Weather Forecasting Services is the application of science and technology to predict the conditions of the atmosphere for a given location and time. Accurate weather predictions are important for businesses and industries like Aviation, Marine, Agriculture, Media and Consumer, Energy, etc. These are the main drivers for Weather Forecasting Services market in future period.
The Global Weather Forecasting Services market size
was 2431.05 million USD in 2018 and it is estimated to reach 3759.18 million USD by the end of 2024, with a CAGR of 9.11% from 2018 to 2024. The major drivers of the Weather Forecasting Services market include the impact of rise in need for airplane data integration towards real-time weather prediction solutions, enhanced focus towards safety concerns among end-use industries, and surge in demand for application-specific solutions, as well as recent innovations and growth in adoption of advanced analytical systems.
Based on regions, North America and Europe is holding the largest market share for Weather Forecasting Services market. In 2018, USA was at the forefront of the market, total USA Weather Forecasting Services Market Size was 877.6 Million USD, and the market is expected to grow at a CAGR of 6.62% in forecast period. Europe is about half of North America market size in 2018, total Europe weather forecasting services market size is estimated to be 911.31 Million USD by end of 2024, growing at a CAGR of 8.31% from 2018. Asia Pacific is projected to emerge as the fastest growing regional market with a CAGR of 14.98% over the forecast period, with fast-growing China, Japan, Korea, Australia, India and Southeast Asia countries.
The Weather Company, Accuweather Inc., Fugro, StormGeo and MeteoGroup are Top 5 service providers in Global market. The Weather Forecasting Services market is highly competitive and fragmented due to the presence of hundreds small vendors globally. Other prominent players in the market include Enav S.p.A, Skymet Weather Services, Global Weather Corporation, BMT ARGOSS, WeatherBell Analytics, Hometown Forecast Services, AWIS, Precision Weather, Sailing Weather Service, Right Weather LLC, etc.
Based on end uses, the market is segmented into Aviation, Media and Consumer, Energy & Utilities, Transportation, BFSI, Agriculture, Marine and Others. In 2018, Aviation occupied the largest market share, 24.62%, Media and Consumer, Energy & Utilities, and Transportation segment followed with also notable market share.