APAC Short-Term Solar Radiation Forecasting Services Market to Reach USD 810.81 million by 2031 – Allied Market Research
The growing demand for solar energy and solar contribution to a greener environment is expected to drive the market.
PORTLAND, PORTLAND, OR, UNITED STATE, April 14, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The APAC Short-Term Solar Radiation Forecasting Services Market to Reach USD 810.81 million by 2031 – Allied Market Research.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The Asia-Pacific Short-Term Solar Radiation Forecasting Services market was valued at USD 165.28 million in 2021, and is projected to reach USD 810.82 million by 2031, growing at a CAGR of 17.6% from 2022 to 2031.
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Surge in implementation of strict laws mandating use of renewable energy and climate monitoring to boost the Asia-Pacific short-term solar radiation forecasting services market trends. The onset of pandemic had adverse impact on demand for energy and there was rise in energy prices during the pandemic.
The Asia-Pacific short-term solar radiation forecasting services market is segmented on the basis of type, end user industry, and region. By type, it is categorized into global horizontal irradiance, direct normal irradiance, and diffuse horizontal irradiance. By end-user industry, it is segmented into transportation, aviation, energy and utilities, agriculture, media, manufacturing retail, and others. Country wise, the market is analyzed across China, Japan, India, South Korea, Vietnam, Taiwan, Thailand, Australia, Malaysia, Philippines, Singapore, Cambodia, Indonesia, Hong-Kong, and rest of Asia-Pacific.
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Based on application, the energy and utilities segment was the largest in 2021, accounting for nearly one-third of the Asia-Pacific short-term solar radiation forecasting services market share. However, the transportation segment is set to dominate the global market share over forecast period and is set to witness the fastest CAGR of 25.0% during the forecast period.
Based on type, the horizontal Irradiance (GHI) segment held the largest share of nearly three-fifths of the Asia-Pacific short-term solar radiation forecasting services market share in 2021, and would rule the roost through 2031. However, the direct normal irradiance segment segment is estimated to witness the fastest CAGR of 21.0 % during the forecast period. The report also discusses the diffuse horizontal irradiance segment.
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Country-wise, the India market is expected to grow at a significant rate in the future on account of growing focus to reduce intensity of emissions, increasing renewable energy generation capacity, and the blooming transportation industry. Further, growth in investments & deployment of smart grid and micro-grid infrastructure in this country is boosting the growth of the market in country. For instance, the government of India planned to invest for smart grid infrastructure and cumulative spending is forecasted at $21.6 billion over the period of 2015-2025.
Leading players of the Asia-Pacific short-term solar radiation forecasting services market analyzed in the research include Solargis, Alea Business Software S.L., Clean Power Research, LLC, Solcast, AccuWeather, Inc., BKC WeatherSys Pvt. Ltd., Japan Weather Association (JWA), National Remote Sensing Centre, Korea Space Weather Research Center, and Japan Meteorological Corporation.
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Covid-19 Scenario:
● The outbreak of the COVID-19 pandemic had a severe impact on the Asia-Pacific short-term solar radiation forecasting services market in the fiscal year 2021. Significant decline in renewable energy demand in wake of the pandemic and reduction in government subsidies.
● The onset of pandemic had adverse impact on demand for energy and there was rise in energy prices during the pandemic.
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