Global Solar Electricity Market

The biomass electric power generation market consists of sales of electricity generated using biomass and related services for household and commercial purposes. Biomass gasification refers to a process that involves the burning of biomass for the generation of producer gas or syngas for production of electricity. Producer gas is a combustible gas mixture of carbon monoxide, hydrogen, carbon dioxide, methane, and nitrogen. The gasification process uses heat, pressure and partial combustion which takes place when the air supply (o2) is inadequate for the combustion of biomass. The main types of feedstock in biomass electric power generation are solid biomass, biogas, municipal solid waste and liquid biomass. Solid Biomass, also known as feedstock, consists of solid or compacted organic materials in the format of pellets which discharge stored energy through combustion and burning. The different technologies include anaerobic digestion, combustion, co-firing, gasification, landfill gas and is used by various sectors such as households, industrial sector, government sector, others. The global biomass electricity market size is expected to grow from $33.62 in billion 2021 to $36.99 billion in 2022 at a compound annual growth rate (CAGR) of 10%. The growth in the biomass 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 biomass electricity market is expected to reach $52.55 billion in 2026 at a CAGR of 9.2%. The increasing government support through various government subsidies and policies drives the growth of the biomass electric power generation market. Due to the growing concerns about climate change and rising levels of greenhouse gases in the atmosphere resulting from the burning of fossil fuels such as coal and oil, new government policies are being framed to encourage sustainable power generation. For instance, In India, the Ministry of new and renewable energy under its National Biogas and Manure Management Programme (NBMMP) provides subsidies for setting up a family type biogas plants mainly for rural and semi-urban/households. The programme is implemented by the State Nodal Departments/State Nodal Agencies and Khadi and Village Industries Commission (KVIC), Biogas Development and Training Centers (BDTCs) and involves subsidies up to Rs.17,000 ($230) for setting up biogas plants. The growing competition from alternative energy sources such as solar, wind, geothermal is expected to limit the biomass electric power generation market. Unlike, wind power plants, biogas plants are affected by cold climates. The digesters in a biogas plant requires heat energy to maintain a constant biogas supply. The optimal temperature for bacteria to digest the waste product is around 37°C.In temperatures below 37°C, the digesters require additional heat energy to maintain a constant biogas supply. Also, the solar and wind energy plants use raw resources which are available in abundance whereas biogas production is only possible in rural areas where raw materials such as agricultural waste, manure, green waste or food waste are in constant supply. Thus, the popularity and ease of maintaining alternative energy sources such as solar, wind, geothermal restraints the growth of the biomass electric power generation market. The companies in the biomass electric power generation market are developing new methods to produce electric power through new hybrid biogas plants by combining biogas with other forms of renewable energy sources such as solar energy. The combination of solar energy with biogas reduces the operating cost and efforts required to deal with the waste products from the farms. Following the trend, U.K based Bioplex and Controllis, in 2019, together developed an onsite-electric power generator system including a high output system to convert grass, animal and food waste into biogas, biogas powered 12kW DC Genset generator, solar power arrays, battery bank and 75kW AC Mains Inverters. This onsite-electric power generator system also provides cloud-based remote management and data analytics to optimize system performance. The system generates electricity more efficiently than conventional biogas power plants as the production of electricity is supported by solar energy when biogas is not available. The generation of electric power by using a mix of solar power and biogas forms the latest trend in the biomass electric power generation market. In 2019, Prospect Co., Ltd., a Japanese seller of condominiums and owner of few solar power generation facilities, acquired an aggregate of 18,000 common shares of Pinnacle Renewable Energy Inc. Through the acquisition, Prospect owns and controls an aggregate of 3,348,600 Common Shares and plans to use the acquired common shares for further investment strategy. Pinnacle Renewable Energy Inc. is a Canada based manufacturer and distributor of industrial wood pellets, which are used by large-scale thermal power generators as to produce reliable baseload renewable power. Major players in the biomass electricity market are Enviva, Pinnacle Renewable Energy Group, Pacific BioEnergy Corporation, Acciona Sa, Dong Energy A/S, Acciona Sa, Ameresco Inc., E.On Se, Graanul Invest Group, RWE Innogy, Lignetics, Orsted A/S, Oulun Energia Oy, NTPC, Skive Fiernvarme, and Babcock & Wilcox Enterprises Inc. Western Europe was the largest region in the biomass electricity market in 2021. Asia pacific was the second largest region in the biomass electricity market. The regions covered in the biomass electricity market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the global biomass electricity market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The global biomass electricity market is segmented - 1) By Feedstock: Solid Biomass, Biogas, Municipal Solid Waste, Liquid Biomass 2) By End-User: Households, Industrial Sectors, Government Sectors, Others 3) By Technology: Anaerobic Digestion, Combustion, Co-Firing, Gasification, Landfill Gas.

