PORTLAND, Oregon, Nov. 15, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Solar Energy Market by Technology (Photovoltaic Systems and Concentrated Solar Power Systems), by Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), By Application (Residential, Commercial and Industrial) and End-Use (Electricity Generation, Heating, Charging and Lighting): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global solar energy industry was pegged at $52.5 billion in 2018 and is projected to garner $223.3 billion by 2026, registering a CAGR of 20.5% from 2019 to 2026.
Chief reasons for market fluctuations
Rise in demand for alternate energy sources and government incentives for rooftop installations of solar panels have boosted the growth of the global solar energy market. However, increase in governmental tariff plans and geographical footprint hamper the market. On the contrary, investments in R&D to develop high-efficiency third-generation solar modules such as perovskites expected to create lucrative opportunities in the near future.
The global solar energy market is divided on the basis of technology, solar module, application, end use, and geography. Based on technology, the market is segmented into photovoltaic systems and concentrated solar power systems. The photovoltaic system segment is projected to portray the fastest CAGR of 25.1% from 2019 to 2026, owing to increase in applications in the residential and nonresidential sectors for electricity generation. On the other hand, the parabolic troughs segment under concentration solar power systems is expected to register a CAGR of 10.3% during the forecast period.
On the basis of solar module, the global solar energy market is divided into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others. Based on application, the market is bifurcated into residential, commercial, and industrial.
The global solar energy market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America is anticipated to register a CAGR of 19.0% during the forecast period. however, the market across Asia-Pacific is expected to manifest the fastest CAGR of 25.0% during the forecast period, owing to rise in demand for solar energy from the emerging countries such as China, Japan, and South Africa and increase in governmental tax incentives in the countries such as India.
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