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. Solar energy consists of energy radiated from the sun. 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.
The report on the global waste to energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Global Solar Energy Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Technologies (Solar Photovoltaic Systems and Concentrated Solar Power Systems), Solar Modules (Monocrystalline, Polycrystalline, Cadmium Telluride, and Amorphous Silicon Cells), Applications (Residential, Commercial, and Industrial) |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
E Report Coverage |
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast |
Key Players Covered |
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 |
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.
On 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.
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.
Based 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.
The global propylene oxide market can be divided on the basis of technologies, solar modules, applications, end uses and regions.
The players are expected to engage in merger and acquisitions for collaborations and profitability. 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.
The global propylene oxide market can be divided on the basis of technologies, solar modules, applications, end uses and regions.
The players are expected to engage in merger and acquisitions for collaborations and profitability. 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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