Weather Forecasting Service Market Size, Share & Trends Analysis

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? WEATHER FORECASTING SERVICES MARKET GLOBAL
TOP 2000 STRATEGIST RELY ON US FOR THEIR GROWTH
STRATEGIES. KNOeWaMthOeREr Fo(/Krneowcleadsgetsito
nreg.asSpererqvueisct_efrese_Mtriaal) rket by
Industry (Aviation, Agriculture, Marine, Oil
Gas, Energy Utilities, Insurance, Retail,
Media), Forecasting Type (Nowcast, Short,
Medium, Extended, Long), Purpose, Organization
Size, Region - 2026 FREE BROCHURE
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Report Code AS 4771Feb, 2022, by
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(/PDFDOWNLOADNEW.ASP?ID218398014) The Weather
Forecasting Services Market is projected to reach
USD 2.7 billion by 2026, it is expected to grow
at a CAGR of 9.9 during the forecast period.
Weather forecasting services involve the
application of science and technology to predict
atmospheric conditions. Advancements and
improvements in forecasting software have
enabled digital satellite imagery, radar imagery,
model data, and surface observations to predict
weather conditions with greater accuracy. The
weather forecasting services market has been
growing significantly over the past few years.
The market is driven by the increasing use of
weather forecasting services by transport and
logistics to improve their infrastructure,
rising demand for weather forecasting services
due to boost in the agriculture sector to meet
the needs of a growing population, the need to
improve safety in airline operations, and
uncertainties in rainfall. The growth of the
renewable energy sector, faster result generation
by supercomputers, and the introduction of high-
end radars, small satellites, and big data
analytics in weather forecasting are expected to
provide further growth opportunities for the
market. However, the complexity of weather
forecasting models and the dynamic nature of
atmospheric variables are some of the factors
expected to restrain the market's growth
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398014) Weather Forecasting Services Market
Dynamics Increase in weather monitoring for
disaster management Disaster management depends
on monitoring services for continuous information
on changing weather scenarios. Weather
forecasting and early warnings significantly help
reduce the loss of life and damage caused by
natural disasters such as floods, wildfires,
hurricanes, avalanches, and tsunamis, among
others. Continuous weather monitoring enables
enhanced planning by civil, government, and
military authorities, as well as better natural
hazard mitigation and industrial planning.
Furthermore, accurate and precise information
about the probabilities of weather-related
events also fuels the growth of specialized
sectors, such as insurance and energy,which can
mitigate economic and financial losses resulting
from natural calamities. Thus, the increased need
for continuous weather monitoring for disaster
management is expected to fuel the growth of
weather forecasting services across the
globe. The correct forecasting service can
provide reliable weather data by providing
updates on real-time lightning detection and
customizable alerts, which help stakeholders
prepare and recover quickly after a natural
calamity. For instance, the India Meteorological
Department (IMD) issues various categories, such
as district-wise, subdivision-wise,
district-wise, and station-wise nowcast warnings.
These warnings describe the current state of the
weather and predict likable changes that might
occur in the next few hours across the country.
In December 2021, the IMD predicted a cyclonic
storm over the coast of Odisha, India. This
resulted in the escalation of planned evacuation
efforts and helped to develop a robust disaster
management strategy by requisitioning National
Disaster Response Force (NDRF) and fire
department to carry out rescue and evacuation
operations in the affected area.
RestraintDynamic nature of atmospheric
variables Most atmospheric phenomena addressed in
weather forecasting processes are non-linear and
highly reliant on individual area's starting
weather conditions. Although various occurrences
may be anticipated based on a Wceoumsepcroeokhiees
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nature and fluctuate owing to changes in several
atmospheric factors. In addition to the eather
data acquired by various weather forecasting
methods, such as weather stations, ms, and
weather radars, this makes the weather
forecasting process extremely difficult. T(/)hese
procedures are particularly difficult because to
the need for proper integration and analysis of a
vast volume of meteorological data. This is
predicted to limit the market growth of weather
forecasting services.
