The GMI Research’s latest analysis reveals that the Solar Energy Market is slated to register a significant CAGR over the forecast period. This is attributed to the growing investment in clean energy, the rapid technological advancements for the development of solar photovoltaics, the reducing costs of solar energy, and the rising penetration of renewable energy across various countries.
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Solar Energy Market’s leading Manufacturers:
- 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 Dynamics (including market size, share, trends, growth, forecast, and industry analysis)
Key Drivers
The growing investment in clean energy and the rising penetration of renewable energy across various countries are the key drivers responsible for the growth of the solar energy market size. Various government initiatives and the introduction of several upcoming projects for the implementation of renewable energy in numerous economies like India and Saudi Arabia are certain factors that are expected to drive the growth of the market during the forecast period. According to the solar energy market outlook, the rapid technological advancements for the development of solar photovoltaics, reducing costs of solar energy, and the strong demand for the market will further boost the growth of the market. The global solar energy market is witnessing drastic growth due to the increasing deployment of solar cells in rooftop installations, growing energy consumption due to the fundamental growth in population rate and rapid urbanization, and the rising concerns for environmental degradation.
Technology Segment Drivers
Based on the technology, the photovoltaic systems is projected to grow at a faster CAGR in the coming years due to the strong adoption of photovoltaic cells due to the rise in the demand for these systems for various applications particularly in industrial sectors. Moreover, the growing technological advancements in the production of PV systems to improve their efficiency will accelerate the growth of the market.
Solar Module Segment Drivers
Based on the solar module, the monocrystalline is rise at a faster CAGR in the coming years due to the rising demand for this solar module across residential applications and growing R&D activities for the improvement in the solar panels.
Regional Drivers
Based on the region, Europe is projected to lead the market due to several government initiatives and policies for renewable power generation and shifting consumer preference towards utilizing clean energy. In addition to this, the rising research and development activities for the development and supply of solar PV panels will further energize the growth of the market.
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)
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