Improving Solar Power Asset Management and Forecasting Capabilities - bjag808/technology GitHub Wiki

 

Global Solar Power Market Insights

Global Solar Power Market Insights

Forecast Period: 2024–2032 | CAGR: 6%

Key Market Overview

  • Market Size (2023): USD 253.69 billion
  • Market Size (2024): USD 273 billion
  • Forecast (2032): USD 436.36 billion
  • North America Market Share (2023): 41.30%
  • U.S. Projected Market (2032): USD 103.96 billion

Market Growth Drivers

1. Transition to Clean Energy

COVID-19 emphasized renewable energy’s role in economic recovery, accelerating solar installation across regions.

2. Technological Advancements

AI, IoT, big data, and sensors are improving solar power asset management and forecasting capabilities.

3. Green Energy Goals

Countries like Brazil, U.K., Germany, China, and the U.S. are increasing investments and setting aggressive renewable targets.

4. Renewable Adoption

Solar is the second-largest renewable electricity source, and utilities are rapidly transitioning toward clean energy solutions.

Market Challenges

  • High upfront costs for solar PV systems.
  • Lack of transmission infrastructure in rural and developing regions.
  • Low consumer awareness in some regions limiting adoption.

Market Segmentation

By Technology

  • Solar PV: Mono-Si, Multi-Si, Thin Film, Others
  • CSP: Parabolic Trough, Power Tower, Linear Fresnel

By Application

  • Residential
  • Non-Residential
  • Utility

Regional Insights

Asia Pacific (USD 104.79 Billion in 2023)

China and India are leading solar adoption due to clean energy initiatives and energy security needs.

North America

U.S. market growth driven by government incentives and tax credit programs.

Middle East & Africa

Rapidly investing in solar to reduce dependence on fossil fuels and support off-grid regions.

Key Market Players

Trina Solar (China)First Solar (U.S.)Yingli Solar (China)Tata Power Solar (India)Canadian Solar (Canada)Waaree Group (India)GE (U.S.)BrightSource Energy (U.S.)SunPower (U.S.)Abengoa (Spain)Convert Italia (Italy)Urja Global (India)

Recent Industry Developments

  • Mar 2022: Solaria launched its PowerXT 430R-PL solar panel optimized for MLPE compatibility.
  • Mar 2022: Canadian Solar signed 10-year PPA with Axpo Italia (84 GWp).
  • Jan 2022: Recurrent Energy sold the Firefly solar project to Appalachian Power.
  • Oct 2021: Solliance Solar achieved 29.2% efficiency using tandem perovskite/silicon cells.
  • Jan 2021: FTC Solar introduced Voyager+, compatible with 500W+ solar modules.

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