Weather forecasting service is the application of science and technology to predict atmospheric conditions at a given location and time. Accurate weather forecasting plays a vital role in maintaining safety levels in the aviation, utilities, maritime, shipping, oil and gas, agriculture, media, retail, renewable energy and insurance industries. For example, temperature and precipitation forecasting are important to agriculture, enabling farmers to make important decisions about planting and harvesting. Also, uncertain weather conditions may lead to flight delays or cancellations, which can also seriously affect port transportation activities. Accurate weather forecasting also allow governments and companies to better prepare for natural disasters that affect the lives of millions. With the improvement of weather forecasting accuracy, more and more individual consumers choose weather forecasting services to make life more convenient.
Based on forecasting type, the weather forecasting services market is segmented into the current forecasting, short-term forecasting, medium-term forecasting, and long-term forecasting types. In 2020, the market shares of short-term forecasting, medium-term forecasting and long-term forecasting are 52.86%, 29.67% and 17.47% respectively. Due to the growing demand for short-term forecasting of sports and social events in the event management industry. In addition, the demand for short-term weather forecasting in the renewable energy and oil and gas industry verticals is also increasing. Hence, short-term forecasting is expected to lead the market for weather forecasting services.
In terms of application fields, in 2020, the market share of weather forecasting services for aviation, media and consumers, energy and utilities, transportation, financial services and insurance, agriculture, and ocean will be 20.54%, 6.90%, and 8.52%, respectively. %, 18.29%, 4.03%, 14.17%, 12.38%.
The Level of Weather Forecasting Service is Inseparable from the Level of National Technological Development
North America is the largest revenue market in the global weather forecasting service industry, with a market share of 44.18% in 2015 and 43.48% in 2020, a decrease of 0.70%. In 2020, the market shares of Europe, Asia Pacific, Latin America, Middle East and Africa are 30.98%, 18.68%, 2.16% and 4.69% respectively.
The limitations of the weather forecasting industry in developing regions are mainly reflected in the technical capabilities of weather and climate forecasting, meteorological data, service coverage, user services, equipment quality, market expansion capabilities, resource integration benefits, human resources, management level, international market experience, etc. First, the technical level of weather and climate prediction needs to be improved. In these regions, the spatial and temporal resolution and accuracy of current weather and climate forecasting are not high enough. The level of numerical models (especially regional models and environmental meteorological models) and data reanalysis is still far behind the international advanced level, and there is still much room for improvement in terms of technology and international recognition. Second, the service coverage is limited. In developing countries, meteorological services focus more on the continent and less on the ocean, more at home and less abroad. Professional meteorological service capabilities are generally not strong, mainly due to weak research and development service capabilities, lack of in-depth exploration, poor service pertinence, low added value, low service level, weak market competitiveness, and insufficient investment in professional meteorological service technology research and development. For example, meteorological services for marine and aviation are under-invested, weak in capacity and uncompetitive.
Weather forecasting service companies are mainly from the United States, and the industry concentration is high. The top three companies are IBM, Precision Weather, and DTN, with 21.98%, 7.83%, and 5.04% of the revenue market share in 2019.
Renewable Energy Will be a Major Driver of the Weather Forecasting Services Market
Research data shows that the total revenue of the global weather forecasting services market was USD 965.41 million in 2015 and increased to USD 1361.21 million in 2019. With the development of the global economy and the increasing population, the growing market demand is playing an active role in the expansion of the weather forecasting services market. We predict that by 2026, the market value of weather forecasting services can reach USD 2196.13 million, with a CAGR of 7.07% from 2019 to 2026.
Renewable energy is the cornerstone of building a bright future for mankind, bringing new energy models to areas lacking traditional energy and ensuring regional energy security. It can not only reduce greenhouse gas emissions and delay global warming, but also improve air quality and provide human beings with a healthy life. Investing in renewable energy is also a huge economic opportunity. Over the past decade, more and more capital has been invested in renewable energy around the world. The world\'s energy development is ushering in a global inflection point - in the future, renewable energy such as solar energy will become the most economical form of energy. However, the reliance on the weather for the production of renewable energy has changed, especially in the production of wind and solar energy. Without accurate weather forecasting, it is impossible for renewable power plants to submit accurate schedules. Based on modeling, historical data, machine learning, and weather forecasting, generators need to predict the next day\'s demand and generation. Therefore, to increase the power generation from renewable energy sources in the global market, a large number of accurate weather forecasting are required, which will drive the market for weather forecasting services.
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