Northbrook, IL 60062 -- (SBWIRE) -- 01/31/2023 -- The Weather Forecasting Services Market is projected to reach USD 2.7 billion by 2026, it is expected to grow at a CAGR of 9.9% during the forecast period.
Weather forecasting services involve the application of science and technology to predict atmospheric conditions. Advancements and improvements in forecasting software have enabled digital satellite imagery, radar imagery, model data, and surface observations to predict weather conditions with greater accuracy.
Key Market Players
The Weather Company (US), AccuWeather (US), DTN (US), StormGeo (Norway), Fugro (Netherlands), and ENAV S.p.A. (Italy) are among the major companies in the weather forecasting services market.
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Opportunity:Use of big data analytics in weather forecasting services
Weather forecasting can be challenging due to the many variables involved, such as satellite imagery, surface data, precipitation reports, and briefings from other forecasters, along with the complex interactions between these variables. However, an increase in the ability to gather and process weather data enables weather forecasters to predict the time and strength of hurricanes, floods, snowstorms, and other phenomena. Weather scientists are using big data analytics and predictive analytics to predict future weather conditions based on studying current and past weather data, thereby presenting opportunities for this market. Big data analytics plays a key role in processing weather-related data to provide timely information that helps provide accurate weather forecasts. Using big data, local authorities can better anticipate problems caused by weather before they occur. IBM also provides massive computing power to the Korean Meteorological Administration (KMA) to fully embrace big data technology. Using big data, the KMA can now improve its forecasts regarding the strength and location of tropical storms and other weather systems.
Challenge:Frequent occurrence of false weather alarms
The occurrence of false alarms or a high False Alarm Ratio (FAR) could challenge the growth of the weather forecasting services market. A false alarm occurs when a warning for any natural calamity is expected to ensure necessary precautions before its occurrence. However, it is observed that 3 out of 4 alarms are false. A weather alarm is issued when any hazard, such as a tornado, is expected so that necessary precautions can be taken. However, on average, roughly 70% of tornado warnings issued in the US are false alarms which means out of every 10 tornado alarms only 3 ahave been real. Too many false alarms may psychologically affect people and lead to ignoring the true alarms. The National Weather Service (NWS) has been taking initiatives to tackle this issue of false alarms. In 2015, NWS launched the Tornado Warning Improvement Process, encouraging NWS offices are asked to share insights from the local to know the effective and accurate warnings made so that they can be analysed for the better future predictions. According to a journal published by The Weather Channel (US) in 2018, due to the steps opted by NWS, the number of times tornado warnings has decreased from 13 to 14 minutes at the beginning of the decade to around 8 to 9 minutes in the recent years (2017).
North Americaaccounts for the largest share
North America, Europe, AsiaPacific,Middle East, Latin America,and Africa have been considered for the study of the weather forecasting services market. North Americaaccounts for the largest weather forecasting services market in 2021.Major companies providing weather forecasting services in the North American region include The Weather Company (US), DTN (US), and AccuWeather, Inc. (US). The Weather Company is the key weather solutions provider in this region, followed by AccuWeather. Both companies provide comprehensive weather coverage and support services worldwide.The US has several models but mostly relies on the Global Forecast System (GFS), run by the National Centers for Environmental Prediction, part of the National Oceanic and Atmospheric Administration. The US National Oceanic and Atmospheric Administration (NOAA) has increasingly used machine learning to improve its forecasts. Research and developments are being carried out to implement machine learning in weather forecasting services to improve predictive analysis for high-impact weather like severe thunderstorms, tornadoes, and hurricanes.