Dubai, UAE, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Global Solar Power Market Report 2023-2030:
As per the latest report released by Kings Research, the global Solar Power Market size was recorded at USD 182.53 billion in 2022 and is estimated to grow to USD 314.79 billion by 2030, exhibiting a CAGR of 7.05% over the forecast period of 2023-2030. Solar power has emerged as a significant contributor to the transition towards cleaner and more sustainable energy sources, with the market witnessing substantial growth in recent years. This growth can be attributed to various factors, including increased awareness about the environment, technological development, and favorable government initiatives. As a result, solar power has gained significant prominence in the global energy sector.
Solar energy generation is the process of transforming sunlight into electrical energy using photovoltaic panels or concentrated solar power systems. The solar power industry has experienced significant advancements in recent times due to the growing importance placed on sustainable and environmentally friendly energy sources. Governments globally have implemented advantageous regulations, incentives, and financial support to promote the adoption of solar power, which has led to a transition towards renewable energy. The market has witnessed a notable increase in R&D activities, leading to improved efficiency in solar technology, cost reduction, and advancements in energy storage solutions.
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Trending Now: Mozambique's Tetereane Solar Power Plant Inaugurated
The Tetereane Solar Power Plant, inaugurated by President Filipe Nyusi of Mozambique in September 2023, will supply renewable electricity to around 21,000 individuals residing in Cuamba, which is a city located in the northern province of Niassa in Mozambique.
President Nyusi highlighted the significance of the plant's inauguration, stressing its ability to ensure a stable power supply for around 21,000 residents. A portion of the plant's annual earnings, amounting to an estimated 10.5 million meticais (approximately $164,000 USD), will be allocated as part of an economic decentralization initiative to foster the growth and progress of the Cuamba municipality. With a valuation of $36.2 million, this initiative seeks to cater to the rising electricity needs in Niassa by boosting power generation.
Competitive Landscape
Key players in the global solar power market are prioritizing various business approaches, including mergers, acquisitions, partnerships, and strategic agreements, in order to enhance their market standing. For instance, in May 2023, First Sola bolstered its global PV technology presence by acquiring Evolar, a leading European thin film company. The deal involved an initial USD 38 million payment, with a potential additional USD 42 million subject to meeting technical milestones.
Leading players in the global solar power market include:
- First Solar Inc.
- JinkoSolar Holding Co. Ltd.
- Canadian Solar Inc.
- SunPower Corporation
- Trina Solar Co. Ltd.
- Yingli Green Energy Holding Co. Ltd.
- SolarEdge Technologies Inc.
- SMA Solar Technology AG
- Enphase Energy Inc.
- Hanwha Q Cells Co. Ltd.
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Technological Advancements to Promote Widespread Adoption of Photovoltaic Systems
On the basis of technology, the market is further categorized into photovoltaic systems and concentrated solar power systems.
The photovoltaic systems segment led the global solar power market in 2022 and is likely to retain its position through the projection period. Photovoltaic systems use solar panels to directly convert sunlight into electricity. This technology has seen substantial growth, driven by several factors such as the reduced cost of solar panels, which is making PV systems more economically viable and accessible. Furthermore, advancements in PV technology, including higher-efficiency solar cells, have further promoted its widespread adoption.
Rising Integration of Solar Energy Systems in Residential Sector to Support Market Development
On the basis of end-use, the global solar power market is divided into commercial, residential, and industrial.
The residential sector is playing a critical role in the field of renewable energy, particularly in the adoption of solar power. Taking advantage of rooftop installations and decentralized energy production, homeowners all over the world are progressively integrating solar energy systems into their houses. Financial incentives, rising environmental awareness, and the prospect of decreasing utility costs all contribute to this trend.
Residential solar energy systems give people the opportunity to actively participate in the transition to clean energy, fostering local sustainability and energy independence. Homeowners may lessen their carbon impact and contribute to a greener future for all by embracing solar power.
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Favorable Government Initiatives to Promote Solar Energy Adoption to Drive Market Growth
Governments worldwide are taking proactive steps to promote a greener future, thereby driving the growth of the solar power market. They are implementing robust policy frameworks, incentives, and regulations to accelerate solar energy adoption. Significant subsidies and tax incentives are being extended to both residential and commercial solar installations, rendering them economically attractive and viable.
The ability of people and businesses to sell surplus electricity back to the grid is provided via feed-in tariffs and net metering arrangements, which further promotes the adoption of solar power. These strategic actions pave the way for a solar-powered sustainable energy future by supporting energy security and diversity while also making a significant contribution to carbon reduction goals.
