LONDON, March 9, 2022 /PRNewswire/ — New technological advancements are expected to shape the solar electricity industry outlook during the forecast period. With a variety of industries being modernized and seeing an influx of technology being utilized, solar electricity firms have also been adopting these technology trends. Advanced technology is making a huge impact on the solar power market share, with companies embracing the adoption of AI, blockchain, and digitalization overall.
The global solar electricity market size is expected to grow from $46.79 in billion 2021 to $57.25 billion in 2022 at a compound annual growth rate (CAGR) of 22.4%. The growth in the solar electricity market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The solar electricity market growth analysis 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 an increased adoption of digitization and artificial intelligence in the solar power industry, which is likely to cause major disruption in the electricity sector as governments seek to transition away from fossil fuel. This increasing adoption will play a pivotal role in the transition and companies and governments will need to embrace such technologies.
The adoption of blockchain technology is being used in the energy market to provide for efficient means to allow the involved stakeholders to buy and sell energy, eliminating the need for intermediary energy suppliers. It enables the utilization of energy savings programs in a cost-effective, easy-to-implement manner. Blockchain-enabled offerings can help companies adopt new, less obvious solutions that result in improving margins, the 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, accounting for $30,920.8 million or 66.1% of the total market in 2021. It is also expected to be the fastest growing segment, going forward at a CAGR of 23.2% during 2021-2026.
The solar electricity market is also segmented by type of solar module into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others, and by type of end user into residential, commercial, industrial.
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