Pune, India, June 08, 2022 (GLOBE NEWSWIRE) — The global solar power market size is projected to reach USD 293.18 billion by 2028, exhibiting a CAGR of 6.9% during the forecast period. The market’s value stood at USD 170.55 billion in 2020, according to a report by Fortune Business Insights™, titled “Solar Power Market Outlook, 2021-2028”. The economic fallout of the COVID-19 pandemic is being experienced by multiple industries and with major economies undergoing unprecedented contraction businesses are going to take a long time to return to pre-pandemic growth levels.
The solar power market growth is experiencing considerable setbacks as well due to supply chain disruptions and delayed projects, driven by social distancing measures and staggered lockdowns. As a result, the market displayed a low growth rate in 2020 and reached a value of USD 184.03 billion in 2021.
Total Solar announced that it has successfully installed a 3 MW rooftop solar system for Danone-AQUA, the Indonesian drinking water company. The solar unit is the largest of its kind in the Central Java province and is forecasted to save 3,340 tons of carbon dioxide emissions annually.
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|Forecast Period 2021 to 2028 CAGR||6.9%|
|2028 Value Projection||USD 293.18 Billion|
|Market Size in 2020||USD 170.55 billion|
|Historical Data for||2017-2019|
|No. of Pages||240|
|Segments covered||By Technology, By Application|
|Growth Drivers||Increasing Research into Solar Power Storage to Boost the Market|
|Incorporation of AI in Solar Energy Management to Brighten Market Outlook|
Increasing Research into Solar Power Storage to Boost the Market
Solar energy is at the forefront of renewable energy sources, owing to its abundant availability and high reliability. With their hearts full of hope, scientists are intensely engaged in researching the potential of solar power in providing sustainable energy for the world and curbing the worsening effects of climate change and global warming. For example, in March 2021, researchers at Duke University, USA discovered how the molecular structure of halide perovskites can help deliver the more favorable properties for wider solar energy applications.
Another study conducted by scientists at the Linköping University in March 2021 found that the efficiency of solar cells can be improved from the current 33% to 40% by tapping a phenomenon known as singlet fission. The team also solved the problem of energy being lost during this process, a finding that can significantly augment the potential of solar cell technology. These researches are playing an instrumental role in deepening the presence of solar in energy generation and storage.
Highlights of the Report – The report offers:
- Major growth drivers, restraints, opportunities, and potential challenges for the market.
- Comprehensive insights into the global as well as regional developments.
- List of key industry players.
- Major strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
- Solar power market shares by region also discussed in report. Report also provides depth insights on Solar energy growth projections globally.
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Skyrocketing Demand for Electricity to Power the Market in Asia Pacific
The principal reason for this is the rapid economic development, mainly in India and China, which is creating a huge demand for energy in these countries. Moreover, ambitious clean energy targets by countries in this region are also set to produce enormously profitable opportunities for the market in the upcoming years.
In Europe, the main market drivers include the speedily rising number of solar farms in the continent, bolstered by favorable clean energy policies of the European Union (EU). In the Middle East & Africa, the initiation of large-scale solar power projects will propel the regional market.
Based on technology, this market has been divided into solar photovoltaic (PV) and concentrated solar power (CSP). On the basis of application, the market has been trifurcated into residential, non-residential, and utility. Among these, the utility segment led the market with a share of 34.8% in 2020. By geography, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Incorporation of AI in Solar Energy Management to Brighten Market Outlook
Artificial intelligence (AI) has proliferated across a wide range of industries and is transforming the solar industry as well. Governments and private companies are increasingly utilizing the power of AI to optimize the operations of solar power plants and augment solar projects. For example, the US Department of Energy (DOE) has deployed IBM’s AI software for its SunShot Initiative. The software combines cloud information, sensor networks, and local weather stations derived from sky cameras and satellite imageries.
In Australia, New Energy Solar announced in March 2019 that it will be using cutting-edge predictive technologies at its Manildra Solar Plant, in partnership with the Canberra-based solar forecasting vendor, Solcast. The introduction of AI in solar management is, therefore, creating massive opportunities for stakeholders in the solar industry.
Key Questions Answered in Report:
- How Solar Power Industry Growing?
The Solar Power Industry is expected to grow at a CAGR of 6.9% in the 2021-2028 period
- How big is the market for Solar Power?
The Global Solar Power Market size to reach USD 293.18 billion in 2028
- Which region dominating the Solar Power Market Share?
Asia Pacific, with market size of USD 80.06 billion in 2020, is expected to dominate the solar power market share during the forecast period on the back of escalating demand for electricity in the region.
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Expansion in Fledgling Markets to be the Top Growth Strategy for Key Players
Key players in the solar power space are embracing opportunities to expand their businesses in burgeoning markets, especially in tropical countries, where sunlight is received for long periods of time. This growth strategy is enabling companies to broaden their sales horizons, diversify distribution networks, and ultimately strengthen their global market presence.
List of Key Players Covered in the Solar Power Market Report:
- Vivaan Solar (India)
- Nextera Energy Sources LLC (U.S.)
- Urja Global Limited (India)
- SunPower Corporation (U.S.)
- Yingli Solar (China)
- First Solar (U.S.)
- BrightSource Energy, Inc. (U.S.)
- Canadian Solar Inc. (Canada)
- Azure Power (India)
- Wuxi Suntech Power Co. Ltd. (China)
- Acciona Energia S.A.(Spain)
- eSolar Inc. (U.S.)
- Trina Solar (China)
- Tata Power Solar Systems Ltd. (India)
- Abengoa (Spain)
- Waaree Group (India)
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Table of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Solar Power Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Solar Power Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028
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