The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Rising investments from government organizations are expected to drive innovation in solar electricity manufacturing, thus driving the market during the forecast period.

The global solar electricity market is expected to grow from $87.07 billion in 2022 to $106.62 billion in 2023 at a compound annual growth rate (CAGR) of 22.5%. The global solar electricity market size is expected to grow to $228.59 billion in 2027 at a CAGR of 21.0%.

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Global Solar Electricity Market Segments Include:

• By Technology:Photovoltaic Systems, Concentrated Solar Power Systems
• By Solar Module:Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Other Solar Modules
• 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 is the largest region in the global solar electricity market in 2021.

Major Market Players in the solar electricity market include 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.

Artificial intelligence is being used increasingly to meet the rising demands of the solar power market. Artificial intelligence is the machinery simulating the 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 microgrid controllers and artificial intelligence (AI) is the latest solar energy technology solution that helps to adapt to growing business needs. These technologies continue to evolve to meet the rising needs of the solar industry and the businesses that use them as an energy-efficient source. Additionally, new software developments are helping to shape the future of companies that are applying artificial intelligence and machine learning to solar energy technology. For instance, in 2022, a project in cooperation with Mekorot, Israel’s national water company, the Israel Innovation Authority tells NoCamels was announced for testing a floating artificial intelligence (AI) powered solar panel that generates electricity by tracking the sun. This solar photovoltaic (PV) system was developed by Israeli startup Xfloat.

The Solar Electricity Global Market Report 2023 provides a solar electricity market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The solar electricity market forecast analyzes solar electricity market size, solar electricity market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Solar electricity refers to renewable energy obtained from sunlight by using the sun’s energy either directly as thermal energy or through the use of photovoltaic cells in solar panels and transparent photovoltaic glass to generate electricity. 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.

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