Billion Dollar Global Solar PV Panels Market Projected To Grow At A Compound Annual Growth Rate Of 4.3% From 2020 To 2027
FinancialNewsMedia.com News Commentary
PALM BEACH, Fla., Sept. 20, 2021 /PRNewswire/ -- The solar power markets have been one of the very few industries that have seen growth in spite of the pandemic. As technology costs have fallen and efficiencies have increased, providing more energy output per square foot, solar has become one of the primary sources of new electrical capacity installed across the United States. Growing demand for renewable-based clean electricity coupled with government policy tax rebates and incentives to install solar panels is expected to drive the market in the coming years. Firms in commercial and industrial sectors are among the chief consumers of solar photovoltaic (PV) panels owing to their large scale requirement for green power. Economies of scale installation in these sectors compensate for any loss in panel efficiency, thereby making the solar PV systems profitable for large scale power generation. The residential sector is gaining momentum in solar PV panel installations owing to net metering schemes for on-grid systems and availability of energy storage systems for off-grid systems. A report from Grand View Research said that The global solar PV panels market size was valued at USD 115.2 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027. Active Companies in the markets today include Green Stream Holdings Inc. (OTCPK: GSFI), ReneSola Ltd (NYSE: SOL), Sunrun (NASDAQ: RUN), JinkoSolar Holding Co., Ltd. (NYSE: JKS), Canadian Solar Inc. (NASDAQ: CSIQ).
The Grand View Research report continued: "The market in the U.S. is expected to witness prominent growth rate on account of robust federal schemes such as solar investment tax credit, rising demand across public and private sector for green electricity, and declining panels cost. According to the Solar Energy Industries Association, the U.S. solar industry generated an investment of USD 18.0 billion in 2019 and achieved an installed capacity of 78 GW across the nation. The commercial segment held the largest market share of 30.4% and was valued at USD 35.0 billion in 2019. Rapid penetration of solar PV panels across corporate offices, hotels, and hospitals coupled with growing power demand from communication base stations and data centers is expected to propel the product demand across the commercial sector. In addition, enhanced panel efficiency, improved energy yield, and module-level monitoring are among the key factors driving the PV panel adoption in this segment."
Green Stream Holdings Inc. (OTCPK:GSFI) BREAKING NEWS: Green Stream Holdings Announces Completion Of Soil Borings For Solar Farm Canopy Construction Site - Green Stream Holdings Inc. ("the Company") (http://www.GreenRainSolar.com ), an emerging leader in the solar utility and finance space, today announced that the soil boring testing has been completed for the Metropolitan Avenue, Queens, NY. Now the Company can proceed to the construction phase for their Solar Farm canopies at the site.
CEO James DiPrima said: "The completion of this step will now allow us to enter into the construction phase on this site… with our other sites quickly following suit."
SET's two principals have over 80 years of combined experience in all facets of structural and foundation Engineering. S.E.T., P.C. has blended traditional, practical engineering skills with modern technological tools in a single firm that provides efficient and cost-effective solutions for all phases of a project.
S.E.T., P.C. is not your typical structural engineering firm, but rather a rapidly growing design firm that provides demolition, structural, foundation, geotechnical, civil and environmental, value engineering, and forensic engineering services, as well as engineering support services for owners and contractors, interface with and obtaining approvals from NYC Department of Buildings (Excavation Unit, Concrete Enforcement Unit, Forensic Unit, etc.) and NYC Transit Authority.
S.E.T., P.C. has also expanded into directly providing soil borings, soil testing, uderground environmental services, optical and vibration monitoring services, precondition surveys of existing facilities, and project management/advisory services for the support of excavation, foundation, and superstructure phases of your project.
The Company had previously engaged SET for the Preparation and Submission of Geotechnical Reports, based on Soil Borings, and samples taken by SET's driller. Report contained all pertinent new building data, brief site history, description of site geology, analysis and description of Soil Borings, and recommended foundation types for proposed new building. Approximately twelve (12) Soil Borings will be made for this site and were to be installed to an anticipated depth of 30 feet below grade. All Borings were installed to their desired anticipated depth, bedrock or refusal, whichever comes first. CONTINUED… Read this full release for Green Stream Holdings at: https://www.financialnewsmedia.com/news-gsfi/
Other recent Solar developments in the markets include:
ReneSola Ltd (NYSE: SOL), a leading fully integrated solar project developer, recently announced that European Solar Energy Development JV, the joint venture company established between ReneSola Power and Eiffel Investment Group ("Eiffel"), completed the acquisition of its first batch of solar projects with a combined capacity of 200MW in multiple European countries, including Spain, Franceand Poland. Eiffel provided the capital to fund the development of those projects.
In May 2021, ReneSola Power and Eiffel created European Solar Energy Development JV, a 51/49 joint venture company with ReneSola Power having a 51 percent ownership stake and Eiffel a 49 percent. The joint venture company intends to develop up to 700 MW of solar projects in the next three years across Europe.
Mr. Josef Kastner, CEO of ReneSola Power European Region, commented, "We are excited by today's announcement, as this portfolio is a first significant step for the JV to develop up to 700MW of solar projects over the next several years. ReneSola Power is committed to accelerating solar development in Europe, and with the joint venture company created with Eiffel, we expect to develop high-quality projects in Europe, propelling growth in the region."
Recently, nationally recognized community development organization, Self-Help Enterprises and Sunrun (NASDAQ: RUN), the nation's leading home solar, battery storage, and energy services provider, held a ribbon cutting ceremony to celebrate the completion of a new solar installation to 60 affordable rental homes in this agricultural community in the San Joaquin Valley. The Sand Creek solar project is 138 kilowatts, which provides nearly $50 per month bill savings for residents, along with job training in the rapidly growing clean energy sector.
In 2018, Sunrun made a commitment to develop 100 megawatts of solar on affordable multifamily housing in California by 2030 via the state Solar on Multifamily Affordable Housing program. Additionally, in 2021, Sunrun pledged to bring at least 500 megawatts of low-income solar to people across the country by 2030. These efforts will bring the benefits of solar to hundreds of thousands of families.
JinkoSolar Holding Co., Ltd. (NYSE: JKS), one of the largest and most innovative solar module manufacturers in the world, recently announced that its principal operating subsidiary, Jinko Solar Co., Ltd. has signed a strategic cooperation framework agreement with Contemporary Amperex Technology Co., Ltd. ("CATL"). The signing ceremony was attended by Mr. Jia Zhou, president of CATL and Mr. Kangping Chen, CEO of Jinko Solar Co., Ltd., on behalf of both parties.
Under the agreement, the two parties will establish a long-term, stable and solid strategic joint partnership in areas such as the promotion of carbon neutrality in the industrial chain, global solar-plus-storage business development, and the innovation and development of solar-plus-storage integrated solutions.
Canadian Solar Inc. (NASDAQ: CSIQ) recently announced that its majority-owned subsidiary, CSI Solar Co., Ltd. ("CSI Solar") has closed a 350 MW / 1400 MWh contract to provide the fully-integrated battery storage system, EPC (engineering, procurement and construction) and long term maintenance service to the Crimson stand-alone battery storage project in Riverside County, California.
The Crimson storage project is 80% owned by Axium Infrastructure and 20% owned by Recurrent Energy, Canadian Solar's wholly-owned subsidiary. Crimson holds two approximately 15-year stand-alone storage contracts with local utilities Southern California Edison ("SCE") and Pacific Gas and Electric ("PG&E"), which are part of the California Public Utilities Commission's ("CPUC") reliability procurements.
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