The fossil fuel electric power generation market consists of sales of fossil fuel electric power and related services that convert fossil fuels into electrical energy and operate electric power generation facilities. The fossil fuel electric power generation industry includes establishments that produce electricity through the use of fossil fuels such as coal, oil and natural gas as energy sources. Fossil fuels are buried combustible geologic deposits of organic materials, formed from decayed plants and animals that have been converted to crude oil, coal, natural gas, or heavy oils by exposure to heat and pressure in the earth's crust. The main types of fuel in fossil fuel electric power generation are coal, oil and natural gas. Coal is a flammable black or brownish-black sedimentary rock that is found in the form of coal seams. Coal is referred to as a fossil fuel because it is generated from once-living plants. The different sectors include residential, commercial and industrial. The global fossil fuel electricity market size is expected to grow from $997.10 in billion 2021 to $1,066.54 billion in 2022 at a compound annual growth rate (CAGR) of 7%. The growth in the fossil fuel 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 fossil fuel electricity market is expected to reach $1,348.44 billion in 2026 at a CAGR of 6%. The growing demand for electricity is expected to be a key driver of the fossil fuel electric power generation market in the forecast period. This can be attributed to growing economies, rising population, especially in developing countries such as China, India, Brazil, and some African countries. According to the International Energy Agency (2019), global electricity demand rises at 2.1% per year to 2040, twice the rate of primary energy demand. This raises electricity’s share in total final power consumption from 19% in 2018 to 24% in 2040. China and India will account for a major portion of this growth. According to the government data, India's energy consumption increased 13.38 percent to 110.94 billion units (BU) in October 2020, mainly driven by buoyancy in industrial and commercial activities. Furthermore, the global household appliances market is expected to grow to $396.2 billion by 2022, supporting the demand for electricity and driving the fossil fuel electric power generation market going forward. Governments globally are implementing regulations to reduce fossil fuel electric power generation due to rising environmental concerns. Fossil fuel power plants are major sources of toxic pollutants such as mercury, sulfur dioxide, and carbon emissions. Power generation accounts for about 40% of carbon emissions produced by the energy sector, or 25% of global greenhouse gas emissions. Regulatory bodies are enforcing stringent regulations on thermal power generation to control harmful effects on the environment. Regulations such as these are expected to increase the costs of procuring cheaper fossil fuel-based power, acting as a restraint on the fossil fuel electric power generation market. Governments globally are increasingly supporting the adoption of carbon capture and storage (CCS) technology across industries including power generation. CCS withholds up to 90% of the carbon dioxide emissions produced by burning fossil fuels from entering the atmosphere. In CCS, carbon dioxide is first isolated from gases produced in power generation. It is then transported to be stored safely. The ADM Illinois Industrial Carbon Capture & Storage (ICCS) Project, For instance, isolate carbon dioxide from an ethanol manufacturing facility and stores it in a nearby deep saline formation, storing an estimated 1.1 million tons of carbon dioxide a year. In August 2021, ArcLight Capital Partners, LLC, a US based company that focuses on energy infrastructure investments acquired 6,750 MW fossil-fuel plant portfolio of Public Service Enterprise Group (PSEG) for $1.92 billion. This acquisition is part of ArcLight Capital Partners LLC's growth into a clean energy infrastructure firm which will help them achieve their goal of a low-carbon economy. Public Service Enterprise Group (PSEG) is a US based electric services company that offers fossil fuel electric power generation. Major players in the fossil fuel electricity market are Iberdrola, SA, Huaneng Power International, Inc, Engie SA, Enel SpA, State Power Investment Corporation Limited., AGL Energy Limited, Origin Energy Limited, EnergyAustralia Holdings Limited, Stanwell Corporation Limited, American Electric Power, Duke Energy, Southern Company, China Energy, China Power, NTPC, SSE, and Tokyo Electric Power Company. The regions covered in the fossil fuel electricity market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fossil fuel electricity market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The global fossil fuel electricity market is segmented - 1) By Fuel Type: Coal, Oil, Natural Gas 2) By End-User: Residential, Commercial, Industrial

