Pune, India, Jan. 25, 2022 (GLOBE NEWSWIRE) -- The global solar power market size is projected to reach USD 293.18 billion by 2028, exhibiting a CAGR of 6.9% during the forecast period. The market’s value stood at USD 170.55 billion in 2020, according to a report by Fortune Business Insights™.
Incorporation of AI in Solar Energy Management to Brighten Market Outlook
Artificial intelligence (AI) has proliferated across a wide range of industries and is transforming the solar industry as well. Governments and private companies are increasingly utilizing the power of AI to optimize the operations of solar power plants and augment solar projects. For example, the US Department of Energy (DOE) has deployed IBM’s AI software for its SunShot Initiative. The software combines cloud information, sensor networks, and local weather stations derived from sky cameras and satellite imageries. In Australia, New Energy Solar announced in March 2019 that it will be using cutting-edge predictive technologies at its Manildra Solar Plant, in partnership with the Canberra-based solar forecasting vendor, Solcast. The introduction of AI in solar management is, therefore, creating massive opportunities for stakeholders in the solar industry.
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What are the Report Highlights?
The Solar Power industry analysis report offers a comprehensive overview of the market and its major growth prospects such as drivers, restraints, challenges, and upcoming opportunities. It also throws light on the current industry trends, major developments, and other interesting insights useful for this market. It further discusses the nature of the market competition, a list of players, and their key strategies to stay put in the competition. It also describes the table of segmentation and the names of the leading segment with market figures. The report is provided on the company website.
List of Key Players Covered in this Solar Power Market Report:
- Vivaan Solar (India)
- Nextera Energy Sources LLC (U.S.)
- Urja Global Limited (India)
- SunPower Corporation (U.S.)
- Yingli Solar (China)
- First Solar (U.S.)
- BrightSource Energy, Inc. (U.S.)
- Canadian Solar Inc. (Canada)
- Azure Power (India)
- Wuxi Suntech Power Co. Ltd. (China)
- Acciona Energia S.A.(Spain)
- eSolar Inc. (U.S.)
- Trina Solar (China)
- Tata Power Solar Systems Ltd. (India)
- Abengoa (Spain)
- Waaree Group (India)
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Driving Factor
Increasing Research into Solar Power Storage to Boost the Market
Solar energy is at the forefront of renewable energy sources, owing to its abundant availability and high reliability. With their hearts full of hope, scientists are intensely engaged in researching the potential of Solar Power Market in providing sustainable energy for the world and curbing the worsening effects of climate change and global warming. For example, in March 2021, researchers at Duke University, USA discovered how the molecular structure of halide perovskites can help deliver the more favorable properties for wider solar energy applications. Another study conducted by scientists at the Linköping University in March 2021 found that the efficiency of solar cells can be improved from the current 33% to 40% by tapping a phenomenon known as singlet fission. The team also solved the problem of energy being lost during this process, a finding that can significantly augment the potential of solar cell technology. These researches are playing an instrumental role in deepening the presence of solar in energy generation and storage.
COVID-19 Impact
The economic fallout of the COVID-19 pandemic is being experienced by multiple industries and with major economies undergoing unprecedented contraction businesses are going to take a long time to return to pre-pandemic growth levels. The solar power industry market growth is experiencing considerable setbacks as well due to supply chain disruptions and delayed projects, driven by social distancing measures and staggered lockdowns. As a result, the market displayed a low growth rate in 2020 and reached a value of USD 184.03 billion in 2021.
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Market Segmentation
Based on technology, this Solar Power Market Share has been divided into solar photovoltaic (PV) and concentrated solar power (CSP). On the basis of application, the market has been trifurcated into residential, non-residential, and utility. Among these, the utility segment led the market with a share of 34.8% in 2020. By geography, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
COMPETITIVE LANDSCAPE
Expansion in Fledgling Markets to be the Top Growth Strategy for Key Players
Key players in the solar power space are embracing opportunities to expand their businesses in burgeoning markets, especially in tropical countries, where sunlight is received for long periods of time. This growth strategy is enabling companies to broaden their sales horizons, diversify distribution networks, and ultimately strengthen their global market presence.
