APAC Short-Term Solar Radiation Forecasting Services Market Statistics, 2031
The Asia-Pacific Short-Term Solar Radiation Forecasting Services Market was valued at $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.
Short-term solar radiation forecasting services anticipate solar radiation transients and energy production of solar power systems, enabling arrangement of contingency mechanisms to alleviate any deviation from requisite production. The main aim of solar radiation forecasting services is to achieve a large amount of renewable or green energy contribution in short duration to generate power. Some of the major factors that drive growth of the Asia-Pacific short-term solar radiation forecasting services market include rise in investments in modernizing solar grid infrastructure to translate into an annual economic value for refining solar power forecasting.
Surge in regulatory mandates and government policies for renewable energy and climate monitoring boost growth of energy management systems and provide new avenues for the short-term solar radiation forecasting services market. Moreover, rise in adoption of advanced technologies, such as AI and Big Data and increase in efforts for improving reliable short-term prediction methods fuel the market growth. However, increase in prices of solar photovoltaics and concerns associated with volatility in solar radiation forecasting and atmospheric variable are some of the factors that hinder the market growth.
Segment Review
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.
By type, the direct normal irradiance segment is expected to grow at a significant rate during the forecast period. This is attributed to increase in demand for short-term solar radiation forecasting services in the energy sector, which has resulted in increase in the implementation of direct normal irradiance forecasting services. Further, rising carbon footprint, along with monetary benefits presented to improve adoption of alternative sources of energy are anticipated to fuel development of the direct normal irradiance segment in Asia-Pacific.
By Type
Global Horizontal Irradiance segment accounted for the highest market share in 2021.
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. Such increased investment pooling in improving grid infrastructure is expected to propel the market growth in Indian market.
By Country
India would exhibit the highest CAGR of 27.8% during 2021-2031
The report focuses on growth prospects, restraints, and trends of the Asia-Pacific short-term solar radiation forecasting services market trends. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the Asia-Pacific Short-Term solar radiation forecasting services market.
By Industry Vertical
Energy and Utilities segment accounted for the highest market share in 2021.
The report analyzes the profiles of key players operating in the Asia-Pacific Short-Term Solar Radiation Forecasting Services Market, such as 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the Asia-Pacific short-term solar radiation forecasting services market.
Top Impacting Factors
Increase in investments for modernizing the existing solar grid infrastructure demand for short-term solar radiation forecasting services in Asia-Pacific region
Solar power has become more common, nowadays, reinforcing the need for forecasting services integrated into the energy management system. These forecasting services in solar energy management enable the changes in the uncertainty of solar power, as well as improve efficiency in voltage maintenance. Also, it plays a crucial role in increasing the reliability of electricity generation and supplying electricity. These impacts led to improvements in overall operational solar energy management that translates into an annual economic value for refining solar power forecasting. As a result, short-term forecasting services are gaining traction in a variety of industries in Asia-Pacific regions, including transportation, aviation, energy and utilities, agriculture, media, manufacturing, and retail.
Volatility in solar radiation forecasting and atmospheric variables
Solar radiation is generally volatile in nature depending on different factors, including the day hour, wind speed, cloud cover, and some other weather conditions. Certainly, these factors can fluctuate and affect the production of PV power as well as the integration of the electrical microgrid. Further, the intermittence and volatility of sunlight, and PV power generation are more unpredictable compared to conventional power, resulting in complications of the grid: frequency instability, dispatch difficulty, as well as voltage and current surges. These factors are expected to restrict market growth during the forecast period.
Technological advancements in solar forecasting
The energy sector faces persistent challenges and requirements to act with urgency. Policy commitments to a net-zero future, such as the Paris Agreement, mean the transformation to a low-carbon economy come at a significant pace. As a consequence, grid operators, developers, and consumers are harnessing the benefits of emerging technologies, such as AI, paving a way for improved prediction capabilities and greater demand for forecasting and asset management.
Further, several regional governments and energy agencies are leveraging advanced technologies intending to improve reliable short-term prediction methods. For instance, in March 2021, an Australian Agency for Renewable Energy funded a project that integrate machine forecasting technology to forecast solar and wind power. This advanced technology integration targets to secure these innovations into the country’s electrical grid. Such advancements will significantly pave numerous opportunities for market growth.
COVID-19 Impact Analysis
The COVID-19 outbreak had a negative impact on the Asia-Pacific short-term solar radiation forecasting services industry. With the introduction of COVID-19, there were disruptions in the supply chain for solar radiation forecasting services as well as limited functioning of surface-based weather observation and forecasting activities. Further, a comparable trend of falling demand and price reduction has been witnessed in the renewable energy sector. These factors are expected to decline the market growth prospect in the short run.
Moreover, short-term solar radiation forecasting services are expected to gain traction in the long-run outlook, owing to surge in demand for solar radiation forecasting services in different end-user industries, especially energy & utilities and transportation sectors. Following the COVID-19 outbreak, innovations and advancements in short-term solar radiation forecasting services, such as real-time forecasting and artificial intelligence have aided the market growth. Adoption of emerging technology across companies throughout the Asia-Pacific region has considerably expanded the penetration of the short-term solar radiation forecasting services market.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Asia-Pacific short-term solar radiation forecasting services market analysis from 2021 to 2031 to identify the prevailing Asia-Pacific short-term solar radiation forecasting services industry opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the Asia-Pacific short-term solar radiation forecasting services market growth assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Asia-Pacific short-term solar radiation forecasting services market share, key players, market segments, application areas, and market growth strategies.
Asia-Pacific Short-Term Solar Radiation Forecasting Services Market Report Highlights
| Aspects | Details |
 By Type |
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 By End-User Industry |
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 By Country |
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 Key Market Players | Korea Space Weather Research Center, Clean Power Research, LLC, National Remote Sensing Centre, Japan Weather Association (JWA), Solargis, Japan Meteorological Corporation, AccuWeather, Inc., Alea Business Software S.L., Solcast, BKC WeatherSys Pvt. Ltd. |
Analyst Review
Asia-Pacific short-term solar radiation forecasting services market
Increase in scope of applications of short-term solar radiation forecasting services, such as global horizontal irradiance, direct normal irradiance, and energy management contributes toward the short-term solar radiation forecasting services market growth. Prominent players in the market have developed and launched new technologies, such as Solargis, Alea Business Software S.L., Clean Power Research, LLC, and Solcast to cater to a wide customer base in Asia-Pacific.
The energy & utilities segment has a predominant share in the Asia-Pacific short-term solar radiation forecasting services market, and is expected to maintain this trend during the forecast period. However, demand for short-term solar radiation forecasting services solutions is expected to significantly increase across sectors such as transportation, retail, aviation, manufacturing, and agriculture.
Moreover, increase in technological advancements, such as AI-enabled forecasting solutions and other supporting technical developments are expected to supplement growth of the Asia-Pacific short-term solar radiation forecasting services market. Market players have adopted product launch, acquisition, and partnership strategies to improve their product portfolio and expand their geographical outreach. Emerging economies are expected to provide lucrative growth opportunities to market players in the future.
Major challenges for service providers are to gather geo-spatial data and integrate it with advance analytics into existing energy system infrastructure. This challenge is overcome by gathering data from accurate forecasting models, such as deep learning models, has proliferated demand for short-term solar radiation forecasting services, which is expected to boost growth of the Asia-Pacific short-term solar radiation forecasting services market.
Key players operating in the Asia-Pacific short-term solar radiation forecasting services market 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. Key players have adopted various growth strategies to enhance and develop their product portfolio, strengthen their short-term solar radiation forecasting services market share, and to increase their market penetration.
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