Market Trends of Weather Forecasting Services Industry
Agriculture Segment is Expected to Hold a Significant Share of the Market
- Farming is a complex yet important process that is practiced in villages. There are many factors that farmers need to take into consideration while farming. Farming involves soil, irrigational facilities, and other farming tools and techniques. Apart from the mentioned factors, weather forecasting is an important factor that farmers must also consider. To have a successful crop, a farmer needs to be well prepared and aware of the approaching weather conditions or climatic changes, as the overall output of the crop is highly dependent upon the weather conditions.
- Further, weather forecasting helps farmers to know when is the correct time to apply fertilizer, along with the applicating rate and type of fertilizer. The bad timing of fertilizer and its application may spoil the crop's growth. The field must be dry enough for the fertilizer to not wash away but moist enough to penetrate the soil. Working in the field has its good and terrible days. This is dependent on the moisture and temperature of the soil. Accurate weather data can assist farmers in determining when they should work most efficiently in their day-to-day operations.
- In April 2023, India Meteorological Department (IMD) operated an Agrometeorological Advisory Services (AAS) such as Gramin Krishi Mausam Sewa (GKMS) scheme for the advantage of the farming community in India. Under the scheme, a medium-range weather forecast for the next five days is developed at the district and block levels. Based on the estimates, 130 Agromet Field Units (AMFUs) located at and District Agromet Units (DAMUs) and state agricultural universities (SAUs) at Krishi Vigyan Kendras (KVKs), institutes of the Indian Council of Agricultural Research (ICAR) and Indian Institute of Technology (IIT), etc. Under ICAR network schedule Agromet Advisories on every Friday and Tuesday for the districts beneath their jurisdiction and the blocks of the community of their location and communicate to the farmers to decide on day-to-day agricultural operations.
- The vast scope and need for weather forecasting services in agriculture are pushing new players to enter the market. For instance, in May 2022, Sencrop, a startup providing weather analytics services for agriculture, has just raised USD 18 million in Series B funding. Jerusalem Venture Partners led the round. EU-backed EIT Food, Stellar Impact, IRD Management, and Sencrop's existing shareholders, including NCI Waterstart, BPIfrance, and Demeter IM, also invested. Counting farmers, winegrowers, and fruit growers among its clientele, Sencrop can supply its ultra-local weather data through its network of internet-connected weather stations. With the insights emanated from this network, farmers are better placed to mitigate the hazards faced by their crops - while limiting the impact of their processes on the environment by optimizing their chemical and water usage.
- Weather forecasting is important for driving agricultural production by influencing crop growth, development, and yield, including pest and disease incidence, coordinating water and nutrient or fertilizer uptake, etc. For instance, According to the US Department of Agriculture, In 2022/2023, the United States is expected to be the largest producer of corn worldwide, with a production volume amounting to about 348.75 million metric tons. China and Brazil rounded off the top corn-producing countries.
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North America is Expected to Hold Significant Share of the Market
- The North American weather forecasting services market is a highly competitive and lucrative sector expected to witness significant growth in the coming years. The market is driven by growing demand for accurate weather forecasts, rising demand for weather-based applications and services, an increasing number of weather-based applications and services, and technological advancements. The market is further driven by the rising demand for energy-efficient solutions, increasing awareness about the benefits of weather-based applications and services, and rising investments in research and development.
- Further, The Weather Research and Forecasting Innovation Act of 2017 (Public Law 115-25), often referred to as 'The Weather Act,') was marked into law in April 2017, with goals to enhance NOAA's weather research via investments in computing, observational, and modeling capabilities, to support progress in weather forecasting and prediction of high-impact weather events, and to expand commercial opportunities for providing weather data. In collaboration with the U.S. weather industry and appropriate academic entities, and through the National Weather Service (NWS), NOAA must plan and maintain a project to improve hurricane forecasting
- In June 2023, National Oceanic and Atmospheric Administration (NOAA) upgraded the model to estimate these geoelectric fields to improve nowcasts of regional space weather impact information for electric power operators. Improvements in the model, now called the U.S.-Canada Geoelectric Field Model, include more accurate outputs of the geoelectric field at the Earth's surface and expanded coverage to Canada, which increases situational awareness for the operation of the 37 major power transmission lines that connect the two countries. Jointly developed by NOAA, the U.S. Geological Survey (USGS), and the Natural Resources Canada/Canadian Hazards Information Service (NRCan/CHIS), this is the primary model that electric power managers can use for regional assessment of space weather hazards over the US-Canada operating domain.
- The players in the region are collobrating to provide better services to its customer. For instance, in May 2023, AccuWeather, a global media publisher and undisputed leader in Superior Accuracy in weather forecasts and warnings, announced a first-of-its-kind partnership with global advertising technology player, The Trade Desk. Marketers and media buyers can now directly leverage the AccuWeather Data Suite in The Trade Desk platform. The Trade Desk is the first DSP to gain access to the global AccuWeather Data Suite. It is available in many world regions, including North America, Europe, the Middle East, Asia Pacific, Latin America, and more.
- In June 2023,Supernal LLC (the Company) announced a minority investment in TruWeather Solutions to leverage its weather data analytics and forecasting technology in Supernal's electric vertical take-off and landing (eVTOL) vehicle and operations testing. Weather forecasting is the latest factor of the extensive Advanced Air Mobility (AAM) ecosystem that Supernal addresses while developing its eVTOL vehicle for 2028 entry into service. As part of the investment, Supernal will pilot TruWeather's comprehensive V360° software-as-a-service product in the Company's vehicle and surrounding operations to collect and integrate real-time distributed sensor weather data.
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