Global Solar Energy Market
The GMI Research forecasts that the solar energy market is witnessing an upsurge in demand over the forecast period starting from 2020 till 2027. This is mainly due to the rising penetration of renewable energy across various countries and the growing investment in clean energy globally.
Introduction of the Solar Energy Market:
The form of energy derived from the sun and converted into electrical or thermal energy by utilizing technologies, which include solar heating, photovoltaics, solar architecture, and other various types of technologies is known as solar energy. There are several uses of solar energy, such as heating water for commercial, household purposes, for the generation of electricity, or supplying light or a comfortable interior environment. The two ways of producing solar energy include concentrated solar power and photovoltaics. Solar cells are also called photovoltaics, it directly converts the sunlight into electricity, although the concentrated solar power uses mirrors to concentrate the solar rays.
Solar Energy Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
The rising penetration of renewable energy across various countries and the growing investment in clean energy globally are the major factors surging the global solar energy market growth. As per solar energy market analysis, the major factors boosting the growth of the solar energy market size during the forecast period include various initiatives taken by the government and the introduction of several upcoming projects for the implementation of renewable energy in numerous economies, such as India and Saudi Arabia. According to the solar energy market forecast, a reduction in solar energy prices, the rapid technological advancements for the expansion of solar photovoltaics, and the rising demand for clean electricity across public and private sectors will enhance the growth of the solar energy market share in terms of revenue. The rising concerns for environmental degradation, increasing deployment of solar cells in the rooftop installations, and growing energy consumption is the emerging trend for the solar energy market, which will further pave the way for the growth of the market, thus significantly increasing the population rate and accelerating industrialization.
Based on the region, the Europe region is expected to dominate the market during the forecast period. This is attributed to the several initiatives taken by the government and policies for renewable power generation, along with the drastic shift of the consumer preference towards using clean energy. According to the solar energy market research, the rising R&D activities for the development and supply of solar PV panels are further propelling the market growth in this region.
Key Players of the Global Solar Energy Market:
- SunPower Corporation
- Abengoa
- Wuxi Suntech Power Co., Ltd.
- Acciona Energia, S.A.
- eSolar
- BrightSource Energy, Inc.
- ENF Ltd.
- Kaneka Corporation
- Canadian Solar
- Tata Power Solar Systems Ltd.
Solar Energy Market Segmentation:
Segmentation by Technology:
- Concentrated Solar Power Systems
- Solar Power Tower
- Parabolic Trough
- Dish Stirling
- Fresnel Reflectors
- Photovoltaic Systems
Segmentation by Solar Module:
- Polycrystalline
- Monocrystalline
- Amorphous Silicon Cells
- Cadmium Telluride
- Others
Segmentation by Application:
- Commercial
- Residential
- Industrial
Segmentation by End-Use:
- Lighting
- Electricity Generation
- Charging
- Heating
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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