Tokyo, March 23, 2022 (GLOBE NEWSWIRE) — The global solar power market was estimated at US$ 197.23 billion in 2021. A major growth factor behind the surge of green hydrogen has been the declining costs of renewable energy which is a critical input in the production process. In the year 2022, as the penetration of renewable energy over the grid rises, green hydrogen development is also expected to grow, owing to its potential to act as long-duration and seasonal storage of the availability of fuel on demand in order to generate power. In addition, another major factor driving the solar power market is the volatile prices of the fossil fuel, requirement for dependence disassociation on fossil fuel imports from political volatility area, environmental concerns over the greenhouse gas emissions associated with fossil fuel use, government incentives, other support programs making solar power more cost competitive, and shift in consumer preference.
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On the basis of region, Asia Pacific was the dominating solar power market that garnered a market share of more than 30% in 2020. Asia Pacific is the home to more than half of the global population which provides a huge consumer base. Furthermore, China, Japan and India are the top countries among the highly utilizing solar power countries. The rapid urbanization, rising disposable income, busy and hectic lifestyle, rising penetration of the internet, and the increasing adoption of the smartphones are some of the significant macroeconomic factors that drives the growth of the solar power market in Asia Pacific. Moreover, the presence of huge youth population and the rising demand for renewable energy and sustainable development again fostering the market growth. The countries like China and India are showing promising growth opportunities for the market players owing to the strong economic growth in the region.
North America is estimated to grow at a considerable pace during the forecast period. U.S. is the prominent country with major share of solar power consumption in the region. In addition, increasing buying power, improved access to the digital technologies, higher penetration of internet, and increased adoption of the smart devices are some of the major factors that have propelled the growth of the North America solar power market.