Pune, India, July 06, 2021 (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, 2021-2028”.
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.
Highlights of the Report
The Solar Power Market report offers a critical examination of each individual market segment, along with a piecemeal analysis of the factors driving and restraining the market growth. Further, the report also incorporates accurate projections of upcoming trends and opportunities in the market and delivers detailed research into the regional developments and competitive environment of the market.
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COVID-19 Impact
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 industry 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.
Market Segmentation
Based on technology, this Solar Power Market Share 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.
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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 industry 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.
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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.
Industry Development:
- October 2020: 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.
List of Key Players Covered in this 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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Detailed Table of Content:
- Introduction
- 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
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- Solar PV
- Mono-Si
- Thin Film
- Multi-Si
- Others
- Concentrated Solar Power
- Parabolic Trough
- Power Tower
- Linear Fresnel
- Solar PV
- Market Analysis, Insights and Forecast – By Application
- Residential
- Non-residential
- Utility
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Solar Power Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- Solar PV
- Mono-Si
- Thin Film
- Multi-Si
- Others
- Concentrated Solar Power
- Parabolic Trough
- Power Tower
- Linear Fresnel
- Solar PV
- Solar Power Market Insight Analysis, Insights and Forecast – By Application
- Residential
- Non-residential
- Utility
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
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