Global Solar Power Market Volume Sruge to $38 bln, in 2021

Rising investments from government organizations contributed to the growth of the solar electric power generation market has enhanced, because of increased government spending on advanced solar panel research and development, according to a report by the Business Research Company.
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.
The report showed that the global solar electricity market is expected to grow from $34.18 billion in 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%, according to the report.
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.
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.
Major players in the market are Enel SpA, Exelon Corp., Dominion Energy, Inc, Engie S.A, Canadian Solar Inc., Sharp Corporation and many others.
The solar power market report covers the forecast size and growth of the entire market, solar power market segments, geographical regions, solar power market trends, solar power market drivers, revenue of major competitors, industry general features, and market shares of producing companies.