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

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. Based on country, the market in China was the largest in 2021, accounting for nearly one-third of Asia-Pacific short-term solar radiation forecasting services market share.

/EIN News/ -- Portland, OR , Nov. 15, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the Asia-Pacific short-term solar radiation forecasting services market generated $165.28 million in 2021, and is estimated to reach $810.82 million by 2031, witnessing a CAGR of 17.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2022–2031
Base Year	2021
Market Size in 2021	$165.28  Million
Market Size in 2031	$810. 82 Million
CAGR	17.6%
No. of Pages in Report	233
Segments Covered	Type, End User Industry, and Country
Drivers	Surge in implementation of strict laws mandating use of renewable energy and climate monitoring.
	Increase in acceptance of new technologies such as artificial intelligence and big data analytics.
	Rise in usage of reliable short-term solr radiation prediction methods.
	Massive need for increasing solar energy generating capacity.
	Expansion of horizontal irradiance forecasting.
Opportunities	Growing acceptance of solar radiation forecasting services by key industry players for determining atmopspheric variables in areas having extreme temperatures.
Restraints	Surge in solar photovoltaics costs and concerns related to volatility in solar radiation forecasting and atmospheric variables.

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.

The report offers a detailed segmentation of the Asia-Pacific short-term solar radiation forecasting services market based on type, end user industry, and country. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on 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 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.

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. The report also discusses the  aviation, agriculture, media, manufacturing, retail, and others segments.

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Based on country, the market in China was the largest in 2021, accounting for nearly one-third of the Asia-Pacific short-term solar radiation forecasting services market share. However, the  short-term solar radiation forecasting services market in India is  set to register the highest CAGR of 27.8% in 2031 and  will dominate the Asia-Pacific short-term solar radiation forecasting services market growth from 2022 to 2031. The report contains other countries including Japan, Taiwan, Thailand, Australia, Vietnam, South Korea, Malaysia, Phillipines, Camnbodia, Singapore, Inodnesia, Cambodia, Hong Kong, and Rest of the Asia-Pacific region.

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.

The report analyzes these key players of 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 by every market player.

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