The geothermal electric power generation market consists of sales of geothermal electric power and related services. Geothermal energy is derived using the Earth's internal heat energy to generate steam through a series of wells and is fed to the power plant to generate electricity. The global geothermal electricity market size is expected to grow from $5.53 in billion 2021 to $6.06 billion in 2022 at a compound annual growth rate (CAGR) of 9.6%. The growth in the geothermal 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 geothermal electricity market is expected to reach $8.46 billion in 2026 at a CAGR of 8.7%. The geothermal electric power generation market covered in this report is segmented by type into back pressure, binary, double flash, dry steam, single flash, and triple flash. It is also segmented by end-user into dry steam power stations, flash steam power stations and binary cycle power station. The geothermal electric power generation market is being financially supported by governments globally. The government provides grants and other support to stimulate sustainable form of energy. For instance, in 2019, the U.S. Department of Energy (DOE) announced its contribution of $2 million in Geothermica to support the advance geothermal research and development. Geothermica is a transnational consortium that combines financial resources and research expertise to promote and support novel concepts, uses of geothermal energy in countries over EU (European Union). Formation of such consortium coupled with financial support by the government agencies promotes the growth of geothermal electric power market. The environmental consequences caused by drilling Earth’s surface for geothermal electric power generation restricts the growth of geothermal electric power generation market. Geothermal system involves forcing the pathways for earth's trapped heat to reach the surface to generate power and creates fractures on the earth’s surface. The construction of a geo thermal electric power plant makes the surface uneven and more vulnerable to earthquakes. Other concerns regarding geothermal electric power generation includes the potential for surface instability, and sudden sulphur dioxide and silica emissions. For instance, in 2019 an earthquake with a magnitude of 7.1 reported, in California, US, injured dozens and forced the city’s residents into emergency housing. The earthquake was directly linked to the increased geothermal electric power generation in the area using enhanced geothermal system (EGS). It involved drilling deep into the earth and removing water and steam that triggered small earthquakes. The increased risk of earthquakes and other environment related concerns hampers the growth of geothermal electric power generation market. The companies in geothermal electric power generation market are investing in new technologies to make geothermal energy easily accessible to generate electricity and for other heating purposes. The large amount of geothermal energy is extracted only from places where it is easy to access very hot water. However, in countries like the UK and France, the availability of such hot water or hot water steam is very less as compared to places with volcanoes, such as Iceland and Indonesia. Following which companies are investing towards new approaches to make geothermal energy easily extractable and available. For instance, Climeon, a Sweden based company, invented technology that operates in temperatures between 70°C-120°C and uses the temperature differences between hot and cold water to produce electricity. The method, unlike solar and wind power, is continuously available and is not affected by the weather. In 2018, Innergex Renewable Energy Inc., a North America based operator of run-of-river hydroelectric facilities, wind energy, and solar farm, acquired Alterra Power Corp.for $1.1 billion. Through the acquisition Innergex Renewable Energy Inc aims to expand its presence in the USA, Canada, Latin America and Europe markets. The acquisition increases Innergex's generation capacity to 1,609 MW (gross 2,896 MW). Alterra Power Corp. is a Canada based renewable power generation company that develops, owns and operates hydroelectric, wind, solar energy and geothermal projects. Major players in the geothermal electricity market are Calpine Corp, Comision Federal de, Energy Development Corp., Electricadad (CFE) Enel SpA, Chevron Corporation, COMISION FEDERAL DE ELECTRICADAD (CFE), ENEL SPA, U.S. Geothermal Inc., KenGen, Contact Energy, Orkuveita Reykjavikur, Pertamina Geothermal Energy, CalEnergy Generation, Star Energy Ltd, Northern California Power Agency, Terra-Gen, LLC, ORMAT, Aboitiz Power, Calpine Corporation, Mercury, Pertamina Geothermal Energy, Raya Group, and Cyrq Energy. The regions covered in the geothermal electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the geothermal electricity market report are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The global geothermal electricity market is segmented - 1) By Type: Back Pressure, Binary, Double Flash, Dry Steam, Single Flash, Triple Flash 2) By End-User: Dry Steam Power Stations, Flash Steam Power Stations, Binary Cycle Power Station 3) By Application: Residential, Commercial, Industrial, Others

