Global Solar Electricity Market Report 2022
New York, December 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Solar Electricity Global Market Report 2022″ – https://www.reportlinker.com/p06193691/?utm_source=GNW
Ltd., Tata Power Solar, First Solar Inc., Trina Solar Limited, Yingli Solar, ReneSola, Motech Industries Inc., Abengoa Solar SA, Acciona Energia SA, 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 billion in 2021 to $ 57.25 billion in 2022 at a compound annual growth rate (CAGR) of 22.4%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities which resulted in operational challenges. The market is expected to reach $ 125.57 billion in 2026 at a CAGR of 21.7%.
The market for solar power generation consists of the sale of solar power and related services. It is used in various forms to meet the electricity needs of homes or businesses.
The solar power generation industry includes companies that operate facilities that generate electricity from solar energy. Electricity from solar energy is produced by converting solar energy into photovoltaic (PV) cells, which generate voltage and current across their terminals when exposed to the sun. .
The generated electricity is then supplied to power transmission systems, which are used to deliver large amounts of electricity from generation facilities to substations, and to distribution systems, which are used over short distances to transport electricity to customers locally.
The main types of solar power generation technologies are photovoltaic systems, concentrating 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 solar radiation to generate energy.
The different solar modules include monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, others cells and are 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 by the global solar electricity market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and ‘Africa.
The increasing investments of government organizations have contributed to the growth of the solar power generation market. The market has improved with increased government spending on research and development of advanced solar panels.
For example, according to the World Economic Forum (WEF) 2020, global investment in renewable energy reached $ 282.2 billion last year. Growing investment by government organizations in research and development of solar power generation has boosted the market.
Artificial intelligence is increasingly used to meet the growing demands of the solar energy market. Artificial intelligence is the machinery simulating the processes of human intelligence, especially computer systems.
Expert systems, natural language processing (NLP), speech recognition, and machine vision are common applications of AI. The use of machine learning through micro-grid controllers and artificial intelligence (AI) are the latest solar energy technology solutions that help adapt as the business grows. Needs.
These technologies continue to evolve to meet the growing needs of the solar industry and companies are using it as a source of high energy efficiency. Additionally, new software developments are helping to shape the future of companies that apply artificial intelligence and machine learning to solar power. Technology.
For example, in 2019 in India, the National Institution for Transformation of India (NITI Aayog), released a National Artificial Intelligence Strategy, which recognized artificial intelligence (AI) as a technology that the countries could use to adopt renewable energy in a cost-effective manner and increase the efficiency of existing solar energy sources. This can be used to charge batteries on a large scale and to meet energy demand.
The decline in economic growth is expected to limit the growth of the solar power generation market. The decrease in investments due to the economic downturn has resulted in a decrease in solar energy installations.
This negatively affects the growth of the market in several parts of the world. For example, the economic crisis in Europe prompted previously favorable European governments to cut subsidies for solar energy.
Another example is India, in 2019, where slowing economic growth and the resulting lack of investment is 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 fiscal year (2019-2020) of which the sector only installed 3.5 gigawatts of solar installations. solar cells until October 2019, representing 41% of the planned deployment per year. The economic slowdown reduces investments, thus negatively impacting the market.
In July 2021, Mahindra & Mahindra (M&M), an India-based automaker, acquired a 31% stake 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 the solar energy of RSEPL. As a result, RSEPL signed an electricity supply agreement with the company. ReNew Sunlight Energy (RSEPL) is an Indian solar power generation company.
The countries covered by the solar power generation market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, United Kingdom , the United States and Australia.
Read the full report: https://www.reportlinker.com/p06193691/?utm_source=GNW
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