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With Industry Research Report 2020 To 2028:

On the back of growing population and economic development around the world combined with rising energy demand among residential, commercial and public services, and transport sector, the global DG Ground-mounted Solar PV market is estimated to witness exuberant growth over the forecast period, i.e., 2020-2028. According to IEA (International Energy Agency), the worldwide energy demand grew by 4% (900TWh) in 2018. In the same year, the estimation of total electricity production across the globe was attained through coal and natural gas, with coal contributing to 25.6% and natural gas with 27.9% of the total production. Additionally, there is a rising demand for clean, sustainable and eco-friendly energy generation due to increased concerns pertaining to rise in CO2 emissions from energy generation.

With the rapid growth of industrial and residential sector and increase in demand for heating and cooling from among the global population due to climate change, heavy demand for electricity has arisen from across almost every region in the world which is estimated to increase the demand for energy and contribute to the growth of the market over the forecast period (2019-2028). International Energy Agency (IEA) had stated in its report that the average growth rate of energy consumed globally grew by 2.3% in 2018 and had almost doubled since 2010. It also states that the worldwide energy demand grew by 4% (900 TWh) in 2018. Industrial segment consumed highest amount of energy of about 8945 TWh in 2017 as compared to 8699 TWh in 2016. Additionally, residential sector consumed about 5775 TWh in 2017 as compared to 5680 TWh of energy in the year 2016. Moreover, CO2 emissions arising from production of energy had registered an increase of 1.7% with emission levels of CO2 reaching 33 Gigatons.

Some of the global players in this DG Ground-mounted Solar PV Market are:

• Jinko Solar
• SunPower
• JA Solar
• Trina Solar
• Yingli
• Canadian Solar

Several sectors have witnessed high levels of energy consumption globally, with the industrial segment consuming the highest of about 8945 TWh in the year 2017 as compared to 8699 TWh of energy consumed in 2016.). Moreover, International Energy Agency (IEA) had also mentioned in its report that in 2018, the average growth rate of energy consumption had almost doubled since 2010 and grew by 2.3% in 2018. Additionally, CO2 emission levels arising from production of energy had recorded an increase of 1.7% reaching about 33 Gigatons. Many governments across the world have introduced stringent policies and regulations for reducing carbon emissions that is destroying the environment.

Accounted For 10% Of Total Power Generation in The First Half Of 2020.

In the first half of 2020, affected by the COVID-19 epidemic, although global electricity demand fell by 3%, wind and solar power generation still increased by 14% year-on-year. Among the 48 countries and regions in the report, wind and solar power generation increased from 992 TWh in 2019 to 1,129 TWh in the first half of 2020.

Compared with the first half of 2019, global coal power generation in the first half of 2020 fell by 8.3%. This is the biggest drop since 1990, following a 3% year-on-year decline in 2019. A major factor driving the decline in coal power generation is the decline in electricity demand caused by the global epidemic, but the increase in wind and solar power generation and higher market shares are also the main reasons for the decline in coal power.

Although the electricity demand caused by the COVID-19 epidemic has not yet affected wind and solar power generation. However, the global epidemic has affected the installation speed of new wind and solar power generation devices in 2020; the International Energy Agency (IEA) predicts that by 2020, the newly installed capacity of renewable energy power generation will drop by 13%, falling to the level since 2015 The lowest level.

Dave Jones, senior power analyst at Ember, said: “Countries around the world are striving to build more wind spots and photovoltaic panels to replace coal power. If the global temperature rise is to be limited to 1.5 degrees Celsius, coal power generation will have to be generated every year for the next ten years. A reduction of 13%. However, despite the impact of the new crown epidemic that has curbed electricity demand as a whole, coal power generation only dropped by 8% in the first half of this year. This fact shows that we are still deviating from the energy transition track. We have a transition solution. The plan, it’s working, but it’s not progressing fast enough.”