The nuclear electric power generation market consists of sales of nuclear electric power and related services that convert nuclear energy into electrical energy. The nuclear electric power generation industry includes establishments that operate nuclear power plants which use uranium as a fuel to generate electricity. Nuclear power plants use the heat produced during nuclear fission. In nuclear fission, which takes place inside the reactor of a nuclear power plant, atoms are split apart to form smaller atoms, releasing energy. The heat produced in the reactor core during nuclear fission is used to boil water into steam, which converts the blades of a steam turbine. As the turbine blades turn, they drive generators that produce electricity. The electrical energy produced is directly provided to power transmission systems, which are used to move large quantities of power from generating facilities to substations and distribution systems, which are used for short distances, generally to transport electricity to customers locally. The main types of reactors in nuclear electric power generation are pressurized water reactors (PWR), fast breeder reactor (FBR), pressurized heavy-water reactor (PHWR), boiling water reactor (BWR), light water graphite reactor (LWGR), gas-cooled reactor (GCR). The pressurised water reactor (PWR) is a form of nuclear reactor that generates energy while also propelling nuclear submarines and navy vessels. The different technologies include generation I, generation ii, generation III, generation IV and is used by various sectors such as residential, commercial, industrial. The global nuclear electricity market size is expected to grow from $166.13 in billion 2021 to $179.89 billion in 2022 at a compound annual growth rate (CAGR) of 8.3%. The growth in the nuclear 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 nuclear electricity market is expected to reach $239.17 billion in 2026 at a CAGR of 7.4%. The growing demand for electricity is expected to be a key driver of the nuclear electric power generation market in the forecast period. This can be attributed to growing economies, rising populations, especially in developing countries such as China, India, Brazil, and some African countries. According to the International Energy Agency (2019), global electricity demand rises at 2.1% per year to 2040, twice the rate of primary energy demand. This raises electricity’s share in total final power consumption from 19% in 2018 to 24% in 2040. China and India will account for a major portion of this growth. According to the government data, India's energy consumption increased 13.38 percent to 110.94 billion units (BU) in October 2020, mainly driven by buoyancy in industrial and commercial activities. Furthermore, the global household appliances market is expected to grow to $396.2 billion by 2022 supporting the demand for electricity and driving the nuclear electric power generation market going forward. The power generation industry and the downstream power distribution industries are digitizing their assets, and are increasingly relying on technology. The industry is becoming increasingly vulnerable to rising number of cyber-attacks. For instance, in September 2019, Kudankulam Nuclear Power Plant (KKNPP), which is India’s biggest nuclear power plant and feed India’s southern power grid suffered a cyber-attack in which the nuclear power plant’s administrative network was breached in the attack. Global issues such as energy security, climate change, and electricity demand growth have led to an increase in the use of nuclear energy for power generation. Nuclear technology provides large amounts of power with significantly low carbon emissions. According to the world nuclear association (WNA) 2020, Nuclear energy now provides about 10% of the world's electricity from about 440 power reactors. Around 50 more reactors are under construction, equivalent to around 15% of the existing capacity. In 2019 nuclear plants provided 2657 TWh of electricity, up from 2563 TWh in 2018. New nuclear markets such as Bangladesh, Turkey, and Vietnam