Global Solar Electricity Market Trends And Strategies Of Major Players In The Solar Electricity Market 2021-2030

14 Sep, 2021

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 Size And Drivers:

The global solar electricity market 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 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 market is expected to reach $58.64 billion in 2025 at a CAGR of 12%. Rising investments from government organizations contributed to the growth of the solar electric power generation market.

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Trends In The Global Solar Electricity Market

Artificial intelligence is being used increasingly to meet the rising demands of the solar power market. 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. For instance, in 2019, in India, the National Institution for Transforming India (NITI Aayog), released a National Artificial Intelligence Strategy, which recognized artificial intelligence (AI) as one technology that the country could use to adopt renewable energy in a cost-effective manner and increase the efficiency of existing solar power sources. This can be used in charging large scale batteries and to meet on-demand power.

Global Solar Electricity Market Segments:
The global solar electricity market is further segmented –
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 global solar electricity market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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Solar Electricity Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides solar electricity market overviews, analyzes and forecasts market size and growth for the global solar electricity market, solar electricity market share, solar electricity market players, solar electricity market segments and geographies, solar electricity market’s leading competitors’ revenues, profiles and market shares. The solar electricity market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.