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With 6.9% CAGR, Solar Power Market Size worth USD 293.18 Billion in 2028

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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.

Industry Development:

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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Report Highlights:

Report Coverage Details
Forecast Period 2021-2028
Forecast Period 2021 to 2028 CAGR 6.9%
2028 Value Projection USD 293.18 Billion
Base Year 2020
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

Driving Factor:

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.

Click here to get the short-term and long-term impact of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/industry-reports/solar-power-market-100764

Regional Insights:

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.

Market Segmentation:

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:

  1. How Solar Power Industry Growing?

The Solar Power Industry is expected to grow at a CAGR of 6.9% in the 2021-2028 period

  1. How big is the market for Solar Power?

The Global Solar Power Market size to reach USD 293.18 billion in 2028

  1. 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.

Quick Buy –  Solar Power Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100764

Competitive Landscape

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

  1. Introduction
    1. Research Scope
    2. Market Segmentation
    3. Research Methodology
    4. Definitions and Assumptions
  2. Executive Summary
  3. Market Dynamics
    1. Market Drivers
    2. Market Restraints
    3. Market Opportunities
  4. Key Insights
    1. Key Emerging Trends – For Major Countries
    2. Latest Technological Advancement
    3. Regulatory Landscape
    4. Porters Five Forces Analysis
  5. Qualitative Analysis – Impact of COVID-19
    1. Impact of COVID-19 on the Solar Power Market
    2. Steps Taken by the Government to Overcome the Impact
    3. Key Developments in the Industry in Response to COVID-19
    4. Potential Opportunities and Challenges due to COVID-19 Outbreak
  6. Global Solar Power Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028

Continued…

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Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth.

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Artificial Intelligence

Wego and Tourism Authority of Thailand Partner for The Fourth Consecutive Year, Showcasing the Beauty of Thailand

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DUBAI, UAE, April 25, 2024 /PRNewswire/ — Wego, the largest online travel marketplace in the Middle East and North Africa (MENA), is thrilled to announce its continued partnership with the Tourism Authority of Thailand (TAT) for the fourth consecutive year, showcasing the unparalleled beauty and charm of Thailand as a premier travel destination.

 
 
Building upon the success of their previous collaborations, Wego and the Tourism Authority of Thailand are once again teaming up to promote Thailand’s diverse attractions, rich culture, and breathtaking landscapes to travelers worldwide. Through this strategic partnership, Wego aims to inspire travelers to explore the wonders of Thailand and experience its unique blend of tradition and modernity.
Over the past campaigns, Wego and the Tourism Authority of Thailand have successfully amplified Thailand’s appeal as a top travel destination, reaching millions of travelers and driving significant interest in visiting the country. From its pristine beaches and vibrant cities to its lush jungles and cultural heritage sites, Thailand offers an array of experiences that cater to every traveler’s preferences.
“We are delighted to continue our partnership with the Tourism Authority of Thailand for the fourth consecutive campaign,” said Mamoun Hmedan, Chief Business Officer, Wego. “Thailand is a beloved destination for travelers worldwide, and we are committed to showcasing its beauty and diversity through our platform. Together with the Thailand Tourism Board, we look forward to inspiring even more travelers to explore all that Thailand has to offer.”
The success of the previous campaigns underscores the effectiveness of Wego and the Thailand Tourism Board’s collaborative efforts in promoting Thailand as a must-visit destination. By leveraging Wego’s extensive reach and innovative marketing capabilities, the partnership aims to further elevate Thailand’s profile and attract more travelers to experience the magic of the Land of Smiles.
“We are thrilled to continue our partnership with Wego for the fourth campaign,” said Mr. Chaiwat Tamthai, Director of TAT Dubai office. “Thailand offers an unparalleled travel experience, from its stunning beaches and vibrant cities to its rich cultural heritage. Through our collaboration with Wego, we are excited to showcase the beauty of Thailand to travelers in the MENA region and invite them to discover the wonders of our country.”
As travelers seek unforgettable experiences and breathtaking landscapes, Wego and the Tourism Authority of Thailand are committed to showcasing Thailand’s unique charm and allure, inviting travelers to embark on an unforgettable journey to this enchanting destination.
About Wego
Wego provides award-winning travel search websites and top-ranked mobile apps for travelers living in the Asia Pacific and the Middle East regions. Wego harnesses powerful yet simple to use technology that automates the process of searching and comparing results from hundreds of airlines, hotels, and online travel agency websites.
Wego presents an unbiased comparison of all travel products and prices offered in the marketplace by merchants, both local and global, and enables shoppers to quickly find the best deal and place to book whether it is from an airline or hotel directly or with a third-party aggregator website.
Wego was founded in 2005 and is dual headquartered in Dubai and Singapore with regional operations in Bangalore, Riyadh, Cairo, Lahore, and Kuala Lumpur.
 