are also making progress in the nuclear power generation plant construction. Major players in the nuclear electricity market are EDF Group, Exelon Corp, Duke Energy Corp, Enel SpA and NextEra Energy, Inc. The regions covered in the nuclear electricity market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the nuclear electricity market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The global nuclear electricity market is segmented - 1) By Reactor Type: Pressurized Water Reactors (PWR), Fast Breeder Reactor (FBR), Pressurized Heavy-Water Reactor (PHWR), Boiling Water Reactor (BWR), Light Water Graphite Reactor (LWGR), Gas-Cooled Reactor (GCR) 2) By End-User: Residential, Commercial, Industrial 3) By Technology: Generation I, Generation II, Generation III, Generation IV

The power generation market consists of sales of electric power by entities (organizations, sole traders and partnerships) that operate electric power generation facilities. These facilities generate electric power using various forms of energy, such as fossil fuels, nuclear, solar, wind and water. The establishments in this industry produce electrical energy and provide electricity to electric power transmission and distribution systems. The main types of power generation are hydroelectricity, fossil fuel electricity, nuclear electricity, solar electricity, wind electricity, geothermal electricity, biomass electricity, and other electricity. Hydro electricity, also known as hydroelectric power or hydroelectric energy, is a type of energy that generates electricity by harnessing the power of moving water, such as water running over a waterfall. The power generation energy is sourced from conventional/non-renewable sources and renewable sources. The different types of grids include off grid, on grid is used by residential, commercial, and industrial sectors. The global power generation market size is expected to grow from $1,614.03 billion in 2021 to $1,763.21 billion in 2022 at a compound annual growth rate (CAGR) of 9.2%.The growth in the power generation 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 power generation market is expected to reach $2,462.37 billion in 2026 at a CAGR of 8.7%. The increasing applications of electricity in the transportation industry are expected to increase the demand for electricity, driving the power generation market. The electrification of railways in underdeveloped and developing countries, the setting up of public transportation networks such as rapid metro transit systems, and the increasing use of electric vehicles in developed countries will create significant opportunities for power generation companies in the market. For instance, to attain net-zero carbon emissions, Network Rail estimates that 13,000 single track kilometers – or about 450km per year – of the track will need to be electrified by 2050 in the UK and around 251 kilometers were electrified between 2019 and 2020. According to the Edison Electric Institute (EEI), the annual electric vehicle sales in the USA are expected to surpass 1.2 million by 2025. Electric vehicles are expected to account for 9% of the global electricity demand by 2050. The outbreak of Coronavirus disease (COVID-19) has acted as a significant restraint on the power generation market in 2020 as demand for utility services from industrial and commercial establishments decreased due to trade restrictions and lockdowns imposed by governments globally. Many manufacturing facilities globally halted operations to contain the spread of virus among its workforce, thereby limiting the need for utility services such as electricity and wastewater treatment. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of lockdown and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the power generation market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy Electric power generation companies are using batteries to store solar energy during daylight hours. The energy-storage sites consist of large lithium-ion batteries. Storage of energy in batteries is also getting prominent in other types of power generation. These batteries store enough energy to serve as a backup in case of power shortage due to disruptions in fuel supply. They are designed to absorb solar power and feed it back to the grid. These systems minimize the need for capital intensive power generation plants, enhance transmission and distribution efficiencies, and reduce operational costs. By 2025, the World Bank Group aims to fund 17.5 gigawatt hours (GWh) of battery storage, more than tripling the current 4-5 GWh installed across all developing nations. Major companies in the power generation market include Enel SpA, Electricite De France SA, State Power Investment Corporation, E.ON SE, Engie, Huaneng Power