Press release
Solar Electricity Global Market Size, Share, Emerging Trends, Growth Drivers, Analysis, Report and Forecast 2024-2033 | SPIC Solar, Enel SpA, Canadian Solar Inc., Azure Power, Vivaan Solar
Solar Electricity Global Market
The Business Research Company offers in-depth market insights through Solar Electricity Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The solar electricity market size has grown exponentially in recent years. It will grow from $105.91 billion in 2023 to $129.09 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to strong economic growth in emerging markets, high cost of diesel power, initiatives by companies to promote solar electricity, and a rise in research and development (r&d) investments.
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..
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Market Segmentation:
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
Major Driver - 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
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Top Trend - 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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Solar Electricity Market Characteristics
3. Solar Electricity Market Trends And Strategies
4. Solar Electricity Market - Macro Economic Scenario
5. Solar Electricity Market Size And Growth
…..
27. Solar Electricity Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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