Solar Power Market Size Will Reach USD 293.18 Billion By 2028 |

Pune, India, April 19, 2022 (GLOBE NEWSWIRE) — The world solar power market size was USD 170.55 billion in 2020. According to a report by Fortune Business Insights, the global solar power market is expected to reach USD 293.18 billion by 2028, growing at a CAGR of 6.9% at during the forecast period. Rising demand for rooftop solar panels for commercial and residential applications to fuel the growth of the global solar energy market. The company is focused on increased use of clean energy, which is driving demand for commercial solar power. The blockchain industry uses renewable energy for mining, which increases the demand for solar energy globally.

The economic fallout from the COVID-19 pandemic is affecting many industries and, with major economies suffering an unprecedented contraction, it will take a long time for businesses to return to pre-pandemic growth levels. The growth of the solar energy market is also experiencing considerable setbacks due to supply chain disruptions and delayed projects, driven by social distancing measures and staggered shutdowns. As a result, the market showed a low growth rate in 2020 and reached a value of USD 184.03 billion in 2021.

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Report Highlights:

Report cover Details
Forecast period 2021-2028
Forecast Period 2021 to 2028 CAGR 6.9%
2028 value projection $293.18 billion
Year of reference 2020
Market size in 2020 $170.55 billion
Historical data for 2017-2019
Number of pages 240
Segments Covered By technology, by application
Growth engines Increase research on solar energy storage to drive the market
Incorporation of AI in solar energy management to illuminate market insights

Solar Energy Industry Growth Factors:

Increase research on solar energy storage to drive the market

Solar energy is at the forefront of renewable energy sources, due to its abundant availability and high reliability. With hopeful hearts, scientists are intensely engaged in researching the potential of solar energy to provide sustainable energy to the world and curb 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 halogenated perovskites can help provide the most favorable properties for broader solar energy applications.

Another study conducted by scientists from Linköping University in March 2021 found that solar cell efficiency can be improved by 33% to 40% by exploiting a phenomenon known as singlet fission. The team also solved the problem of energy loss during this process, a discovery that can greatly increase the potential of solar cell technology. This research plays a key role in deepening the presence of solar energy in the production and storage of energy.

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Incorporation of AI in solar energy management to illuminate market insights

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 using the power of AI to optimize solar power plant operations and scale up solar projects. For example, the US Department of Energy (DOE) has deployed IBM’s artificial intelligence software for its SunShot initiative. The software combines cloud information, sensor networks and local weather stations derived from sky cameras and satellite images. In Australia, New Energy Solar announced in March 2019 that it would use advanced predictive technologies at its Manildra solar power plant, in partnership with Canberra-based solar forecasting provider Solcast. The introduction of AI in solar management therefore creates huge opportunities for players in the solar industry.

Analysis of the solar market by region:

Skyrocketing Electricity Demand to Supply Market in Asia-Pacific

Asia-Pacific, with a market size of USD 80.06 billion in 2020, is expected to dominate the solar power market share during the forecast period owing to the increase in electricity demand In the region. The main reason for this is the rapid economic development, mainly in India and China, which creates a huge demand for energy in these countries. Moreover, the ambitious clean energy goals of the countries in this region are also expected to create extremely profitable opportunities for the market in the coming years.

In Europe, key market drivers include the rapid increase in the number of solar farms in the continent, supported by the favorable clean energy policies of the European Union (EU). In the Middle East and Africa, the launch 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). The solar photovoltaic (PV) segment will dominate the global market as the demand for solar photovoltaic installations increases dramatically.
  • Based on 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 Middle East and Africa.

Report Highlights

The report offers a critical examination of each individual market segment, along with a fragmentary analysis of the factors driving and restraining market growth. In addition, the report also incorporates accurate projections of upcoming market trends and opportunities and provides detailed research on regional developments and competitive environment in the market.

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Competitive Landscape:

Expanding into emerging markets will be the primary growth strategy for key players

Major players in the solar energy sector are seizing opportunities to expand their business in booming markets, especially in tropical countries, where sunlight is received for long periods of time. This growth strategy allows companies to broaden their sales horizons, diversify their distribution networks and ultimately strengthen their presence in the global market.

Industry development:

  • October 2020: Total Solar has 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 expected to save 3,340 tonnes of carbon dioxide emissions per year.

List of Key Players Covered in Solar Energy Market Report:

  • Vivaan Solar (India)
  • Nextera Energy Sources LLC (USA)
  • Urja Global Limited (India)
  • SunPower Corporation (USA)
  • Yingli Solar (China)
  • First Solar (US)
  • BrightSource Energy, Inc. (USA)
  • Canadian Solar Inc. (Canada)
  • Azure Power (India)
  • Wuxi Suntech Power Co.Ltd. (China)
  • Acciona Energia SA (Spain)
  • eSolar Inc. (USA)
  • Trina Solar (China)
  • Tata Power Solar Systems Ltd. (India)
  • Abengoa (Spain)
  • Waaree Group (India)

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Global Solar Energy Market Segmentation:

By technology

  • Solar panel
  • Mono B
  • Thin layer
  • Multi-Si
  • Others
  • Concentrated solar power
  • parabolic trough
  • tower of power
  • Linear Fresnel

By app

  • Residential
  • Non-residential
  • Regional outlook

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