International, Inc., Exelon Corp, Endesa SA, Datang International Power Generation Company Limited, and Inter RAO UES. Asia Pacific was the largest region in the power generation market in 2021. Western Europe was the second largest region in the power generation market. The regions covered in the power generation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the power generation market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam. The global power generation market is segmented - 1) By Type: Hydro Electricity, Fossil Fuel Electricity, Nuclear Electricity, Solar Electricity, Wind Electricity, Geothermal Electricity, Biomass Electricity, Other Electricity 2) By End-User: Residential, Commercial, Industrial 3) By Sources Of Energy: Conventional/Non-Renewable Source, Renewable Source 4) By Type of Grid: Off Grid, On Grid

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. The main types of technologies in solar electric power generation are photovoltaic systems, concentrated solar power systems. A photovoltaic (PV) system is made up of one or more solar panels, an inverter, and other electrical and mechanical components that use the Sun’s radiation to generate power. The different solar modules include monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, others and is used in various sectors such as residential, commercial, industrial. 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%. Rising investments from government organizations contributed to the growth of the solar electric power generation market. The market has enhanced from increased government spending on advanced solar panel research and development. For instance, according to the world economic forum (WEF) 2020, global investment into renewable energy reached $282.2 billion last year. Rising investments from government organizations in research and development of electricity generation through solar energy drove the market. The decline in economic growth is expected to limit the growth of the solar electric power generation market. Decrease in investments due to economic slowdown led to a decrease in the solar power installations. This is adversely affecting the market growth in several parts of the world. For instance, the economic crisis in Europe has prompted previously supportive European governments to decrease solar energy subsidies. Another such instance is in India, in 2019, where slowing economic growth and subsequent lack of investments are impacting the renewable energy sector, including the solar sector. The Indian 'Ministry of New & Renewable Energy' (MNRE) had set a target of 8.5 gigawatts of solar installations for the (2019-2020) financial year of which the sector installed only 3.5 gigawatts of solar installations until October 2019, representing 41% of the planned deployment per year. The economic slowdown decreases the investments thereby impacting the market negatively. 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. In July 2021, Mahindra & Mahindra (M&M), an India based automotive manufacturer acquired 31% share in ReNew Sunlight Energy (RSEPL) for $1.6 billion. By acquiring RSEPL shares, M&M will be able to become an exclusive user and use RSEPL's solar energy. As a result, RSEPL has signed an electrical supply deal with the company. ReNew Sunlight Energy (RSEPL) is an India based solar electric power generation company. Major players in the solar electricity market are 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. Asia Pacific was the largest region in the solar electricity market in 2021. Western Europe was the second largest region in the solar electricity market. The regions covered in the global solar electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solar electricity market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The global solar electricity market is segmented - 1) By Technology: Photovoltaic Systems, Concentrated Solar Power Systems 2) By Solar Module: Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others 3) By End-User: Residential, Commercial, Industrial

The wind electric power generation market consists of sales of wind power and related services. The wind electric power generation industry includes establishments engaged in producing electricity by using wind turbines. The wind energy is converted to electric power through the rotation of the blades of a rotor (between 10 and 25 rpm), producing kinetic energy, which in turn drives a generator that converts the mechanical energy into 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. This market includes revenues generated from both offshore and onshore wind turbines. The main connectivity types in wind electric power generation market are on-grid and off-grid. A solar power generation system that is connected