$10.2bn
$X.Xbn
39,002
33,800
$X.Xbn
Demand for weather forecasting services displayed significant volatility during the current period. Since most of the economy was shut down during COVID-19, businesses couldn't afford weather forecasting services because their sales declined, hampering the industry's performance. This trend reversed in 2021 as the pandemic recovery caused corporate profit to soar. Since inflation reached record levels a couple of years ago, more companies have stopped purchasing the industry's services, as they’ve prioritized paying for more expensive inputs, causing revenue to drop in 2022 and 2023. As revenue has plunged, profit for weather forecasting companies has declined in tandem. In response to soaring inflation, the Federal Reserve has increased interest rates to combat high inflation. The elevated cost of borrowing has hindered consumer demand, raising recessionary fears. These fears have caused businesses to cut back on discretionary purchases (e.g., weather forecasts) since they’re worried about losing money in a potential economic downturn, contributing to the decline in revenue in 2023. Overall, revenue for weather forecasting service companies is expected to slump at a CAGR of 2.5% during the current period, reaching $10.2 billion in 2024. This includes a 1.6% rise in revenue in that year.
Industry revenue has declined at a CAGR of 2.5 % over the past five years, to reach an estimated $10.2bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Accuweather, Inc. | 116.5 | 12.3 | 10.6 |
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Industry revenue is measured across several distinct product and services lines, including Operation and modeling services, Consulting and Measurement services. Operation and modeling services is the largest segment of the Weather Forecasting Services in the US.
Operating and modeling services form the backbone of the industry
Weather forecasting service companies provide weather forecasts for individuals, businesses and government organizations. These forecasts are disseminated through the Internet, TV or radio. Services provided include operation and modeling services, measurement services, publications and data management.
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NAICS 54199 - Weather Forecasting Services in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Inflation has significantly increased the cost of raw materials, leading businesses to cut spending on discretionary items such as weather forecasting services. This has caus...
Learn about an industry's products and services, markets and trends in international trade.
Operating and modeling services form the core of the industry’s services, as sourcing observational data and building final forecasts comprise more than half of revenue. Dema...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The Southeast region has a high population, so many businesses and organizations exist there. The sheer size of business activity in the region keeps demand for weather forec...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
There’s a decent amount of competition among weather forecasting service providers since concentration is low. Companies compete based on price, accuracy and product range.
Learn about the performance of the top companies in the industry.
The industry’s largest players comprise a small share of revenue because fragmentation is high. Market share concentration is low because of the declining cost of mobile devi...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Weather forecasting companies must adhere to various regulations, such as FCC licenses for broadcasting and OSHA safety requirements. Compliance with intellectual property la...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profit has taken a hit due to harsh economic conditions affecting the industry. High inflation has led businesses to cut back on weather forecast spending, decreasing profit'...
Including values and annual change:
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Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Weather Forecasting Services in the US industry in United States is $10.2bn in 2024.
There are 33,800 businesses in the Weather Forecasting Services in the US industry in United States, which has declined at a CAGR of 3.6 % between 2019 and 2024.
The market size of the Weather Forecasting Services in the US industry in United States has been declining at a CAGR of 2.5 % between 2019 and 2024.
Over the next five years, the Weather Forecasting Services in the US industry in United States is expected to grow.
The biggest company operating in the Weather Forecasting Services market in United States is Accuweather, Inc.
Engaging in operation and modeling services and Managing data are part of the Weather Forecasting Services in the US industry.
The company holding the most market share in United States is Accuweather, Inc..
The level of competition is moderate and increasing in the Weather Forecasting Services in the US industry in United States.