Solar Energy Market To Reach 224 Billion With A CAGR Of 20.5% - Growth Market Reports
PUNE, India, April 20, 2021 /PRNewswire/ -- Growth Market Reports published a new report Titled "Global Solar Energy Market by Technologies (Solar Photovoltaic Systems and Concentrated Solar Power Systems), Solar Modules (Monocrystalline, Polycrystalline, Cadmium Telluride, and Amorphous Silicon Cells), Applications (Residential, Commercial, and Industrial)- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028".
The global solar energy market was valued at around USD 53 billion in 2018 and is estimated to reach around USD 224 billion with a CAGR of nearly 20.5% over the forecast period, 2021-2028. Abengoa Solar S.A, Acciona Energia S.A, Bright source Energy Inc., Canadian Solar Inc., Gintech Energy Corp., Esolar Inc., First Solar, Kaneka Corp., Sunpower Corporation, Tata Power Solar, Urja Global Limited, Waaree Group, Wuxi Suntech Power Co. Ltd., and Yingli Solar are the key players in the market.
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With enhancements in technology, solar energy has emerged as an efficient and convenient form of unconventional energy. Photovoltaics and concentrated solar power systems are the technologies used to harness solar energy. They are used to combat greenhouse emissions and global warming. Solar energy is widely available and promoted in all developing and developed countries, which has positively influenced the market.
Market Trends, Drivers, Restraints, and Opportunities:
- The development of solar energy market is driven by increasing government incentives and tax rebates, followed by increasing demand for electricity in industrial sector, due to rise in population and infrastructure.
- Climate change has fuelled the demand for protection of environment. Conventional energy systems use fossil fuels, which experience fluctuating prices and lead to pollution. Solar energy, which is a renewable source of energy, generates power and may replace conventional energy systems. This factor is anticipated to favor the market growth. Increasing investments, R&D, and incentives in solar energy drive the growth of the solar energy market. For example, China has planned to provide solar Feed in Tariff (FIT) payments to large-scale projects.
- The initial prices of installing solar panels and silver, which is used as a component, are high. This is expected to hinder the market growth. In addition to this, limitation in land available due to technical problems and ecological concerns are estimated to hamper the market growth. Countries like Russia, which have unfavorable or cold climatic conditions, restrain the growth of the solar energy market.
- Advancements in solar photovoltaic systems are estimated to increase the implementation of storage grids, hence leading to increased opportunities in the solar energy market.
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Photovoltaic systems to be preferred over concentrated solar power systems
Based on technologies, the global solar energy market can be segmented into solar photovoltaic systems and concentrated solar power systems. Solar photovoltaic systems are further divided into mono-Si, thin film, and multi-Si; while concentrated solar power systems are divided into parabolic trough, solar power tower, fresnel reflectors, and dish stirling. Since the latter requires direct sun radiation instead of diffused sun rays, it is not cost-efficientefficient for small installations. Photovoltaic systems are expected to provide to high utility for all kinds of uses.
Monocrystalline solar module to hold a key share in the global solar energy marketOn the basis of solar modules, the market can be divided into monocrystalline, polycrystalline, cadmium telluride, and amorphous silicon cells. All players, including manufacturers and others are estimated to shift to monocrystalline solar modules, due to its effectiveness, solid design, and durability. Low material cost of cadmium telluride and amorphous silicon cells is estimated to pave the way for growth in the market.
All three segments of applications to grow significantly
In terms of applications, the market can be divided into residential, commercial and industrial. The rising number of residential projects and public awareness about domestic use of solar panels is estimated to offer lucrative revenues in the solar energy market. Numerous installations in restaurants, offices, and hospitals are projected to pave the way for growth of the commercial segment. The industrial segment is expected to grow, as several governments are providing subsidies and tax rebates to industries to install solar panels.
Asia Pacific to dominate the market share in the global solar energy marketBased on regions, the market can be divided into Europe, North America, Asia Pacific, and Middle East & Africa. The Asia Pacific market was valued around 75 billion in 2019. It is anticipated to continue to hold a significant market share during the forecast period. In the Asia Pacific region, countries such as India and China experience soaring demand for electricity; however, they need to keep low carbon emissions. Consequently, the Asia Pacific region is expected to increase their solar power capacity and grow at a CAGR of 26% during the forecast period.
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