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Artificial Intelligence

Building Energy Management Systems Market Projected to Reach $67.69 billion by 2030 – Exclusive Report by 360iResearch

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PUNE, India, April 24, 2024 /PRNewswire/ — The report titled “Building Energy Management Systems Market by Component (Hardware, Services, Software), Type (Integrated Building Energy Management Systems, Standalone Building Energy Management Systems), Application, Deployment Mode, End-Use – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $34.52 billion in 2023 to reach $67.69 billion by 2030, at a CAGR of 10.09% over the forecast period.

 
“Revolutionizing Energy Efficiency Globally With The Evolution of Building Energy Management Systems (BEMS)”
In an era where energy conservation and efficiency have become paramount, building energy management systems (BEMS) are at the forefront of this transformation, offering solutions that monitor, control, and optimize energy usage within buildings. These advanced systems, leveraging real-time data analytics, automate energy control, enhance energy savings, reduce costs, and contribute to a greener planet. Primarily utilized in commercial spaces, residential areas, and industrial sectors, BEMS has a broad application scope, covering HVAC, lighting, and security systems. Factors driving the expansion of the BEMS market include escalating energy expenses, heightened awareness of environmental impacts, and the increasing incorporation of Internet of Things (IoT) and cloud-based technologies, coupled with supportive government initiatives promoting energy-efficient infrastructures. Although challenges such as high initial costs and technology integration barriers exist, the advent of AI and IoT technologies within BEMS heralds a future of predictive energy management and remote operational capabilities, with a growing emphasis on integrating renewable energy sources. Regions such as the United States, Canada, the European Union, and emerging economies such as China and India are witnessing significant growth in BEMS adoption, spurred by regulatory policies and a shift towards sustainable building practices. This global movement toward BEMS signals a step toward reducing carbon footprints and highlights the collective effort to embrace technology for a sustainable future.
Download Sample Report @ https://www.360iresearch.com/library/intelligence/building-energy-management-systems
“Harnessing Energy Management for Sustainability and Efficiency”
Data centers are pivotal infrastructures in the digital transformation era, consuming up to 50 times more energy than typical commercial spaces. This energy demand positions data centers as key contributors to the U.S.’s overall electricity consumption. Recognizing this, implementing building energy management systems (BEMS) is crucial in mitigating the environmental impact and operational costs associated with data centers. BEMS optimizes cooling systems to prevent equipment overheating, thereby enhancing energy efficiency by leveraging real-time data. Such systems reduce the power usage effectiveness (PUE) ratio, highlighting a move toward more sustainable consumption patterns and ensuring data centers’ operational continuity. Integrating seamlessly with existing infrastructure, BEMS offers a comprehensive approach to energy management, enabling more innovative cooling, efficient power usage, and predictive maintenance. This transition highlights a commitment to environmental responsibility and fosters operational efficiency, setting a new standard for data center operations worldwide.
“Revolutionizing Building Efficiency With Advanced Energy Management Systems Optimized Usage”
In push toward sustainability, building energy management systems (BEMS) stands at the forefront of innovation, integrating sophisticated hardware such as sensors, actuators, controllers, and more to manage and reduce energy consumption in buildings meticulously. These systems work in concert to monitor environmental conditions and adjust heating, ventilation, and air conditioning (HVAC) settings in real time, leading to significant energy savings. BEMS provides valuable data that helps identify savings opportunities, while networking tools ensure seamless communication between devices by precisely tracking energy flow through meters. Servers process vast amounts of data, enabling detailed analysis and actionable insights to refine energy use further. Additionally, comprehensive services, including customized consultations and dedicated support, ensure that each BEMS is tailored to a building’s unique needs, providing efficient operation and extended system longevity. BEMS exemplifies the strategic shift toward more sustainable and operationally excellent building management through the collaborative synergy of hardware, software, and expert services.
Request Analyst Support @ https://www.360iresearch.com/library/intelligence/building-energy-management-systems
“Schneider Electric SE at the Forefront of Building Energy Management Systems Market with a Strong 13.97% Market Share”
The key players in the Building Energy Management Systems Market include Schneider Electric SE, Honeywell International Inc., Azbil Corporation, Emerson Electric Co., Johnson Controls International PLC, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Building Energy Management Systems Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Building Energy Management Systems Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Building Energy Management Systems Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
Ask Question to ThinkMi @ https://app.360iresearch.com/library/intelligence/building-energy-management-systems
“Dive into the Building Energy Management Systems Market Landscape: Explore 180 Pages of Insights, 566 Tables, and 26 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsBuilding Energy Management Systems Market, by ComponentBuilding Energy Management Systems Market, by TypeBuilding Energy Management Systems Market, by ApplicationBuilding Energy Management Systems Market, by Deployment ModeBuilding Energy Management Systems Market, by End-UseAmericas Building Energy Management Systems MarketAsia-Pacific Building Energy Management Systems MarketEurope, Middle East & Africa Building Energy Management Systems MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/building-energy-management-systems
Related Reports:
Home Energy Management System Market – Global Forecast 2024-2030Energy Management System Market – Global Forecast 2024-2030Intelligent Building Automation Technologies Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
Contact 360iResearchMr. Ketan Rohom360iResearch Private Limited,Office No. 519, Nyati Empress,Opposite Phoenix Market City,Vimannagar, Pune, Maharashtra,India – 411014.Email: [email protected]: +1-530-264-8485India: +91-922-607-7550
To learn more, visit 360iresearch.com or follow us on LinkedIn, Twitter, and Facebook.
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Artificial Intelligence

