1. Market Research
  2. > Energy & Environment
  3. > Energy
  4. > Renewable Energy
  5. > Solar Energy Market Trends
Solar Electricity Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Solar Electricity Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6072040
  • Format: PDF
  • The Business Research Company


Table of Contents

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. and Tata Power Solar.

The global solar electricity market is expected to grow from $34.18 in billion 2020 to $37.53 billion in 2021 at a compound annual growth rate (CAGR) of 9.8%. The growth 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 market is expected to reach $58.64 billion in 2025 at a CAGR of 12%.

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 solar electric power generation market covered in this report is segmented by technology into photovoltaic systems, concentrated solar power systems. It is also segmented by solar module into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, others and by end-user: residential, commercial and industrial.

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.

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.

In November 2018, Natural Generation Ltd, a UK-based power generation company specialized in wind turbines and solar farms, acquired Northern Power Systems for an undisclosed amount.This acquisition helped Natural Generation Ltd expand its generation capacity and adds assets in the form of solar and wind farms.

Northern Power Systems, Inc. is a USA-based company that specializes in manufacturing power generation and energy storage solutions including turbines, with operations in the UK.

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.

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Ahmad helps you find the right report:

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers


Reportlinker.com © Copyright 2021. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on