to the utility grid is known as an on-grid solar power system. The electricity generated by the system is fed into the grid and used to power various gadgets. The different locations include onshore, offshore and is implemented in industrial, commercial, residential sectors. The global wind electricity market size is expected to grow from $89.66 in billion 2021 to $104.18 billion in 2022 at a compound annual growth rate (CAGR) of 16.2%. The growth in the wind 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 wind electricity market is expected to reach $184.97 billion in 2026 at a CAGR of 15.4%. Growing investments in the clean energy sector is contributing to the growth of the wind electric power generation market. Clean energy is an energy derived from renewable, zero-emissions sources, that does not pollute the environment. Solar, hydro, and wind energy are the primary sources of clean energy. For instance, in 2020, according to 'Africa Business Communities', UK invested over $66.7 million (£50 million) into clean energy projects in Africa. The UK government invested in advanced, clean technology and is partnering with African countries to develop sustainable energy sources to meet the African energy demand which is set to increase by 60% by 2040. Growing investments in the clean energy sector to meet the energy demand is driving the wind electric power generation market. Weather conditions have always been a major challenge in the wind electric power generation market. Weather change is related to most extreme weather conditions, from around the globe. For instance, in 2019, in India, according to a new study by the Harvard John A. Paulson School of Engineering and Applied Sciences (SEAS) and the Harvard China Project, warming of Indian Ocean, triggered by global climate change, will cause a slow decline in wind power output in India. The study also states Indian monsoon is weakening, leading to a steady decline in wind power. As a result, over the past 40 years, the potential production of electricity has fallen by 13%. Adverse weather conditions has a negative impact on wind electric power generation resulting in decline of wind power. The hybrid wind-hydro power generation systems has emerged as a key trend in the wind electric power generation market. Hybrid wind-hydro power generation systems generate electricity by combining wind turbines and pumped storage. Using these systems, electric power from wind energy is generated around the clock and electric power from water movement is generated when the water that flows down from the reservoirs. When there is surplus energy, the additional water is pumped back to the reservoirs, acting as a large-scale battery. Due to the simultaneous work of wind turbines and hydro turbines, there is a continuous supply of electricity from the plant. For instance, in 2020, India introduced a 30 GW hybrid solar, wind power project in Kutch district. By 2022, the country intends to increase renewable energy capacity to 175 GW, and by 2030, to 450 GW. Power generation companies should consider embracing the hybrid wind-hydro turbine model to improve the electricity generation outputs. In July 2021, Mahindra & Mahindra (M&M), an India based automotive manufacturer acquired 31% share in ReNew Sunlight Energy (RSEPL) for $1.6 billion. By acquiring RSEPL shares, M&M will be able to become an exclusive user and use RSEPL's solar energy. As a result, RSEPL has signed an electrical supply deal with the company. ReNew Sunlight Energy (RSEPL) is an India based wind electric power generation company. Major players in the wind electricity market are Ming Yang Smart Energy Group Ltd., NextEra Energy Resources, LLC, Pacific Hydro Pty Ltd., Shell WindEnergy, Inc., TransAlta Corporation, Xinjiang GoldWind Science & Technology Co., Ltd., Berkshire Hathaway Energy, Pattern Energy, IBERDROLA Renewables, EON Climate & Renewables, Alstom, ABO-Wind, Vattenfall, A2 Sea, Tradewind Energy, Geronimo, ReGen Powertech, Leitwind, Doosan Heavy Industries & Construction, Northland Power Inc., Duke Energy Corporation, Electricité de France S.A., American Electric Power (USA), Orsted A/S, DeWind Inc., Dongfang Electric Corporation Limited, Enel Green Power S.p.A., Wind World (India) Limited, Eurus Energy Holdings Corporation, and Guodian United Power Technology Company Limited. Asia Pacific was the largest region in the wind electricity market in 2021. Western Europe was the second largest region in the wind electricity market. The regions covered in the wind electricity market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the wind electricity market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia. The global wind electricity market is segmented - 1) By Connectivity: On-Grid, Off-Grid 2) By End-User: Industrial, Commercial, Residential 3) By Location: Onshore, Offshore