Terra Drone, Unifly, and Aloft Launch UTM Development for AAM Targeting Global Markets

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TOKYO, April 25, 2024 /PRNewswire/ — Terra Drone Corporation, a leading drone and Advanced Air Mobility (AAM) technology provider headquartered in Japan, announced today the launch of joint development with its Group companies Unifly NV (“Unifly”) and Aloft Technologies Inc. (“Aloft”) focused on UAS Traffic Management (UTM) for AAMs targeting global markets. Terra Drone has been making strides in its pioneering UTM business via strategic investments in Unifly, a leading UTM technology provider based in Belgium, and Aloft, which has the top UTM market share in the U.S. This collaboration marks the world’s first-ever joint UTM development for AAMs by multiple companies with extensive track records in UTM implementation and operation.

The three companies pursue joint UTM development to capitalize on the rapid global progress in electric vertical take-off and landing aircrafts (eVTOLs), set to revolutionize transportation. Morgan Stanley forecasts the Urban Air Mobility (UAM) market to reach $1 trillion by 2040 and $9 trillion by 2050 (1), with eVTOLs gaining global recognition through test flights and prototype showcases.
The companies proudly announce initiatives to enhance their existing UTM platforms in anticipation of the surge in eVTOL aircraft and drone activities. The shared vision for the UTM platform is to enable safe and efficient flight operations for eVTOLs and drones in the foreseeable future.
Recognizing the evolving needs of the AAM industry, they are dedicated to extending their platform by incorporating crucial additional functions. These enhancements, designed with automation at their core, aim to streamline operational efficiencies and pave the way for the integration of their increasingly automated UTM technology into the design and operational framework of AAMs. Through these efforts, they aim to set new standards in UTM and to facilitate the seamless integration of eVTOLs and drones into the national airspace, bolstering the potential for the AAM industry.
Through this initiative, they aim to build a global UTM infrastructure that kickstarts the AAM industry worldwide, creating a cohesive ecosystem that supports AAM growth and addresses broader challenges of urban mobility, sustainability, and air traffic safety.
Notes to Editor:
Research by Morgan Stanley in a report titled “eVTOL/Urban Air Mobility TAM Update: A Slow Take-Off, But Sky’s the Limit” https://advisor.morganstanley.com/the-busot-group/documents/field/b/bu/busot-group/Electric%20Vehicles.pdf] 
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