Weather forecasting is a kind of consulting service which provides real-time forecast and facilitates efficient day-to-day planning and informed decision-making in various industrial operations. Advanced notifications about changes in weather help industries plan weather-sensitive operations in advance which ensures safety, efficiency, improved sustainability, and enormous cost savings. Weather forecasting services are widely employed in various industries such as oil & gas, renewable energy, shipping, media, agriculture, aviation, utility, and construction. The renewable energy sector is expected to dominate the market over the forecast period, driven by the rising electricity consumption and energy requirements in various end-use industries. Further strong government initiatives toward supplementing non-renewable resources with renewable energy are encouraging various industrial manufacturers to reduce their greenhouse gas emissions in order to produce clean energy. These factors are likely to fuel the demand for weather forecasting services during the forecast period.
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Based on forecast type, the market for weather forecasting services is divided into the normal, medium, and long range categories. The duration of a normal range forecast projection can vary from a few hours to three days and cover either a particular region or an area of a few million square kilometers. It is typically used in the aviation and ship routing industries. Medium range forecast can predict weather for seven to ten days using atmospheric models and synoptic scale and is employed in agriculture and the water resource management industry. Long or extended range forecast is carried out for ten to thirty days, generally on a seasonal timescale or a longer period. The medium range segment is projected to dominate the market over the forecast period. Based on purpose, the market of weather forecasting services features safety and operational efficiency, of which the latter is estimated to be the overriding segment, due to a surge in international trade and rising demands for renewable energy from power plants and the aviation sector to better control air traffic.
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Increasing incidence of natural disasters due to undesired climatic changes and subsequent security concerns are propelling the market for weather forecasting services. Advanced and reliable weather forecasting achieved within the stipulated time can lead to significant cost savings and also help with protection against catastrophes and natural disasters. Weather forecasting services are based on complex models due to which the industry requires trained meteorologists and geologist to operate the weather forecasting systems. Therefore, a dearth of trained workforce may hamper the market. However, technological advancements in computing system such as advanced data analytics, model development and machine learning tools and techniques are likely to provide new opportunities to players involved in weather forecasting services.
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Globally, the market is distributed over North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Demand is likely to be high in Asia Pacific, especially in India, China, and Japan due to rapid industrialization and the developing transportation industry. Continuous improvements in weather stations and satellites in North America and Europe play a role too. The evolution of the transportation industry and changing lifestyles in developing regions such as Middle East and Africa are also motivating the market for weather forecasting services
Key players in this market include The Weather Company, Accuweather Inc, StormGeo, Vaisala OYJ, Campbell Scientific Inc., The National Oceanic and Atmospheric Administration and Meteo Group.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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