Global Solar Electricity Market Size, Forecasts, And Opportunities
Learn about the global solar electricity market through The Business Research Company, which provides information on solar electricity market size, solar electricity market drivers and restraints, solar electricity market players, the COVID-19 impact on the solar electricity market, and more.
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The global solar electricity market size is expected to grow from $46.79 in billion 2021 to $57.25 billion in 2022 at a compound annual growth rate (CAGR) of 22.4%. The growth in the solar electricity market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The solar electricity market is expected to reach $125.57 billion in 2026 at a CAGR of 21.7%.
Rising investments from government organizations are expected to drive innovation in solar electricity manufacturing, thus driving the market during the forecast period.
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The solar electric power generation market consists of sales of solar electric power and related services. It is used in various forms to support the electricity needs of homes or businesses. The solar electric power generation industry includes companies that operate facilities which produce electricity from solar energy. The electricity from solar energy is produced by the conversion of solar energy in photovoltaic (PV) cells, which generate voltage and current at their terminals when exposed to sunlight. The electricity produced is then supplied to electric power transmission systems, which are used to move large quantities of power from generating facilities to substations, and to distribution systems, which are used for short distances to transport electricity to customers locally.
Global Solar Electricity Market Segments Include:
By Technology: Photovoltaic Systems, Concentrated Solar Power Systems
By Solar Module: Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others
By End-User: Residential, Commercial, Industrial
By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the solar electricity market in 2021.
Artificial intelligence is the machinery simulating processes of human intelligence, particularly computer systems. Expert systems, natural language processing (NLP), speech recognition and machine vision are common AI applications. The use of machine learning through micro grid controllers and artificial intelligence (AI) are the latest solar energy technology solutions that help to adapt to the growing business needs. These technologies continue to evolve to meet the rising needs of the solar industry and the businesses use it as an energy-efficient source. Additionally, new software developments are helping in shaping the future of companies that are applying artificial intelligence and machine learning in solar energy technology.
TBRC’s solar electricity market report covers:
Major Market Players: Enel SpA, Exelon Corp., Dominion Energy, Inc, Engie S.A, Canadian Solar Inc., Sharp Corporation, STATE POWER INVESTMENT CORP. LTD, Wuxi Suntech Power Co. Ltd., Tata Power Solar, First Solar Inc., Trina Solar Limited, Yingli Solar, ReneSola, Motech Industries Inc., Abengoa Solar S.A., Acciona Energia S.A., Bright source Energy Inc., Esolar Inc., Gintech Energy Corp., Kaneka Corp., Sunpower Corporation, Verengo Inc, RGS Energy, JA Solar, GT Advantage Technologies, Hanwha Q Cells, SolarCity Corporation, JinkoSolar Holding Co. Ltd, Suntech Power Holdings Co. Ltd., and BHEL.
Regions: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Time Series: Five years historic (2015-20) and ten years forecast (2021-2025-2030)
The Solar Electricity Global Market Report 2021: Market Size, Trends, And Global Forecast 2022 – 2026 is one of a series of new reports from The Business Research Company that provides solar power market overviews, analyses and forecasts market size, share, solar electricity market players, solar electricity market segments and geographies, leading competitor revenues, profiles and market shares.
TBRC’s solar electricity market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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