The Business Research Company’s Solar Electricity Global Market Report 2021: COVID-19 Impact and Recovery to 2030

Australia saw a surge in its solar power generation over the weekend. The proportion of solar power generation in the country exceeded that of power generated from coal, with more than half of the country’s electricity generation coming from solar power. This was for a very short duration, a few minutes, but still underscores the trend of growth in solar power generation across several countries. According to the latest forecast by The Business Research Company, the solar electric power generation market is expected to see significant growth in the next few years. Several factors are contributing to the growth of the solar power market, including a reduction in installation costs, improved grid security, and reduced electricity loss.

In terms of numbers, the global solar electric power generation market size is expected to grow from $34.18 in billion 2020 to $37.53 billion in 2021 at a compound annual growth rate (CAGR) of 9.8%. The growth trend is expected to continue into a double-digit CAGR of 12% and reach $58.64 billion in 2025. Growing investments from government organizations and an increase in spending on advanced solar panel research and development contribute to the growth of the solar electric power generation market. According to the World Economic Forum (WEF) in 2020, the global investment put into renewable energy reached $282.2 billion. Along with wind power, solar power is the easiest source of renewable energy. Additionally, the opportunity of utilizing solar power across a range of applications is helping drive the demand. Latest research studies indicate that solar photovoltaic technology can be used to build and connect IoT devices.

Despite the push from governments across the globe, the economic slowdown across countries limits the growth of the solar electric power generation market. A decrease in investments due to an economic slowdown leads to a decrease in solar power installations, adversely affecting the market growth. For instance, the economic crisis in Europe had prompted previously supportive European governments to decrease their solar energy subsidies. Another similar instance was seen in India in 2019, where the slowdown in economic growth and subsequent lack of investments impacted the renewable energy sector, including solar power generation. The Indian Ministry of New & Renewable Energy (MNRE) had set a target of 8.5 gigawatts of solar installations for 2019-2020. However, the sector installed only 3.5 gigawatts of solar installations, representing 41% of the planned deployment.

A trend in the market that is pushing for growth in solar power generation is AI. Artificial intelligence is being used increasingly to meet the rising demands of the solar power market. The use of machine learning through microgrid controllers and artificial intelligence is the latest solar energy technology solution that helps to adapt to the growing business needs. These technologies continue to evolve to meet the rising needs of the solar industry and businesses use them as an energy-efficient source. Additionally, ne

w software developments are helping in shaping the future of companies that are applying artificial intelligence and machine learning in solar energy technology. For instance, in 2019, in India, the National Institution for Transforming India (NITI Aayog), released a National Artificial Intelligence Strategy, which recognizedAI as one technology that the country could use to adopt renewable energy cost-effectively and increase the efficiency of existing solar power sources. This can be used in charging large-scale batteries and to meet on-demand power.

The Solar Electricity Global Market Report is one of a series of new reports from The Business Research Company that provides solar power market overviews, analyzes and forecasts solar electricity market size, share, solar electricity market players, solar electricity market segments and geographies, the market’s leading competitors’ revenues, profiles and market shares.

About Author : MOIN

Moïn has over a decade of experience in market research, analysis, and consulting. He has worked with some prominent market intelligence firms in India including Progressive Digital Media, Ovum, and GlobalData. At TBRC, he is involved in reporting insights on technology and media sectors, along with market data and trend analysis, and understanding competition dynamics. His project experience includes a market strategy study for an AI-based marketing software for telecom companies. He has worked for several clients including Amazon, Sony, Flytxt, Fujitsu, and several tech companies. He has a bachelor’s degree in Biotechnology and a postgraduate degree in management from IMI Belgium.

About The Global Market Model

The Global Market Model is the world’s most comprehensive database of integrated market information available. The ten-year forecasts in the Global Market Model are updated in real-time to reflect the latest market realities, which is a huge advantage over static, report-based platforms.

Here Is A List Of Related Reports From The Business Research Company

Solar Photovoltaic Panel Manufacturing Global Market Report 2021: COVID-19 Growth And Change

Geothermal Electricity Global Market Report 2021: COVID-19 Impact And Recovery To 2030

Wind Electricity Global Market Report 2021: COVID-19 Impact And Recovery To 2030

Nuclear Electricity Global Market Report 2021: COVID-19 Impact And Recovery To 2030

Hydro Electricity Global Market Report 2021: COVID-19 Impact And Recovery To 2030

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