Weather Forecasting Service Market Size

Weather Forecasting Services Market size was over USD 2.1 billion in 2023 and is anticipated to exceed USD 7.4 billion by the end of 2036, growing at over 11.07% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of weather forecasting services is estimated at USD 2.2 billion.

Weather forecasting has widespread environmental and socioeconomic applications to facilitate critical climate risk-based decision-making.  Policy debates around climate change have emphasized the pressing need for technological transformations in conventional weather forecasting services. Substantial progress in weather-to-climate prediction (NEWP) and numerical Earthsystem has been achieved in the past few years, through public-private collaborations. Nevertheless, industry players are focused on further improvements in higher spatial and temporal resolution, and accuracy and precision of forecasts. High-performance computing (HPC) programs of multidisciplinary R&D are central to the future advancement of NEWP systems.

The World Meteorological Organization (WMO) envisages that NEWP will approach the theoretical limit of the atmosphere’s mid-latitude predictability by 2050.  Several current factors have steered progress such as advances in NWP underpinned by improved observational instrumentation with higher temporal and spatial resolutions, increasing HPC capacity, better model initialization by effective data-assimilation methods and expanding satellite observations, and more, use of ensembles to depict uncertainties in weather prediction models. In July 2024, Parallel Works launched ACTIVATE, a unified AI and HPC application for weather modeling, AI model training, and biomedical research.