Tuesday Feb 07, 2023

Global Solar Power Market Is Expected to Reach $293 Billion – PRNewswire


PALM BEACH, Fla., Jan. 19, 2022 /PRNewswire/ — FinancialNewsMedia.com News Commentary Solar power is the cleanest and most plentiful renewable energy source present on this planet. Countries such as China, Germany, Spain, and the United States (U.S.) have some of the largest solar resources all over the world. There are two key ways to harness solar energy: photovoltaic (PV) and concentrated solar power (CSP). Developed and developing countries across the globe are strongly promoting solar as an alternative to conventional energy sources and are hence positively contributing to the market growth. Global electricity demand is increased considerably owing to economic development and population expansion. Improving standards of living and infrastructure development are creating a huge demand for electricity generation. According to a report from Fortune Business Insights, this is expected to drive the solar power market growth during the forecast period. The report projected that the global solar power market is expected to grow from $184.03 billion in 2021 to $293.18 billion in 2028 at a CAGR of 6.9% in forecast period 2021-2028.  The report said: “Growing Investments in Solar Energy to Fuel the Market Due to environmental regulations, several companies are installing renewable energy plants. Several countries are also focused on eco-friendly power generation solutions to reduce their carbon emission. Solar energy is one of the low-cost renewable energy solutions. Hence numerous countries are investing heavily in solar energy… Supportive government policies play a key role in renewable energy installation. In numerous countries like U.S., China, and EU countries, policies like FiT, investment tax credits, and capital subsidies are key policies boosting solar installation… Solar PV Technology Segment held the major share of the market (over the past several years)… Growing adoption of rooftop solar and customer awareness about the usage of eco-friendly sources are projected to boost the residential segment’s growth between 2021 and 2028.”    Active Companies in the markets today include First Tellurium Corp. (CSE: FTEL) (OTCPK: GODYF), Tesla, Inc. (NASDAQ: TSLA), SunPower Corp. (NASDAQ: SPWR), NextEra Energy, Inc. (NYSE: NEE), First Solar, Inc. (NASDAQ: FSLR).

Fortune Business Insights concluded: “Asia Pacific held the dominant share of the global market and is projected to grow at the highest pace over the forecast period. High electricity demand, improved living standards and suitable solar irradiance are some of the key factors fueling the growth of the regional market. In 2020, China alone installed around 48 GW of solar projects.  Europe was the other major market for solar power in 2020. The European Union (EU) countries installed around 18.2 GW of solar PV projects in 2020. Supportive regulations, renewable energy targets, and a growing number of solar farms are the key factors fueling the growth of the market. In North America, the U.S installed 19 GW of solar projects.

First Tellurium Corp. (CSE: FTEL) (OTCPK: GODYF) BREAKING NEWS – S&P Global Speaks to Tellurium Supply Concerns, China’s Dominance, Biden’s Bill and First Solar – First Tellurium Positioned to Play a Very Strategic Role in Global Tellurium Supply First Tellurium Corp. (the “Company” or “First Tellurium”) CEO Tyrone Docherty said in a recent article published by …….

Source: https://www.prnewswire.com/news-releases/global-solar-power-market-is-expected-to-reach-293-billion-301463524.html

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