Solar Energy Market:
Growth opportunities in the Solar Energy Market look promising over the next six years. This is mainly due to the several government schemes and initiation of projects to promote the effectuation of sustainable energy.
Solar Energy Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Enormous factors contributing to the growth of the global solar energy market include the accelerating penetration of renewable sources of energy across various countries, along with the mounting investment in clean energy throughout the world. Also, several strategic government measures and the introduction of upcoming projects for the execution of sustainable energy, especially in India and Saudi Arabia, further strengthens the solar energy market size. Moreover, the surging demand for clean electricity, an ongoing technological expansion for the development of solar photovoltaics, and reducing solar power prices will fuel the market growth. Additionally, the market is becoming more established owing to the escalating utilization of solar cells in rooftop installations, rising apprehension towards environmental deterioration, and fuelling power consumption led by the substantial growth in population and swift industrialization.
Technology Segment Drivers
Based on the technology, Photovoltaic Systems are projected to witness a faster CAGR during the forecast period. This is primarily attributed to the mounting endorsement of these cells resulting from the soaring demand of these systems across several application areas, especially in industrial sectors. In addition to this, the continuous technological up-gradation in the production of PV systems to improve their effectiveness is driving the solar energy industry.
Solar Module Segment Drivers
Based on the solar module, Monocrystalline is predicted to expand at a higher CAGR over the forecast period due to its robust demand across the residential applications and aggravating R&D activities for the development of solar panels.
Regional Drivers
Based on the regional coverage, Europe is expected to lead the market during the forecast period. This is because of the various government plans and policies for inexhaustible power creation and the significant switch of the consumer towards the utilization of clean energy. Furthermore, the intensifying research and development activities along with the supply of solar PV panels are further supplementing the solar energy market share.
Solar Energy Market’s leading Manufacturers:
- Tata Power Solar Systems Ltd.
- Kaneka Corporation
- BrightSource Energy, Inc.
- Acciona Energia, S.A.
- Abengoa
- Canadian Solar
- ENF Ltd.
- eSolar
- Wuxi Suntech Power Co., Ltd.
- SunPower Corporation
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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