Dublin, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The "Solar Electricity Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.
The global solar electricity market reached a value of nearly $57,253.3 million in 2021, having grown at a compound annual growth rate (CAGR) of 11.1% since 2016, and is expected to grow at a CAGR of 21.8% to nearly $125,572.3 million by 2026. Also, the market is expected to grow to $ 357,159.4 million in 2031 at a CAGR of 23.3%.
Growth in the historic period resulted from strong economic growth in emerging markets, high cost of diesel power, initiatives by companies to promote solar electricity, and a rise in research and development (R&D) investments. Factors that negatively affected growth in the historic period were slow adoption rate, lack of clarity in rooftop solar policies, cost of power, and lack of implementation of incentives and net metering subsidy implementation.
Going forward, an urge to go green and corporate CSR, rising urbanization and technological advancements are expected to drive the market. Factors that could hinder the growth of the solar electricity market in the future include impact of COVID-19 and delaying projects under construction.
Asia Pacific was the largest region in the solar electricity market, accounting for 47.0% of the global market in 2021. It was followed by Western Europe, North America, and the other regions. Going forward, the fastest growing regions in the solar electricity market will be South America, and Middle East, where growth will be at CAGRs of 27.3% and 26.6% respectively from 2021-2026.
Market Trends
- Increasing Usage Of Digitization And Artificial Intelligence
- Adoption Of Blockchain Technology
- Supportive Government Initiatives
- Improvement In Solar Storage Solutions
- Rise Of Floating Solar Photovoltaics
Scope:
Markets Covered:
- 1) By Technology: Photovoltaic Systems; Concentrated Solar Power Systems
- 2) By Solar Module: Monocrystalline; Polycrystalline; Cadmium Telluride; Amorphous Silicon Cells; Others
- 3) By End User: Residential; Commercial
Scope:
Markets Covered:
- 1) By Technology: Photovoltaic Systems; Concentrated Solar Power Systems
- 2) By Solar Module: Monocrystalline; Polycrystalline; Cadmium Telluride; Amorphous Silicon Cells; Others
- 3) By End User: Residential; Commercial
Key Topics Covered:
1. Solar Electricity Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction
7. Solar Electricity Market Characteristics
8. Solar Electricity Market Trends and Strategies
9. Impact Of COVID-19 On Solar Electricity Market
10. Global Solar Electricity Market Size And Growth
11. Global Solar Electricity Market Segmentation
12. Solar Electricity Market, Regional And Country Analysis
13. Asia-Pacific Solar Electricity Market
14. Western Europe Solar Electricity Market
15. Eastern Europe Solar Electricity Market
16. North America Solar Electricity Market
17. South America Solar Electricity Market
18. Middle East Solar Electricity Market
19. Africa Solar Electricity Market
20. Solar Electricity Global Market Competitive Landscape
21. Key Mergers And Acquisitions In The Solar Electricity Global Market
22. Solar Electricity Market Opportunities And Strategies
23. Solar Electricity Market Conclusions And Recommendations
24. Appendix
Companies Mentioned
- SPIC Solar
- Enel SpA
- Canadian Solar Inc.
- Engie
- Adani Green Energy Limited
For more information about this report visit https://www.researchandmarkets.com/r/e79b6x
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