LONDON, March 9, 2022 /PRNewswire/ — New technological advancements are expected to shape the outlook for the solar power industry over the forecast period. With the modernization of various industries and the use of an influx of technologies, solar power companies have also adopted these technological trends. Advanced technology has a huge impact on the solar power market sharewith businesses embracing the adoption of AI, blockchain and digitalization in general.
the Global solar electricity market size should go from $46.79 in billions 2021 to $57.25 billion in 2022 at a compound annual growth rate (CAGR) of 22.4%. The growth of the solar electricity market is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational losses. challenges. Analysis of the growth of the solar electricity market shows that it is expected to reach $125.57 billion in 2026 at a CAGR of 21.7%. Asia Pacific is the largest region in the solar electricity market, accounting for 47.0% of the global market in 2021.
Digitization and artificial intelligence
There is increased adoption of digitalization and artificial intelligence in the solar energy industry, which is likely to cause major disruptions in the electricity sector as governments seek to move away from fossil fuels. This growing adoption will play a central role in the transition and businesses and governments will need to embrace these technologies.
The adoption of blockchain technology is being used in the energy market to provide efficient ways for involved stakeholders to buy and sell energy, eliminating the need for intermediary energy suppliers. It enables the use of energy-saving programs in a cost-effective and easy-to-implement manner. Blockchain-based offerings can help businesses adopt new, less obvious solutions that result in improved margins, customer experience, and ROI.
Solar Electricity Market Segments
the solar electricity market is segmented by technology into photovoltaic systems and concentrated solar power systems. The photovoltaic systems market was the largest segment of the solar electricity market, representing $30,920.8 million or 66.1% of the total market in 2021. It is also expected to be the fastest growing segment, with a CAGR of 23.2% during the period 2021-2026.
The solar electricity market is also segmented by solar module type into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon and others, and by end-user type into residential, commercial, industrial.
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