Weather Forecasting Services Market
Key factors that are predicted to boost the growth of the global weather forecasting services market include rising demand for weather forecasting leveraging big data analytics. Besides, changing pattern in climate has led to uncertainties linked to rainfall. Weather forecasting refers to a type of consulting service that gives real-time forecasts and aids in effective everyday planning and informed decision-making in a variety of industrial settings. Advanced notifications regarding weather enable companies to plan weather-sensitive activities ahead of time, thereby ensuring significant cost savings, increased sustainability, efficiency, and safety.
Weather forecasting services are used extensively in a broad range of industries including construction, utilities, oil and gas, media, renewable energy, agriculture, shipping, and aviation. The renewable energy sector is likely to come up as one of the leading end users of the global weather forecasting services market in the near future. Such dominance is owing to growing power consumption and as well as energy requirements in different end-use sectors. Numerous manufacturing firms are being encouraged to minimize their emissions of greenhouse gas so as to create clean energy as a result of strict government measures. These measures are aimed at complementing resources of non-renewable energy with renewable ones. These factors are likely to raise demand in the global weather forecasting services market in the near future.
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.
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.
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.
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.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.