The hydrogen market consists of sales of hydrogen and its related services for industrial and other purposes. Hydrogen is produced as a by-product of industrial chlorine production by electrolysis. Although it requires expensive technologies, hydrogen can be cooled, compressed, and purified for use in other processes on-site or sold to a customer via pipeline, cylinders, or trucks. The mode of distribution of the hydrogen in the pipeline, high-pressure tube trailers, cylinders. The pipeline is a line of pipe with pumps, valves, and control devices for conveying liquids, gases, or finely divided solids. The applications involved are a chemical, refinery, metal processing, and other applications. The various end-users are chemicals, aerospace and automotive, energy, refining, glass, welding, metal fabrication, and other end-users. The global hydrogen market size is expected to grow from $11.29 billion in 2021 to $13.52 billion in 2022 at a compound annual growth rate (CAGR) of 19.7%. The global hydrogen market size is expected to grow to $26.66 billion in 2026 at a CAGR of 18.5%. New developments are taking place in healthcare with increasing emphasis on a healthier, better quality of life. Industrial gases such as hydrogen are being prepared for clinical use in pharmaceutical-based products. Hospitals such as St. Francis and VA Loma Linda have already an installed capacity of hydrogen plants for the power generation process. Treatments and drug developments using induced pluripotent stem cells (IPS) will bring new added value to the industry through the application of systems using gases. This is indispensable for the cultivation and preservation of cells and tissues and is driving the demand for high-grade industrial gases. During the forecast period, high transportation and storage costs of hydrogen are expected to restrain the hydrogen market. Hydrogen is not just the smallest element on earth, it is also the lightest—as a point of comparison, the mass of one gallon of gasoline is approximately 2.75 kgs whereas one gallon of hydrogen has a mass of only 0.00075 kg (at 1 atm pressure and 0°C). In order to transport large amounts of hydrogen, it must be either pressurized and delivered as a compressed gas, or liquefied. Where the hydrogen is produced can have a big impact on the cost and best method of delivery and its broad flammability range relative to hydrocarbons. Hydrogen is transported from the point of production to the point of use via pipeline, over the road in cryogenic liquid tanker trucks or gaseous tube trailers, or by rail or barge. These factors are expected to have a negative impact on the hydrogen market. Hydrogen manufacturing companies have started adopting technology of manufacturing hydrogen from sewage. Hydrogen gas can be manufactured from sewage sludge for use in the chemicals, fertilizers, transportation, and manufacturing industries. In this process, the weight of the sewage sludge is reduced by means of dehydration followed by incineration, melting, composting, and drying. This process can be used to produce hydrogen on a large scale for supply to the manufacturing and transportation industries. Companies such as Fuel Cell Energy and Graforce Hydro are investing in this technology. Los Angeles Fuel Cell Energy Inc. is one of the hydrogen manufacturers which operates the world’s largest “tri-generation plant” that converts sewage into electrical power and renewable hydrogen for transportation fuel. In September 2019, Cummins, a US-based company that designs, manufactures, and distributes engines, filtration, and power generation products acquired Hydrogenics for an undisclosed amount. This acquisition of Hydrogenics will strengthen Cummins’ fuel cell capabilities. Hydrogenics is a Canada-based developer and manufacturer of hydrogen generation and fuel cell products. Major players in the hydrogen market are Praxair, Inc, Air Liquide S.A, Air Products and Chemicals, Inc, INOX Air Products Ltd, Iwatani Corporation, Hydrogenics Corporation, Linde AG, Messer Group GmbH, Nuvera Fuel Cells, and Taiyo Nippon Sanso Corporation. Asia Pacific was the largest region in the hydrogen market in 2021. North America was the second-largest region in the global hydrogen market. The regions covered in the global hydrogen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the hydrogen market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia. The global hydrogen market is segmented - 1) By Mode of Distribution: Pipeline, High-Pressure Tube Trailers, Cylinders 2) By Application: Chemical, Refinery, Metal Processing, Others 3) By End-User: Chemicals, Aerospace and Automotive, Energy, Refining, Glass, Welding and Metal Fabrication, Others