conditions are dynamic in inherent non-linearity
of w weather observation syste
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ther forecasting services Weather forecasting can
be challenging due to the many variables
involved, such as satellite imagery, surface
data, precipitation reports, and briefings from
other forecasters, along with the complex
interactions between these variables. However,
an increase in the ability to gather and process
weather data enables weather forecasters to
predict the time and strength of hurricanes,
floods, snowstorms, and other phenomena. Weather
scientists are using big data analytics and
predictive analytics to predict future weather
conditions based on studying current and past
weather data, thereby presenting opportunities
for this market. Big data analytics plays a key
role in processing weather-related data to
provide timely information that helps provide
accurate weather forecasts. Using big data,
local authorities can better anticipate problems
caused by weather before they occur. IBM also
provides massive computing power to the Korean
Meteorological Administration (KMA) to fully
embrace big data technology. Using big data, the
KMA can now improve its forecasts regarding the
strength and location of tropical storms and
other weather systems.
ChallengeFrequent occurrence of false weather
alarms The occurrence of false alarms or a high
False Alarm Ratio (FAR) could challenge the
growth of the weather forecasting services
market. A false alarm occurs when a warning for
any natural calamity is expected to ensure
necessary precautions before its occurrence.
However, it is observed that 3 out of 4 alarms
are false. A weather alarm is issued when any
hazard, such as a tornado, is expected so that
necessary precautions can be taken. However, on
average, roughly 70 of tornado warnings issued
in the US are false alarms which means out of
every 10 tornado alarms only 3 ahave been real.
Too many false alarms may psychologically affect
people and lead to ignoring the true alarms. The
National Weather Service (NWS) has been taking
initiatives to tackle this issue of false
alarms. In 2015, NWS launched the Tornado Warning
Improvement Process, encouraging NWS offices are
asked to share insights from the local to know
the effective and accurate warnings made so that
they can be analysed for the better future
predictions. According to a journal published by
The Weather Channel (US) in 2018, due to the
steps opted by NWS, the number of times tornado
warnings has decreased from 13 to 14 minutes at
the beginning of the decade to around 8 to 9
minutes in the recent years (2017). Though
technological advancements in recent years have
improved the efficiency of weather forecasting
services, the occurrence of false alarms still
poses a challenge to the growth of the weather
forecast services market. The insurance segment
accounts for the largest market size during the
forecast period The insurance sector uses weather
forecasting services to predict damage from
severe events and provide proper communication
to customers regarding the expected damage due to
severe weather conditions. When policyholders
are alerted to an imminent weather event, they
can begin taking steps to avoid weather-related
damage. Similarly, insurers can use accurate and
timely weather data to move resources into place
before major weather events. In the current
scenario, developing countries' agriculture
industrys profits depend strongly on weather
realizations. It is well-known that farmers
without access to good insurance markets act
conservatively, investing less on their farms
and choosing crop mixes and cultivation
techniques that reduce the volatility of farm
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y holds a significant reservoir of needed skills
and knowledge. The insurance industry th
knowledge of extreme weather and its associated
risks but also has expertise in enario building,
and aligning incentives with desired actions.
that the insurance industr not only possesses
in-dep weather risk modelling, sc
(/) The small and medium-sized enterprises
segment is projected to grow at the highest CAGR
during the forecast period
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f weather forecasting services offers
opportunities to SMEs to manage weather-related
risks. Several SME-focused companies, government
initiatives, and weather forecasters are expected
to add to the growth of the weather forecasting
services market. As the accuracy of weather
forecasts increases, enabled by better
technology and tools, the marine industry is
tapping into the predictions to optimize
productivity and cut risks. XShip (India), a
global marine consultancy service provider, has
signed up for weather forecasts from The Weather
Company (US) to predict the best routes for ships
with 95 accuracy.
