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Solar Electricity Global Market Report 2022

Solar Electricity Global Market Report 2022

  • December 2021
  • 250 pages
  • ID: 6193691
  • Format: PDF
  • The Business Research Company

Summary

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., Tata Power Solar, First Solar Inc., Trina Solar Limited, Yingli Solar, ReneSola, Motech Industries Inc., Abengoa Solar S.A., Acciona Energia S.A., Bright source Energy Inc., Esolar Inc., Gintech Energy Corp., Kaneka Corp., Sunpower Corporation, Verengo Inc., RGS Energy, JA Solar, GT Advantage Technologies, Hanwha Q Cells, SolarCity Corporation, JinkoSolar Holding Co. Ltd., Suntech Power Holdings Co. Ltd. and BHEL.

The global solar electricity market is expected to grow from $46.79 in billion 2021 to $57.25 billion in 2022 at a compound annual growth rate (CAGR) of 22.4%. 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 $125.57 billion in 2026 at a CAGR of 21.7%.

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 main types of technologies in solar electric power generation are photovoltaic systems, concentrated solar power systems.A photovoltaic (PV) system is made up of one or more solar panels, an inverter, and other electrical and mechanical components that use the Sun’s radiation to generate power.

The different solar modules include monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, others and is used in various sectors such as residential, commercial, industrial.

Asia Pacific was the largest region in the solar electricity market in 2021.Western Europe was the second largest region in the solar electricity market.

The regions covered in the global solar electricity market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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.

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 July 2021, Mahindra & Mahindra (M&M), an India based automotive manufacturer acquired 31% share in ReNew Sunlight Energy (RSEPL) for $1.6 billion. By acquiring RSEPL shares, M&M will be able to become an exclusive user and use RSEPL’s solar energy. As a result, RSEPL has signed an electrical supply deal with the company. ReNew Sunlight Energy (RSEPL) is an India based solar electric power generation company.

The countries covered in the solar electric power generation market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA and Australia.

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