Massive Advancement across Solar Electric Power Generation Market Outlook: Ken Research
The solar electric power generation market significantly consists of sales of solar electric power and connected services. It is utilized in several forms to support the electricity requirements of homes or businesses. The solar electric power generation industry includes corporates that operate facilities which introduce electricity from the solar energy. The electricity from solar energy is introduced by the transformation of solar energy in photovoltaic (PV) cells, which produce voltage and present at their terminals when uncovered to sunlight. The electricity established is then supplied to electric power transmission systems, which are utilized to move enormous quantities of power from engendering facilities to substations, and to distribution systems, which are utilized for short distances to transport electricity to consumers locally.
According to the report analysis, ‘Solar Electric Power Generation Global Market Report 2020’ states that in the solar electric power generation global market there are several corporates which recent functioning more effectively for leading the highest market growth and registering the handsome value of market share around the globe during the incoming years while delivering the better consumer satisfaction, decreasing the linked prices, advancing the applications of such, implementing the profitable strategies, improving the specifications of the production technologies and employing the young work force includes Enel SpA, Exelon Corp., Dominion Energy, Inc, Engie S.A, Canadian Solar Inc., Sharp Corporation, STATE POWER INVESTMENT CORP. LTD, Wuxi Suntech Power Co. Ltd. and Tata Power Solar.
The worldwide solar electric power generation market reached a value of approximately USD 33.6 billion during 2019, having increased at a compound annual growth rate (CAGR) of 9.47% since 2015, and is predicted to increase at a CAGR of 11.38% to nearly USD 51.7 billion by 2023. The solar electric power generation market has been geographically divided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific was the greatest region in the solar electric power generation market during 2019.
The Rising investments from government organizations underwritten to the growth of the solar electric power generation market. The market has improved from augmented government spending on advanced solar panel research and development. For instance, during 2018, Oxford PV, a startup photovoltaics corporate functioning with Oxford University, UK, obtained an investment of USD 3 million from the UK government to build its fresh technology that utilizes a fresh type of material to produce solar cells for boosting renewable energy introduction. Growing investments from government organizations in research and development of electricity generation through the solar energy propelled the market.
The Artificial intelligence is being utilized increasingly to meet the increasing demands of the solar power market. Artificial intelligence is the machinery pretending processes of human intelligence, predominantly computer systems. Expert systems, natural language processing (NLP), speech recognition and machine apparition are common AI applications. The usage of machine learning through microgrid controllers and artificial intelligence (AI) are the modern solar energy technology solutions that support to adapt to the increasing business needs. These technologies endure to evolve to meet the increasing needs of the solar industry and the businesses utilize it as an energy-efficient source. In addition, new software developments are supporting in shaping the future of corporates that are applying artificial intelligence and machine learning in solar energy technology. For instance, during 2019, in India, the National Institution for Transforming India (NITI Aayog), unconfined a National Artificial Intelligence Strategy, which recognized artificial intelligence (AI) as one technology that the region could utilize to adopt renewable energy in a cost-effective manner and augment the efficiency of prevailing solar power sources. This can be utilized in charging great scale batteries and to meet on-demand power. Therefore, in the near years it is predicted that the market of solar electric power generation will increase around the globe more actively over the upcoming years.
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Ankur Gupta, Head Marketing & Communications