The global weather forecasting services market is expected to grow from US$ 1,501.00 million in 2021 to US$ 2,732.52 million by 2028; it is estimated to grow at a CAGR of 8.9% during 2021-2028.

With a constant increase in the temperature and the air becoming warmer, water evaporation has intensified, leading to frequent downpours and heavy snowfall. This heavy precipitation is not spread evenly across the world with some places not getting required amount of precipitation. Since climate change causes a shift in air and ocean currents, it changes weather patterns. The rising incidence of natural disasters due to undesired climatic changes and subsequent security concerns has surfaced as the key factor behind the growth in the global weather forecasting services market. 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. The technological advancements in computing systems, such as advanced data analytics, model development, and machine learning tools and techniques, are likely to boost the demand for weather forecasting services during the forecast period.

The weather forecasting services market is segmented on the basis of industry, purpose, forecasting type, organization type, and geography. Based on industry, the market is segmented into agriculture, aviation, marine, transport and logistics, energy and utilities, oil and gas, media, insurance, retail, construction and mining, and others. Based on purpose, the market is segmented into operational efficiency, safety, and others. By forecasting type, the market is segmented into nowcast, short range, medium range, and long range. Based on organization size, the weather forecasting services market is bifurcated into large enterprises and small and medium-sized enterprises. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, Asia Pacific accounted for the significant share in the global market.

The impact of COVID-19 pandemic differed from country to country across Europe as selected countries witnessed an increase in the number of COVID-19 recorded cases and subsequently attracted strict and more extended lockdown periods or social isolation. Due to the pandemic, electronics equipment and associated services have been significantly affected. The pandemic has restricted the supply chain in various countries in Europe. The member states of Europe, such as Italy, Spain, and Germany, implemented drastic measures and travel restrictions to limit the spread of novel coronavirus among its citizens. European countries represent a leading share in the market as this region has the highest environmental safety standards in the world. However, due to the disrupted supply chain of hardware components that used to control the after-effects of natural disasters, the market has been significantly affected and weather forecasting services have been reporting delays.

The production of various electronics devices and associated weather forecasting services have also seen a sharp decline in European countries due to the COVID-19 pandemic, which is expected to remain under stress in the next couple of years. Furthermore, the recent imposition of containment measures, owing to the spread of newly mutated strain might hamper the market in this region in the near future.

The overall weather forecasting services market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the weather forecasting services market with respect to all the segments. It also provides the overview and forecast for the market based on all the segmentation provided with respect to five major regions-North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the weather forecasting services market.

A few key companies operating in the global weather forecasting services market are Global Weather Corporation, Accuweather, Inc., BMT Group Ltd., Skymet Weather Services Pvt. Ltd., Precision Weather, The Weather Company, Fugro, Enav S.p.A., Met Office, and Skyview Systems Ltd. Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year.