Platts Analytics has raised its global solar outlook for the period of 2021 to 2026. It projects that by 2026 the world will install 50 GW of solar – roughly one GW per week. This forecast includes installation in North America, Europe and Brazil, with North America seeing the highest increase of almost 2 GW per year over last November’s estimate. Brazil has seen a particularly strong rise in the number of distributed solar projects, while India’s outlook has also been lifted.
The growth of the solar inverter market will be driven by the rapidly growing renewable energy sector and the ease of installation. Nevertheless, the market is expected to experience challenges, such as high cost and heat loss in large-sized solar inverters. Despite these challenges, government initiatives and a lower cost of equipment are expected to propel the market for solar inverters globally. In addition, the rising popularity of solar power in the region will create opportunities for key players in the solar inverter market.
The PV inverter market is segmented by product, output voltage, and phase. In addition, it is further segmented by connectivity and application. By phase, the market is segmented by nominal power output and voltage. It also includes products by connectivity and connection type. However, the future of the industry is still unclear. The lack of awareness about renewable energy resources and its associated costs is one of the main barriers limiting the growth of the PV inverter market.
According to a recent report, the global solar PV module market is expected to surpass USD 61 billion by 2021. This is due to a number of factors, including continued technological advancements, favorable government schemes, and reduced solar energy prices. The market is also fueled by increasing production capacity, which is expected to double by the end of the year. The report also predicts that the demand for solar modules will more than double by 2028.
The report covers the growth prospects, competitive landscape, and key market trends. In addition, the report provides an in-depth analysis of regional size and revenue. It also identifies the key factors influencing the market, including technological innovations, government policies, and environmental protection. The report also offers an analysis of cost and demand data. It also identifies key players and their strategies. It concludes with recommendations and strategies for the global solar PV module market.
Concentrated solar power (CSP)
Despite recent setbacks, the global market for concentrated solar power (CSP) is expected to expand significantly in the next few years. While the United States and Spain have led the way, the number of countries that have installed CSP projects is steadily increasing. However, most development in developing countries has been halted due to the rapid decline in the price of PV solar panels and policy changes. However, in recent years, one major plant has been completed in China. This shows a trend of CSP plants being built in developing countries, where solar radiation is plentiful.
The global market for concentrated solar power (CSP) is driven by the growing awareness about global warming and increasing greenhouse gas emissions. In addition, growing concerns about the future of energy supply are driving market growth. Furthermore, governments are providing incentives to promote the use of concentrated solar power (CSP). In spite of all the positive aspects, the market is still undergoing some challenges, including the rising cost of electricity generation.
The MENA solar market is currently attracting Chinese EPC contractors, which are driving the growth of solar power in the region. Chinese EPC contractors are also bolstering MENA’s renewable energy industry through large-scale projects. Two years before COVID-19, the region had announced and completed numerous large-scale solar power projects. This participation of Chinese EPC contractors in the MENA solar market is driving the region’s competitive pricing environment.
The Middle East is one of the best locations for solar power, given its abundant sunshine. However, the region faces several challenges, including its economy and lack of investment. The Arab Petroleum Investments Corporation recently lowered its estimates for power generation projects by 20%, citing lower economic growth forecasts and higher electricity prices. Egypt’s power sector is also facing challenges, having suffered five years of blackouts and overbuilding new capacity. This means that the region has to prioritize investment in solar energy.
While solar energy capacity is increasing throughout the world, the situation in Africa remains underdeveloped. There are many challenges, including high CAPEX and insufficient policy. But increasing storage technology will make it easier for Africans to produce their own electricity. This will reduce operational expenditure, which will increase business turnover. As a result, more Africans will opt to use solar energy for their homes and businesses. And this will help generate jobs.
According to a webinar held by JA Solar, five gigawatts of solar PV capacity will be installed in Africa by 2022. The continent is led by Egypt with approximately 800 MW and South Africa with about 1 GW. The CEO of Distributed Power Africa emphasized that energy security was the main driving factor for solar deployment. With fossil fuel investments declining, renewable energy is replacing them. Africans are turning to solar power because it is the future of clean energy.
Despite tariffs, the U.S. solar outlook remains positive. By 2024, the solar manufacturing market is projected to triple. Up to 3.3 million U.S. households could switch to solar power each year. The technology supports job growth in domestic manufacturing, helps combat climate change, and strengthens the grid. It is also a good investment. For those concerned about the cost of solar energy, here are some facts you should know.
In February, a group of Senators urged the Biden administration not to extend Section 201 tariffs on solar modules. The tariffs have increased costs for solar developers. The Solar Energy Industries Association, a trade group representing solar companies, says the tariffs are pushing up costs. The solar industry is also experiencing a shipping crisis. The current shortage of space for solar modules is limiting growth. But, despite these problems, solar companies are finding new ways to reduce costs and improve the overall market.