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APAC Short-Term Solar Radiation Forecasting Services Market
Regulatory mandates and government policies for renewable energy & climate monitoring boost growth of energy management systems & provide new avenues for market
WILMINGTON, DE, UNITED STATES, October 28, 2024 /EINPresswire / -- According to the report published by Allied
market Research, The Asia-Pacific Short-Term Solar Radiation Forecasting Services Market Size Reach USD 810.81 Million by 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.
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 an adverse impact on demand for energy and there was a 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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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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Based on application, the energy and utilities segment were 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 the 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 is estimated to witness the fastest CAGR of 21.0 % during the forecast period. The report also discusses the diffuse horizontal irradiance segment.
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 the country. For instance, the government of India planned to invest for smart grid infrastructure and cumulative spending is forecasted at USD 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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Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies. This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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