Mar 05, 2020 (AB Digital via COMTEX) -- The global solar electric power generation market reached a value of nearly $33.6 billion while theglobal wind electric power generation market reached a value of nearly $58.4 billion in 2019. Asia Pacific was the largest region in both markets in 2019.
The solar electric power generation market consists of sales of solar electric power and related services. It is used in various forms to support the electricity needs of homes or businesses. The solar electric power generation industry includes companies that operate facilities which produce electricity from solar energy. The wind electric power generation market consists of sales of wind power and related services. The wind electric power generation industry includes establishments engaged in producing electricity by using wind turbines.
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Solar And Wind Electric Power Generation Market Size
The global solar electric power generation market is expected to grow at a rate of about 11.38% to nearly $51.7 billion and the wind electric power generation market is expected to grow at a rate of about 8.72% to nearly $81.6 billion by 2023. Rising investments from government organizations in the clean energy sector contributed to the growth of the solar and wind electric power generation markets.
However, the decline in economic growth is expected to limit the growth of the solar electric power generation market, while weather conditions have always been a major challenge in the wind electric power generation market.
The use of machine learning through micro grid controllers and artificial intelligence (AI) are the latest solar energy technology solutions that help to adapt to the growing business needs. These technologies continue to evolve to meet the rising needs of the solar industry and the businesses use it as an energy-efficient source. On the other hand, companies are using hybrid wind-hydro power generation systems to improve the electricity generation outputs. Due to the simultaneous work of wind turbines and hydro turbines, there is a continuous supply of electricity from the plants.
Major players in the solar electric power generation market are Enel SpA, Exelon Corp., Dominion Energy, Inc, Engie S.A, Canadian Solar Inc., Sharp Corporation, STATE POWER INVESTMENT CORP. LTD, Wuxi Suntech Power Co. Ltd. and Tata Power Solar, while those in the wind electric power generation market are Ming Yang Smart Energy Group Ltd., NextEra Energy Resources, LLC, Pacific Hydro Pty Ltd., Shell WindEnergy, Inc., TransAlta Corporation, Xinjiang GoldWind Science & Technology Co., Ltd., Berkshire Hathaway Energy, Pattern Energy and IBERDROLA Renewables.
Pattern Energy Group Inc is an independent, publicly traded renewable energy company. From its headquarters in San Francisco, California and operations center in Houston, Texas, Pattern Energy owns and operates wind and solar energy generation facilities in the United States, Canada, and Japan.
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