Industry Development:
- October 2020: Total Solar announced that it has successfully installed a 3 MW rooftop solar system for Danone-AQUA, the Indonesian drinking water company. The solar unit is the largest of its kind in the Central Java province and is forecasted to save 3,340 tons of carbon dioxide emissions annually.
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Part II:
Solar Components Recycling Market
The global solar components recycling market size is slated to enter a period of speedy expansion, observes Fortune Business Insights in its report, titled " Solar Components Recycling Market, 2022-2029”.
Steadily High Adoption of Solar amid COVID-19 Pandemic to Power the Market
While fossil fuel-driven energy demand has plummeted during the COVID-19 pandemic, the adoption of renewables, especially solar, has remained steadfastly resilient. According to the International Energy Agency (IEA), electricity generation from renewables rose by almost 3% in the first quarter of 2020, principally driven by the completion of solar PV and wind projects in 2019. Moreover, the IEA forecasted that the expansion of solar, hydro, and wind will accelerate renewable electricity generation by 5% in 2020. Solar components recycling technologies will assume prime significance in this scenario as solar power systems consist of various materials, all of which can be recycled, individually or collectively, making solar energy production even more sustainable in the long run.
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Market Segmentation
On the basis of material, the Solar Components Recycling Market has been segmented into glass, plastic, silicone, metal, and others. Based on product, the market has been categorized into silicon-based PV, thin-film PV, and others. By process, the market has been divided into thermal, mechanical, and laser. In terms of geography, the market has been segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Salient Features of the Report:
The Solar Components Recycling Market report offers a granular assessment of each individual market segment, as well as a detailed analysis of the market drivers, trends, opportunities, and hindrances. Furthermore, a comprehensive examination of the regional developments impacting the market is also contained in the report, along with an in-depth evaluation of the top market players and their key strategies. Additionally, the report provides research characterized by a combination of top-down and bottom-up approaches.
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Driving Factor
Development of New Solar Recycling Technologies to Foster Growth
The growing concerns surrounding the disposal and recycling of discarded solar components have led to the development of novel methods that have found commercial footing in the solar industry. For example, chemical etching is a commercially used solar component recycling technology that can efficiently recover high-purity materials from panels. Similarly, the dry and wet mechanical process has also gained popularity as the method involves no process chemicals, has low energy requirements, and the equipment required to carry out the process is widely available. Besides these commercial mechanisms, there are several other solutions that are being intensively researched. Electro-thermal heating, for instance, can facilitate the easy removal of glass, although the process is considered slow. Pyrolysis is another method being researched as it allows a cost-effective industrial recycling process. Together, these path-breaking technologies will propel the solar components recycling market growth in the approaching decade.
Regional Insights
Europe to Showcase Accelerated Growth says Fortune Business Insights
Geographically, Europe is expected to dominate the recycling of the solar components market share in the forthcoming years as the region has a strong base of solar installations. Many of these infrastructures will be reaching their end-of-life cycle over the next decade, generating massive opportunities for market players.
The market in North America is anticipated to grow on the back of an increasing number of PV installations across the US and Canada. Meanwhile, in Asia Pacific, governmental support for renewables and falling solar PV costs has led to an expansive adoption of solar, which in turn will create a huge demand for solar components recycling solutions in the coming years.
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Competitive Landscape
Academic Research into Solar Recycling to Pave New Pathways of Growth
With solar capacity rapidly expanding worldwide, the need for efficient solar components recycling technologies has heightened over the past few years. In an attempt to develop solutions to this looming issue, academic institutions and government organizations have been teaming up to perform intense research in this area and come up with novel ideas.
Industry Development:
- July 2020: Collaborating with the US Department of Energy, researchers at the National Renewable Energy Laboratory (NREL) conducted a first-of-its-kind worldwide evaluation of the most promising approaches to manage end-of-cycle solar PV modules. The focus of the researchers is on the recycling of crystalline silicon, the most commonly used material in solar photovoltaic systems.
List of Key Players Profiled in the Solar Components Recycling Market Report:
- Total Green Recycling
- Renesola
- Envaris
- Sharp Corporation
- Silcontel
- First Solar
- Recycle Solar Technologies Limited
- JA Solar Co., Ltd
- Sunpower Corporation
- Reclaim PV Recycling
- Yingli Energy Co. Ltd
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