Solar Energy Market to Reach USD 223.3 Billion by 2026, Growing at a CAGR of 20.5% | Valuates Reports

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BANGALORE, India, July 22, 2022 /PRNewswire/ -- The Global Solar Energy Market is Segmented 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. It is published in Valuates Reports under the Energy & Utilities Category.

Solar The global solar energy market 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.

Major Factors Driving the Growth of the Solar Energy Market

Supportive government policies, a growing shift towards alternative sources of energy due to rising environmental pollution, rising investments, and increasing installations of photovoltaic systems, concentrated solar power, and solar batteries will fuel the growth of the market.

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TRENDS INFLUENCING THE GLOBAL SOLAR ENERGY MARKET

Supportive government policies are driving the growth of the solar energy market. Numerous countries are adopting policies like investment tax credits, capital subsidies, renewable energy tax exemptions, feed-in tariffs, and competitive auctions to decrease the costs of renewable energy installations and pave the way for the deployment of large-scale commercial projects.

Due to growing environmental pollution, residential and industrial sectors are transitioning to alternative energy sources like solar panels. Homes and residential complexes use solar panels for electricity generation, cooling, and heating. Businesses are relying on solar power to diversify their energy sources, increase efficiency and cut costs. This allows companies to reduce their dependence on fossil fuel reserves. Such factors will boost the growth of the solar energy market during the forecast period.

Rooftop solar photovoltaic systems are spreading rapidly thanks to supportive policies like net metering and fiscal initiatives. The demand for first-generation monocrystalline and polycrystalline silicon cells is high due to ongoing R&D and an increase in the efficiency of solar panels. This is expected to bolster the growth of the solar energy market in the coming years.

Concentrated solar power systems will drive the expansion of the solar energy market. CSP uses special reflectors to concentrate the energy of the sun onto a small receiver. The heat generated is used for producing an electrically powered steam turbine. The biggest advantage of CSP is its reliability and predictable cost. Unlike conventional fuel, there is an abundant supply of sunshine. Costs are less over the entire lifetime of plant operation. Over half of the total operational cost takes place in the first year itself. This increases the long-term understanding of investors and boosts the overall ROI. These pricing policies are helping grid operators to increase the number of CSP installations.

Due to stringent environmental regulations, several companies are investing in renewable energy projects. Eco-friendly power generation is the need of the hour. Solar panels are low-cost options that come with battery storage systems. Solar batteries store the excess energy to power homes during cloudy days, power outages, and at night. It provides additional support when the panels do not generate enough electricity. These factors will boost the growth of the solar energy market during the forecast period.

The most advanced solar panels are able to convert 20 to 25% of the sun's energy into power. The lack of efficiency in energy conversion will hamper the growth prospects of the solar energy market in the upcoming years.

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SOLAR ENERGY MARKET SHARE

Based on technology, concentrated solar power systems are expected to dominate during the forecast period due to the rising demand for alternative energy sources and economical pricing policies.

Based on solar modules, the monocrystalline segment will maintain the lead in the solar energy market share as these solar modules are space efficient and have higher efficiency rates. They are effective in low-light conditions and have a long shelf life.

Based on application, the residential segment is expected to be the most lucrative owing to the increasing number of rooftop solar installations and rising consumer awareness.

Based on region, Europe will witness considerable growth due to favorable government policies and preference for grid solar panel installations.

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Key Companies:

• Abengoa Solar S.A.,
• Acciona Energia S.A.,
• Wuxi Suntech Power Co. Ltd.,
• Bright source Energy Inc.,
• Esolar Inc.,
• Gintech Energy Corp.,
• Kaneka Corp.,
• Sunpower Corporation,
• Canadian Solar Inc.,
• Tata Power Solar.
• First Solar Inc.,
• Trina Solar Limited,
• Sharp Corporation,
• Yingli Solar,
• Verengo Inc,
• RGS Energy,
• JA Solar,
• ReneSola,
• GT Advantage Technologies,
• Hanwha Q Cells,
• Motech Industries Inc.

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