Press release
Solar Electricity Global Market Analysis, Trends, Growth, Research And Forecast 2033
Solar Electricity Global Market
The solar electricity market size is expected to see rapid growth in the next few years. It will grow to $258.66 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The growth in the forecast period can be attributed to an urge to go green and corporate csr, rising urbanization and technological advancements. Major trends in the forecast period include embracing the adoption of digital technologies and artificial intelligence to revolutionize the solar electricity industry. the adoption of blockchain technology to save time and money and have a real impact in terms of both their profitability and their capacity to influence how our culture consumes renewable energy. solar electricity companies taking aid from the governments in the form of subsidies and schemes are bound to benefit and promote growth in the solar electricity market. implementing solar pairing with storage offers cost synergies, operational efficiencies, and the opportunity to reduce storage capital costs in addition to the solar investment tax credit. also, a new growth path for the solar energy industry can be carved out with the successful implementation of such projects with nascent technologies leading to growth in the solar electricity market..
Market Overview -
Solar electricity refers to renewable energy obtained from sunlight by using the sun's energy either directly as thermal energy or through the use of photovoltaic cells in solar panels and transparent photovoltaic glass to generate 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.
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Government Investments Powering Solar Electricity Market Growth
Rising investments from government organizations have contributed to the growth of the solar electricity market. The market has benefited from increased government spending on advanced solar panel research and development. For instance, in February 2023, according to the International Renewable Energy Agency, a UAE-based intergovernmental organization, in 2022, worldwide investments in energy transition technologies, including energy efficiency, reached a record high of USD 1.3 trillion, marking a 19% increase from 2021 levels. Therefore, rising investments from government organizations in research and development of electricity generation through solar energy drove the solar electricity market.
Competitive Landscape -
Major companies operating in the solar electricity market report are SPIC Solar, Enel SpA, Canadian Solar Inc, Engie, Adani Green Energy Limited, Datang International Power Generation Company Limited, Acciona Energia S.A, Electricite De France SA, Huaneng Power International, Inc., Trina Solar Limited, Waaree Group, Tata Power Solar Systems Ltd., Urja Global Limited, Wuxi Suntech Power Co. Ltd., Azure Power, Vivaan Solar, Ja Solar Holdings Co., Ltd, Aiko Solar, Trina Solar, Zhongli, Suntech, Statkraft As, National Grid Plc, Agder Energi Sa, Ibc Solar Ag, Centrotherm International Ag, Schott Solar Ag, Ecotricity Group Ltd, Lightsource Bp Renewable Energy Investments Limited, Hive Energy, Solaria Energia Y Medio Ambiente Sa, Iberdrola Sa, Cobra Instalaciones Y Servicios Sa, Red Electrica Corporacion Sa, Edf En, Saint Gobain, Wagner Solar, Ekotechnik Czech Sro, Svp Solar Sro, Solar Global As, Solartec Holding As, Photon Energy Nv, Modus Energy, Polski Solar Holding, Renesola Ltd, Sunshine Solar Energy Srl, Amerisolar, Altius-Solar, Nivus Gmbh, Danagroup.Hu, Nextera Energy Inc, Vestas Wind Systems A/S, General Electric Co, M. A. Mortenson Company, First Solar, Inc, Sunpower Corporation, Renewable Energy Systems Ltd, Rosendin Electric Inc, Hanwha Corporation,, 8 Lg Electronics Inc., Inkosolar Holding Co. Ltd, Swinerton Renewable Energy, 8minute Solar Energy, Atlas Renewable Energy, Sonnedix Power Holdings Ltd, Enerwhere Sustainable Energy Dmcc, Acwa Power Barka Saog, Alsa Solar Systems Llc, Benban Solar Project, Kathu Solar Park, Ilanga Concentrated Solar Power 1, Jasper Solar Power Project, Kalkbult Solar Plant, Kaxu Solar One, Lesedi Solar Pv Project
Harnessing Artificial Intelligence For Advancements In The 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 the 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 microgrid controllers and artificial intelligence (AI) is the latest solar energy technology solution that helps to adapt to growing business needs. These technologies continue to evolve to meet the rising needs of the solar industry and the businesses that use them as an energy-efficient source. Additionally, new software developments are helping to shape the future of companies that are applying artificial intelligence and machine learning to solar energy technology. For instance, in 2022, a project in cooperation with Mekorot, Israel's national water company, the Israel Innovation Authority tells NoCamels was announced for testing a floating artificial intelligence (AI) powered solar panel that generates electricity by tracking the sun. This solar photovoltaic (PV) system was developed by Israeli startup Xfloat.
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Key Segments -
The solar electricity market covered in this report 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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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