How Global Solar Electricity Market Players Should Strategize For 2022-2031

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%.

What is the Global Solar Electricity Market?

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.

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What drives 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.

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Global Solar Electricity Market Segments
The global solar electricity market is 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 regions covered in the solar electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia Pacific accounts for the largest share in the global solar electricity market.

Solar Electricity Global Market Report 2022provides market size and growth forecasts for the global solar electricity market, global solar electricity market share, solar electricity market segments and geographies, solar electricity market competitive landscape including 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.

Global Solar Electricity Industry Playersinclude 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. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.