Asia-Pacific Short-Term Solar Radiation Forecasting Services Market Expected to Reach $810.82 Million by 2031: Allied Market Research

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Allied Market Research

Accelerating the implementation of strict laws mandating the use of renewable energy and climate monitoring to drive the market trends for short-term solar radiation forecasting services in Asia-Pacific. The onset of the pandemic had a negative impact on energy demand and energy prices increased during the pandemic. According to countries, the Chinese market was the largest in 2021, accounting for almost a third of the market share for short-term solar radiation forecasting services in Asia-Pacific.

Portland, OR, Nov. 15, 2022 (GLOBE NEWSWIRE) — According to the report released by Allied Market Research, the Asia-Pacific Short Term Solar Radiation Forecasting Services Market generated $165.28 million in 2021 and is projected to reach $810.82 million by 2031, growing at a CAGR of 17.6% from 2022 to 2031. The report offers a detailed analysis of the changing trends in the market, major segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a useful source of information for major market players, new entrants, investors and stakeholders in developing strategies for the future and taking action to strengthen their position in the market.

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Report coverage and details:

Report cover

Details

Forecast period

2022–2031

Year of reference

2021

Market size in 2021

$165.28 million

Market size in 2031

$810. 82 million

CAGR

17.6%

Number of pages in the report

233

Segments Covered

Type, end-user industry and country

Drivers

Accelerating the implementation of strict laws mandating the use of renewable energy and climate monitoring.

Increased acceptance of new technologies such as artificial intelligence and big data analytics.

Increase in the use of reliable short-term ground radiation prediction methods.

Massive need to increase solar power generation capacity.

Extension of horizontal illuminance prediction.

Opportunities

Growing acceptance of solar radiation forecasting services by major industry players to determine atmospheric variables in areas with extreme temperatures.

Constraints

Rising costs of solar photovoltaic energy and concerns related to the volatility of solar radiation forecasts and atmospheric variables.

Covid-19 scenario:

  • The outbreak of the COVID-19 pandemic severely impacted the market for short-term solar radiation forecasting services in Asia-Pacific in fiscal year 2021. Significant drop in demand for renewable energy at the following the pandemic and reduced government subsidies.

  • The onset of the pandemic had a negative impact on energy demand and energy prices increased during the pandemic.

The report offers a detailed segmentation of the Asia-Pacific Short Term Solar Radiation Forecasting Services market on the basis of type, end-user industry, and country. The report provides an analysis of each segment and sub-segment using tables and figures. This analysis helps market players, investors, and new entrants determine which sub-segments should be leveraged to achieve growth in the coming years.

Based on type, the horizontal irradiance (GHI) segment held the largest share of nearly three-fifths of the short-term solar radiation forecasting services market share in Asia-Pacific in 2021 and would reign until ‘ in 2031. However, the direct normal segment of the irradiance segment is estimated to experience the fastest CAGR of 21.0% during the forecast period. The report also deals with the diffuse horizontal illuminance segment.

Based on applications, the energy and utilities segment was the largest in 2021, accounting for almost a third of the Asia-Pacific short-term solar radiation forecasting services market share. However, the transportation segment is expected to dominate the global market share during the forecast period and is expected to witness the fastest CAGR of 25.0% during the forecast period. The report also discusses aviation, agriculture, media, manufacturing, retail and other segments.

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According to countries, the Chinese market was the largest in 2021, accounting for almost a third of the market share for short-term solar radiation forecasting services in Asia-Pacific. However, India’s short-term solar radiation forecasting services market is expected to register the highest CAGR of 27.8% in 2031 and will dominate the growth of the Asia-Pacific short-term solar radiation forecasting services market. from 2022 to 2031. The report contains other countries including Japan, Taiwan, Thailand, Australia, Vietnam, South Korea, Malaysia, Philippines, Cambodia, Singapore, Indonesia, Cambodia , Hong Kong and the rest of the Asia-Pacific region.

Key Asia Pacific Solar Radiation Forecasting Services Market players analyzed in the research include Solargis, Alea Business Software SL, Clean Power Research, LLC, Solcast, AccuWeather, Inc., BKC WeatherSys Pvt. Ltd., Japan Weather Association (JWA), National Remote Sensing Center, Korea Space Weather Research Center and Japan Meteorological Corporation.

The report analyzes these key players in the Asia-Pacific Short-Term Solar Radiation Forecasting Services Market. These players have adopted various strategies such as expansion, new product launches, partnerships and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of each market player.

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About Us

Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unparalleled quality of “Market research reportsand “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

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