The Solar Electricity Global Market Report 2023 by The Business Research Company, provides solar electricity market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Solar Electricity Global Market Report 2023, the market size will grow from $87.07 billion in 2022 to $106.62 billion in 2023 at a compound annual growth rate (CAGR) of 22.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global solar electricity is expected to grow to $228.59 billion in 2027 at a CAGR of 21.0%.
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.
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The solar electricity market is segmented:
1) By Technology: Photovoltaic Systems, Concentrated Solar Power Systems
2) By Solar Module: Monocrystalline, Polycrystalline , Cadmium Telluride, Amorphous Silicon Cells, Other Solar Modules
3) By End-User: Residential, Commercial, Industrial
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 solar electricity market report table of contents includes:
1. Solar Electricity Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
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26. Solar Electricity Global Market Competitive Landscape
27. Key Mergers And Acquisitions In The Solar Electricity Global Market
28. Solar Electricity Market Opportunities And Strategies
29. Solar Electricity Market Conclusions And Recommendations
30. Appendix
Top Major Players:
- Enel SpA
- Exelon Corp
- Dominion Energy, Inc
- Engie S.A
- Canadian Solar Inc
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