Weather Forecasting Services Market Size & Share, by Organization Size (Large Enterprises, Small & Medium Enterprises); Forecast (Nowcasting, Short-range, Medium-range, Long-range); Industry - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 6362
  • Published Date: Aug 29, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Weather Forecasting Services Market size was over USD 2.1 billion in 2023 and is anticipated to exceed USD 7.4 billion by the end of 2036, growing at over 11.07% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of weather forecasting services is estimated at USD 2.2 billion.

Weather forecasting has widespread environmental and socioeconomic applications to facilitate critical climate risk-based decision-making.  Policy debates around climate change have emphasized the pressing need for technological transformations in conventional weather forecasting services. Substantial progress in weather-to-climate prediction (NEWP) and numerical Earthsystem has been achieved in the past few years, through public-private collaborations. Nevertheless, industry players are focused on further improvements in higher spatial and temporal resolution, and accuracy and precision of forecasts. High-performance computing (HPC) programs of multidisciplinary R&D are central to the future advancement of NEWP systems.

The World Meteorological Organization (WMO) envisages that NEWP will approach the theoretical limit of the atmosphere’s mid-latitude predictability by 2050.  Several current factors have steered progress such as advances in NWP underpinned by improved observational instrumentation with higher temporal and spatial resolutions, increasing HPC capacity, better model initialization by effective data-assimilation methods and expanding satellite observations, and more, use of ensembles to depict uncertainties in weather prediction models. In July 2024, Parallel Works launched ACTIVATE, a unified AI and HPC application for weather modeling, AI model training, and biomedical research.


Weather Forecasting Services Market Overview
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Weather Forecasting Services Sector: Growth Drivers and Challenges

Growth Drivers

  • Advanced technological innovations: Observational ecosystem IT ecosystem comprising communication, storage, and all internal and external interfaces are the two main infrastructural elements that determine the performance of NEWP systems. Recent examples of such developments are space-based measurements for winds, clouds, and precipitation using lidar and radar technologies. Remote sensing technologies such as microwave sounders and infrared imagers, combined with cutting-edge ground-based observational networks including the bedrock, have successfully provided accurate weather conditions and have improved synoptic-scale forecasts.
    Increasing public-private partnerships (P3s) has improved the penetration of government resources for the development of Doppler radar and interoperable network communications for marine and land rescue, support, and management operations. In June 2019, WMO introduced the Open Consultative Platform (OCP) to foster innovation in the Next Generation of Weather and Climate Intelligence with the participation of public and private sector stakeholders, thus, imploring a community-wide approach. Furthermore, NOAA plays a pivotal role in sharing government facilities, expertise, and intellectual property with private entities under Cooperative Research and Development Agreements (CRADAs) and Economic Development Administration (EDA) programs.
    Private players are leveraging technology to diversify product/services offerings. In March 2024, Google LLC unveiled the Scalable Ensemble Envelope Diffusion Sampler (SEEDS), an AI-powered technology for probabilistic forecasts using diffusion models. Some other Google’s downstream applications include MetNet-3 and GraphCast, generating plausible weather predictions. The private sector is also investing in economic technologies, typically built upon research advances for constellations of nanosatellites and other short-lifetime missions. In June 2024, Kineis, a satellite connectivity provider and operator for the IoT deployed an IoT constellation of 25 nanosatellites in Asia Pacific.
  • Ongoing product launches and emergence of smart computers: HPC efficiency and focus on performance-per-energy cost are the overarching driving factors for numerical weather prediction design considerations. Accurate predictions are attainable with high-resolution computationally intensive models such as GPUs. In March 2024, NVIDIA launched the Blackwell GPU catering to weather predictions, electronic design automation, and generative AI – all emerging opportunities for the company.
    Smart computers are highly used in data-driven models and simulated weather forecasts for knowledge discovery and predictive modeling. This assures weather prediction accuracy. World Metrics in 2024 estimated that the United States dominated the globally installed supercomputers by 33.8%. Moreover, because supercomputers can now evaluate high-resolution weather forecasts and climate models more accurately, weather predictions will be more precise. Forecasters can better understand long-term weather trends with the use of complex software models and simulator-based techniques. This will also increase the high performance computing market share in the forecast years.

Challenges

  • Nonlinear weather: Weather forecasting models use real-time oceanic and atmospheric conditions to predict future weather because weather conditions change frequently. A weather forecast considers cloud cover, temperature, air pressure, humidity, and wind speed. Weather forecasting models consider a wide range of factors, such as latitude and elevation, closeness to water sources, geographic location, and urban constructions.
  • Complex process and lack of specialized models: There is less availability of resources and data about weather data in several regions. This acts as a restraining factor to produce accurate weather predictions in many regions. Attributed to which, extreme weather events like tornadoes, hurricanes, and many more.

Weather Forecasting Services Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

11.07%

Base Year Market Size (2023)

USD 2.1 billion

Forecast Year Market Size (2036)

USD 7.4 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Weather Forecasting Services Segmentation

Organization Size (Large Enterprises, Small & Medium Enterprises)

In weather forecasting services market, large enterprises segment is predicted to hold more than 71.6% revenue share by 2036. The segment growth is augmented by the increasing demand for enterprises, either large, small, or medium. Weather forecasting models consider a wide range of factors, such as latitude and elevation, closeness to water sources, geographic location, and urban constructions.