North America's Regulatory Foundations Fuel Solar Power Industry Expansion
North America has observed substantial growth in the global solar power market, playing a crucial role in its expansion. This growth can be attributed to various factors that have facilitated its rapid development. The region is characterized by its advanced technological expertise, a well-established regulatory structure, and a strong commitment to embracing sustainable energy sources.
The United States has experienced significant growth in solar capacity, driven by federal tax incentives and state-level policies encouraging renewable energy uptake. Canada's dedication to lowering carbon emissions has also contributed to the expansion of the solar energy sector. Additionally, creative financing approaches and partnerships between public and private entities have sped up the installation of solar systems. As North America continues to be at the forefront of solar advancements and market expansion, its influential role in the global solar industry remains substantial.
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Key Points from TOC:
1 Introduction of the Global Solar Power Market
2 Executive Summary
3 Research Methodology
4 Global Solar Power Market Outlook
5 Impact of Russia-Ukraine War
6 Global Solar Power Market, By Technology
7 Global Solar Power Market, By Application
8 Global Solar Power Market, By End Use
Continued…………
Part II: Global Hydropower Market Report 2023-2030:
As per the recent report published by Kings Research, the global Hydropower Market size was recorded at USD 239.85 billion in 2022 and is estimated to grow to USD 357.47 billion by 2030, exhibiting a 4.97% CAGR through the projection period of 2023-2030. The growing need for environmentally friendly and sustainable energy solutions in the face of climate change has played a major role in driving market expansion. Hydropower is deemed both dependable and renewable, leading to a reduction in harmful greenhouse gas emissions. Moreover, governments across the globe are encouraging investments in hydropower infrastructure to bolster energy security.
Hydropower, also known as hydroelectric power, harnesses moving water to generate electricity. It is one of the oldest and largest renewable energy sources. It works by using water's force to turn a turbine, which powers a generator. This method is sustainable and reliable, as water is continuously replenished through natural processes, unlike finite fossil fuels. This makes hydropower vital for a sustainable energy future.
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Trending Now: Pasco Hydropower Initiative Receives Federal Funding
On 6th September 2023, a hydropower project in Pasco was granted a portion of USD 13 million in funding from the Department of Energy to support its ongoing development.
The allocation of funds was part of the Investing in America Agenda initiated by the Biden Administration, as outlined in the Bipartisan Infrastructure Act.
The allocated funds will be utilized to expedite the development of power generation technologies for dams that currently lack this capability. Additionally, the aim is to expedite the growth of pumped storage hydropower, as stated in a press release by the Department of Energy (DOE).
Increased Funding to Boost Large Hydropower Installations
On the basis of type, the large hydropower segment dominated the global hydropower market in 2022 due to increased investments and related initiatives. The utilization of cutting-edge digital technologies, such as IoT sensors and predictive analytics, is anticipated to enhance the efficiency and maintenance of large hydropower installations, resulting in improved energy production and minimized periods of inactivity. Notably, the International Energy Agency projected a noteworthy rise of 17% or 230 GW in global hydropower capacity over the next few years, signifying further growth in this field.
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Hydropower Market Set to Grow Due to Rising Environmental Concerns
The global hydropower market is expected to witness significant growth due to the increasing focus on environmental sustainability. Hydropower, known for its low greenhouse gas emissions and clean energy generation, is anticipated to play a crucial role in meeting the demand for renewable energy sources. As the global community strives to reduce its carbon footprint and address climate change, the demand for hydropower is forecast to rise substantially.
North America Takes the Lead with Extensive Hydropower Plant Network
North America accounted for the largest share of the global hydropower market revenue in 2022. Large-scale hydropower plant infrastructure, notably in nations such as the United States and Canada, is the primary factor driving the regional market. To fulfill a sizable amount of their electricity demands, these countries have taken advantage of the energy potential of huge rivers and other bodies of water. The modernization and extension of current hydroelectric plants in North America have also been promoted by favorable regulations and incentives.
The region's commitment to environmentally friendly practices and renewable energy sources has strengthened its position as a market leader. While it still holds a dominant position, North America is actively looking at opportunities in small- and micro-hydropower projects to diversify its hydropower portfolio and keep its position as the industry leader.
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Competitive Landscape
In order to enhance their market position, key players in the global hydropower industry are prioritizing expansions as their main strategy. One notable example is Voith Hydro’s announcement regarding securing a contract in April 2023 to lead the expansion initiative for the Kruonis pumped storage plant located in Lithuania. This ambitious project, with an estimated worth of EUR 150 million, aims to enhance the Kruonis plant's capacity and functionalities.
Leading companies in the global hydropower market include:
- Alstom
- Siemens
- PowerChina
- China Three Gorges Corporation
- Tata Power
- Voith GmbH & Co. KGaA
- ABB
- ALFA LAVAL
- ANDRITZ AG
- GENERAL ELECTRIC
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