The cyclical nature of weather and growth in forecast-dependent end-use industries propelled the weather forecasting services market to a market value of US$ 1,300.5 million in 2017 and is expected to reach US$ 1,951.8 million by 2026 at a compound annual growth rate of 4.6%. Global warming and the continued deterioration of natural resources have disturbed the cyclic nature of weather. This can have a negative impact on end-user industries that heavily rely on weather, thus encouraging the need for weather forecast services. Rapidly evolving satellite communication and digital imagery, combined with advanced predictive software, altered the outlook for weather forecasting and had an impact on a number of end-use industries. Perpetual growth in such industries has the lion's share in promoting the weather forecasting services market.
Market Synopsis
Close Quarters Nowcast and Short-Term Forecast Run for Market Domination
Fast-paced weather forecasts and short-term weather forecasts are two of the most popular types of weather forecasts in 2017. These two segments also face each other in the race to be the fastest-growing segment in terms of market value. Nowcast is commonly used through mobile applications for services and end-use industries where precision is not of great concern. However, short-range weather forecasts are vital information for end-use industries such as aviation, transportation, and marine. Nowcast and short-range forecasting are also widely used during natural disasters to carry out effective rescue operations. Medium- and long-term forecasts are preferred for predicting the nature of output and safety in applications such as agriculture and fisheries and are thus expected to grow at a slower rate than Nowcast and short-term forecasts.
Aviation End-Use Industry Flying High in Terms of Market Value
The aviation industry is one of the biggest consumers of weather forecasting services, and consequently, it claims the majority of shares in the overall market for weather prediction services. Significant increases in air traffic worldwide and the unpredictable nature of weather are the factors responsible for the extensive use of services during an air traffic control. Besides, marine and transportation, and logistics are the subsequent segments following the aviation end-use industry in 2017.
The constant rise in energy demand encourages renewable energy plants for power generation and necessitates precise weather forecasts for maximum productivity.Weather forecasting services are a vital part of the overall generation process, thus augmenting weather forecasting service market growth. Media, agriculture, fisheries, and other end-use industries are expected to make a negligible contribution to market growth in the coming years.
Asia Pacific is forecast to witness the most dynamic growth in the coming years.
North America was at the top of the podium in the global weather forecast services market in 2017 and is estimated to remain a strong region in terms of market value in the 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 require precise weather prediction for various industries. Hence, these countries offer tremendous potential for the weather forecasting services market to flourish in this region. Asia Pacific is home to several agricultural countries, as well as several natural disasters. Both of these factors significantly encouraged governments, as well as other organizations and industries, to use weather forecasting to take preventive measures before any mishaps occurred. Asia Pacific is projected to emerge as the most dominant region in the weather forecasting services market beyond the forecast period from 2018 to 2026.
Market Segmentation
A strategy of long-term association can fetch fortunes for weather forecast service companies.
A number of companies participate in this highly fragmented market, striving to establish long-term associations with end-use industries and stay competitive. Airports, governments, media, and marine, among others, frequently enter into strategic agreements with these companies in exchange for frequent weather updates. The incorporation of advanced technologies such as artificial intelligence, machine learning, modeling and representation tools, and satellite images aided companies in predicting 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 ARGOS'S, 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.
Key questions are answered in this report.
What are the most recent developments in the weather forecast service market, as well as potential opportunities for players?
How will the cyclical nature of weather and global warming affect the current and future global weather forecast services markets?
Which are the largest and fastest growing segments in terms of forecasting type and end-use industries?
Which is the most attractive geographical region or country for the overall weather forecasting services market?
How will advanced computing and artificial intelligence play a vital role in the overall weather forecasting services market in the coming years?
What are the market sizes and trends in developing regions such as the Asia Pacific, the Middle East, Africa, and Latin America?
Frequently Asked Question:
The market for Weather Forecasting Services Market is expected to reach USD$ 1,951.8 Mn in 2026.
The Weather Forecasting Services Market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
Global Weather Corporation, AccuWeather Inc., BMT ARGOS'S, Skymet Weather Services Pvt. Ltd., Precision Weather Service, The Weather Company, Fugro N.V., ENAV S.p.A. are some of the major players in the global market.