According to the United Nations, MSMEs will account for 70% of employment, coupled with 90% of business, which contributes to about 50% of global GDP. The weather forecasting services market expansion is poised to grow as a result of several government initiatives, SME-focused companies, and weather forecasters. The enterprise server market value is also expected to be impacted in the forecast years.

Industry (Media, Agriculture, Aviation, Energy & Utilities, Renewables, Logistics & Transportation, Marine, Retail, Manufacturing)

By the end of 2036, hot foil segment in the weather forecasting services market is estimated to cross USD 13.4 trillion, owing to  the boosting demand for quick accessibility of weather information driven by the development of digital media platforms and the increasing use of smartphones. According to the World Economic Forum 2023, the International Telecommunication Union (ITU) stated that about 8.58 billion globally used mobile subscriptions in 2022. In addition, for precise and current forecasts, people rely on media sources like radio, television, websites, and mobile apps. Additionally, media companies try to provide thorough and easily navigable weather updates to fulfill the increasing demands of their viewers.

Our in-depth analysis of the weather forecasting services market includes the following segments:

  Organization Size

  • Large Enterprises
  • Small & Medium Enterprises

 Forecast

  • Nowcasting
  • Short-range
  • Medium-range
  • Long-range

  Industry

  • Media
  • Agriculture
  • Aviation
  • Energy & Utilities
  • Renewables
  • Logistics & Transportation
  • Marine
  • Retail
  • Manufacturing

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Weather Forecasting Services Industry - Regional Synopsis

North America Market Statistics

By the end of 2036, weather forecasting services market size for North America region is estimated to exceed USD 541 million. The growth in the region is credited to the surge in various end-user sectors like aviation and manufacturing in countries like the USA and Canada. Airport Council International – North America 2022 projected an increase to 117.2% from 33.3% in passenger traffic between 2021 and 2022.

Investments in weather technologies to strengthen weather forecasting are surging in the United States. According to the National Oceanic and Atmospheric Administration in 2024, the Department of Commerce and NOAA announced funding of USD 6.6 million for establishing a Data Assimilation Consortium for enhancing weather forecasts while using improved numerical weather prediction systems. Growth in the field of storm tracking apps market will influence the weather forecasting services market.

The agricultural sector in Canada is increasing which demands for accurate weather forecasts to reduce risk to crop. According to Job Bank Canada in 2024, the employment rate in the agriculture industry gain 2.4% in 2022 from 6.1% in 2021.

APAC Market Analysis

Asia Pacific in weather forecasting services market is estimated to dominate over 25% revenue share by 2036 owing to the rapidly expanding transportation sector in this region. Asian Transportation 2030 Outlook predicted that passenger transport will surpass 22 trillion passenger kilometers in 2030 as compared to 16 trillion in 2018.

China has shown a rapid increase in the agricultural sector, which needs weather forecasting services to decrease weather-related risks. The Republic of China in 2023, stated that agriculture and related activities accounted for about 16% of the country’s GDP in 2022.

The aviation industry in Japan is increasing which demands ideal weather, owing to which the weather forecasting market is increasing. According to IATA Economics, the Japanese air transport landscape is propelled to grow by 47% in the next 2 decades.

Research Nester
Weather Forecasting Services Market Regional
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Companies Dominating the Weather Forecasting Services Landscape

    Most of these companies are continuously collaborating, making agreements, expanding, and joining ventures for the growth of this industry and are estimated to be the major key players in this sector.

    • Precision Weather Services
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • AccuWeather, Inc.
    • Spire Global
    • StormGeo
    • The Tomorrow Companies Inc.
    • The Weather Company (IBM)
    • DTN
    • Earth Networks
    • Met Office

In the News

  • In May 2023, the Deep Navigation Analytics (DNA) Platform was introduced by Spire Global. Through three levels - maritime weather information APIs, actionable information APIs, decision-making solutions, and visualizations this centralized space-powered platform provides essential information to maritime organizations.
  • In March 2023, the WeatherShow Enhancer is a new software and hardware display system that AccuWeather, Inc. announced. With more special effects, this technology improves weather presentations, enhances meteorologists' storytelling, and improves the system's overall appearance and functionality.

Author Credits:  Abhishek Verma


  • Report ID: 6362
  • Published Date: Aug 29, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2023, the industry size of the weather forecasting services market was over USD 2.1 billion.

The market size of the weather forecasting services market is projected to cross USD 7.4 billion by the end of 2036 expanding at a CAGR of 11.07% during the forecast period i.e., between 2024-2036.

The major players in the market are AccuWeather, Inc., Spire Global, StormGeo, The Tomorrow Companies Inc., The Weather Company (IBM), DTN, Earth Networks, Met Office, Precision Weather Services, and others.

In terms of organization size, the large enterprises segment is anticipated to garner the largest market share of 71.6% by 2036 and display lucrative growth opportunities during 2024-2036.

In the year 2023, the industry size of the weather forecasting services market was over USD 2.1 billion.
Weather Forecasting Service Market Report Scope
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