images aided the companies to predict weather more precisely than ever. Some of the leading weather forecast service provider giants profiled in this research study include Global Weather Corporation, AccuWeather Inc., BMT ARGOSS, Skymet Weather Services Pvt. Ltd., Precision Weather Service, The Weather Company, Fugro N.V., ENAV S.p.A., The Met Office and Skyview Systems Ltd among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Weather Forecasting Services market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Weather Forecasting Services market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

ATTRIBUTE DETAILS
Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
Segmentation
Forecasting
  • Nowcast
  • Short-range Forecasting
  • Medium-range Forecasting
  • Long-range Forecasting

End-use Industries
  • Agriculture & Fisheries
  • Aviation
  • Transportation & Logistics
  • Marine
  • Energy & Utilities
  • Media
  • Others (Hydrology, Military, Meteorology, etc.)

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Weather Forecasting Services market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Weather Forecasting Services market?
  • Which is the largest regional market for Weather Forecasting Services market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Weather Forecasting Services market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Weather Forecasting Services market worldwide?
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