BANGALORE, India, July 21, 2020 /PRNewswire/ -- Solar energy is harnessed by using various technologies such as photovoltaics (PV), which directly convert light to electricity; concentrating solar power (CSP), which uses heat from the sun (thermal energy) to drive utility-scale, electric turbines; and solar heating and cooling (SHC) systems
The global solar energy market size was valued at USD 52.5 Billion in 2018 and is projected to reach USD 223.3 Billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026
The global Solar energy market is expected to witness rapid growth due to declining costs of solar energy equipment, coupled with increased competitiveness of battery storage.
Factors such as clear federal policies such as solar investment tax credit, rapidly dropping prices, and rising demand for renewable energy in both the private and public sectors is expected to drive the solar energy market size. Furthermore, due to the boom in rooftop installations, the demand for solar cells has gained significant momentum.
The need for parabolic troughs and solar power towers for generating electricity is expected to fuel demand for solar energy market size.
In the last decade, the cost of installing solar has plummeted by more than 70%, allowing the industry to grow into new markets and deploy thousands of systems nationwide. This reduction in cost is expected to increase the solar energy market size.
Increasing environmental issues such as greenhouse gas emissions followed by increasing energy consumption are driving industries towards more efficient and cost-effective energy supplies. Such factors would likely push the development of the solar energy market size during the forecast period.
The COVID-19 pandemic has seriously affected the solar energy market size. While utility-scale solar has not been as heavily impacted, growth projections are now lower than expected, and the virus has created significant uncertainty for projects under development.
With the production of photovoltaic-based power distribution systems, the competition among manufacturers has greatly increased.
The Asia Pacific region is expected to witness the highest growth rate during the forecast period. Emerging economies such as China and Japan have significantly increased solar energy development due to government tariffs and mergers & acquisitions by local manufacturers. Furthermore, the rising population, coupled with increasing non-conventional energy prices, is likely to drive the size of solar energy in the Asia Pacific region.
North America holds the largest solar energy market share. This dominance of North America is due to the presence of well-developed infrastructure in the region.
Europe has concentrated primarily on optimizing solar capacity.
The Middle East and Africa have also gained momentum due to expanded solar energy applications for power generation, agriculture, and architecture.
The global photovoltaic market size was valued at USD 53,916.0 Million in 2018 and is projected to reach USD 333,725.1 Million by 2026, growing at a CAGR of 25.1% from 2019 to 2026.
Major factors that are expected to increase the Photovoltaic market size are growing need for renewable energy resources, combined with favorable government regulations. Photovoltaic technology is being used on a commercial scale in solar lamps, parking meters, mobile telephones, garbage compactors, temporary traffic signs, charging stations, and remote guard posts and signals. In the manufacturing sector, photovoltaic energy is used to produce electricity for the smooth functioning of satellites in orbit in the aerospace & defense industry. These factors are further expected to increase the photovoltaic market size.
The global concentrated solar power market size was valued at USD 3,793.0 Million in 2018 and is projected to reach USD 8,046.7 Million by 2026, growing at a CAGR of 10.3% from 2019 to 2026. The MEA region accounted for nearly 21.0% market share in 2018.
Growing government support for implementing sustainable energies coupled with increasing energy demand & ability to produce power without CO2 emissions drives the market growth. In addition, the increase of carbon-based environmental concerns results in an emphasis on reducing air pollution and creating awareness of global warming. These aspects are expected to fuel the growth of Concentrated Solar Power Market size.
The global solar tracker market demand was pegged at 25.0 GW in 2018, expanding at a CAGR of 32.0% from 2019 to 2025.
Increasing energy conservation issues and the transition from non-renewable energy to renewable energy are expected to increase the growth of Solar PV Tracker Market size during the forecast period. Solar tracker uses different electrical components, including actuators, motors, and sensors to align the cells to focus the sunlight and optimize the captured energy.
Owing to the growing demand for PV systems for industrial, residential, and utility applications, the solar cell market size is expected to see substantial growth over the forecast period.
The top companies in the solar cell market Sanyo Solar, Kyocera Solar, Sharp, Motech, SunPower, SolarWorld, Canadian Solar, Hanhua, Bosch, Isofoton, REC, Neo Solar Power, Gintech Energy, and E-Ton Solar Tech.
Solar Inverter is widely accepted owing to its property of instantaneous conversion of DC power input to AC current while connected to an on-grid system.
The report includes a country-wise and region-wise market size for the period 2015-2026. It also includes market size and forecast by Type and by Application segment in terms of production capacity, price, and revenue for the period 2015-2026.
The residential segment accounted for the major share of the solar power inverter market during 2017. The dominance of this segment is due to the increased demand and sales volume. Our analysts predicted that this segment would continue to lead the market and account for the largest share by 2025.
Major competitors identified in this market include First Solar, Sharp, Solar Frontier, Hanergy, ZSW, Sentech, Station, CivicSolar, KANEKA Solar Energy, SoloPower, Solar-Facts, Flisom, etc.
This report provides a complete quantitative data and qualitative analysis on the global market for Thin Film Solar Panels. Market size is analyzed by country, product type, application, and competitors.
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