The short-range forecast type segment accounts
for the largest market size during the forecast
period By forecast type,the weather forecasting
services market is segmented into nowcast,
short-range, medium-range, extended-range, and
long-range forecast types. Short-range forecasts
are based on weather charts, maps, satellite
images, weather balloons, and ground-based
information. It is used for weather prediction
and other applications like aviation, ship
routing, etc. This type of forecast serves its
purpose by providing information on the
predicted weather for the upcoming few days,
providing sufficient time to prepare in the event
of a disaster. The most benefitted sectors from
short-range forecasting are fisheries and
transportation. Knowing weather conditions for
up to 48 hours is essential for both these
industries to function. North Americaaccounts
for the largest share North America, Europe,
AsiaPacific,Middle East, Latin America,and Africa
have been considered for the study of the
weather forecasting services market. North
Americaaccounts for the largest weather
forecasting services market in 2021.Major
companies providing weather forecasting services
in the North American region include The Weather
Company (US), DTN (US), and AccuWeather, Inc.
(US). The Weather Company is the key weather
solutions provider in this region, followed by
AccuWeather. Both companies provide comprehensive
weather coverage and support services
worldwide.The US has several models but mostly
relies on the Global Forecast System (GFS), run
by the National Centers for Environmental
Prediction, part of the National Oceanic and
Atmospheric Administration. The US National
Oceanic and Atmospheric Administration (NOAA) has
increasingly used machine learning to improve
its forecasts. Research and developments are
being carried out to implement machine learning
in weather forecasting services to improve
predictive analysis for high-impact weather like
severe thunderstorms, tornadoes, and
hurricanes. To know about the assumptions
considered for the study, download the pdf
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nloadNew.asp?id218398014) Key Market
Players The Weather Company (US), AccuWeather
(US), DTN (US), StormGeo (Norway), Fugro
(Netherlands), and ENAV S.p.A. (Italy) are among
the major companies in the weather forecasting
services market. Weather Forecasting Services
Market Report Scope
Report Metric
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USD 1.7 Billion
aEnsdtmimarakettes.dcoMm/aPrrkiveacty-12.html).
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orecast in 2026
USD 2.7 Billion
Revenue F Growth Rat Forecast pe
e
9.9
riod
2021-2026
(/)
Market size available for years 2018-2026
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US (/CONFTAoCrTeUcSa.AsStPu) nits
By Industry, Forecast Type, Purpose,
Organization Size, and By Region
Segments covered
North America Asia Pacific Europe Middle East
Africa Latin America
Geographies covered
The Weather Company (US),
AccuWeather, Inc. (US), DTN (US), StormGeo
(Norway), Fugro (Netherlands), ENAV S.p.A.
(Italy), and BMT Group Ltd. (UK), among others
Companies covered (Weather Forecasting Service
Providers)
This research report categorizes the Weather
Forecasting Services Market based on industry,
forecasting type, purpose, organization size,
and region. Weather Forecasting Services Market,
By Industry Agriculture Forestry
Aviation Marine Transport Logistics Energy
Utilities Oil Gas Media Insurance
Retail Construction Mining Others By
Purpose Operational Efficiency Safety Others By
Forecast Type Nowcast
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Medium-Range Extended-Range Long-Range
(/) By Organization Size
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CONTACT US (/CONTACTUS.ASP) Weather Forecasting
Services Market, By Region North America
Europe Asia Pacific Middle East Africa Latin
America Recent Developments In November 2021, An
agreement worth USD 125 million was signed
between ENAV and the Ministry of Sustainable
Infrastructures and Mobility for the
implementation of certain projects, including the
Piano Nazionale di Ripresa e Resilienza (PNRR
National Recovery and Resilience Plan). It
includes air navigation support services,
aeronautical information management systems, and
drone operational services. In November 2021,
AirRated, the creator of the global benchmark for
indoor air quality (IAQ), announced a three-year
partnership with Tomorrow.io, which will provide
hyperlocal, real-time weather data to be involved
in AirRated's IAQ modeling. AirRated will
combine Tomorrow.ios data with its indoor air
quality data to better optimize buildings
through a detailed understanding of the outdoor
air. Frequently Asked Questions (FAQs) What
are your views on the growth prospect of the
weather forecasting servicesmarket? Whatkey
sustainability strategies are adopted by leading
players operating in the weather forecasting
services market? What are the major trends in
the market? To speak to our analyst for a
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