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), and Regions (Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa) - 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. 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.
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 fueled 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.
Scope of Solar Energy Market Report:
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.
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Attributes |
Details |
|
Report Title |
Global Solar Energy Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
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Base Year |
2020 |
|
Historic Data |
2018–2019 |
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Forecast Period |
2021–2028 |
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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) |
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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 |
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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 |
Solar Energy Market Segment Insights:
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 market
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.
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 market
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.
Segments
The global propylene oxide market can be divided on the basis of technologies, solar modules, applications, end uses and regions.
Technologies
- Solar Photovoltaic Systems
- Concentrated Solar Power Systems
Solar Modules
- Monocrystalline
- Polycrystalline
- Cadmium Telluride
- Amorphous Silicon Cells
Applications
- Residential
- Commercial
- Industrial
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players
- 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.
- Yingli Solar
Competitive Landscape
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.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Solar Energy Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Solar Energy Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Solar Energy Market - Supply Chain
4.5. Global Solar Energy Market Forecast
4.5.1. Solar Energy Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Solar Energy Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Solar Energy Market Absolute $ Opportunity
5. Global Solar Energy Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Solar Energy Market Size and Volume Forecast by Applications
5.3.1. Residential
5.3.2. Commercial
5.3.3. Industrial
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Solar Energy Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Solar Energy Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Solar Energy Demand Share Forecast, 2019-2026
7. North America Solar Energy Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Solar Energy Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Solar Energy Market Size and Volume Forecast by Applications
7.4.1. Residential
7.4.2. Commercial
7.4.3. Industrial
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Solar Energy Demand Share Forecast, 2019-2026
8. Latin America Solar Energy Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Solar Energy Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Solar Energy Market Size and Volume Forecast by Applications
8.4.1. Residential
8.4.2. Commercial
8.4.3. Industrial
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Solar Energy Demand Share Forecast, 2019-2026
9. Europe Solar Energy Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Solar Energy Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Solar Energy Market Size and Volume Forecast by Applications
9.4.1. Residential
9.4.2. Commercial
9.4.3. Industrial
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Solar Energy Demand Share Forecast, 2019-2026
10. Asia Pacific Solar Energy Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Solar Energy Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Solar Energy Market Size and Volume Forecast by Applications
10.4.1. Residential
10.4.2. Commercial
10.4.3. Industrial
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Solar Energy Demand Share Forecast, 2019-2026
11. Middle East & Africa Solar Energy Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Solar Energy Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Solar Energy Market Size and Volume Forecast by Applications
11.4.1. Residential
11.4.2. Commercial
11.4.3. Industrial
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Solar Energy Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Solar Energy Market: Market Share Analysis
12.2. Solar Energy Distributors and Customers
12.3. Solar Energy Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Abengoa Solar S.A.
12.4.2. Acciona Energia S.A.
12.4.3. Bright source Energy Inc.
12.4.4. Canadian Solar Inc.
12.4.5. Gintech Energy Corp.
12.4.6. Esolar Inc.
12.4.7. First Solar
12.4.8. Kaneka Corp.
12.4.9. Sunpower Corporation
12.4.10. Tata Power Solar
2. Assumptions and Acronyms Used
3. Research Methodology
4. Solar Energy Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Solar Energy Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Solar Energy Market - Supply Chain
4.5. Global Solar Energy Market Forecast
4.5.1. Solar Energy Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Solar Energy Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Solar Energy Market Absolute $ Opportunity
5. Global Solar Energy Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Solar Energy Market Size and Volume Forecast by Applications
5.3.1. Residential
5.3.2. Commercial
5.3.3. Industrial
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Solar Energy Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Solar Energy Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Solar Energy Demand Share Forecast, 2019-2026
7. North America Solar Energy Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Solar Energy Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Solar Energy Market Size and Volume Forecast by Applications
7.4.1. Residential
7.4.2. Commercial
7.4.3. Industrial
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Solar Energy Demand Share Forecast, 2019-2026
8. Latin America Solar Energy Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Solar Energy Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Solar Energy Market Size and Volume Forecast by Applications
8.4.1. Residential
8.4.2. Commercial
8.4.3. Industrial
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Solar Energy Demand Share Forecast, 2019-2026
9. Europe Solar Energy Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Solar Energy Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Solar Energy Market Size and Volume Forecast by Applications
9.4.1. Residential
9.4.2. Commercial
9.4.3. Industrial
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Solar Energy Demand Share Forecast, 2019-2026
10. Asia Pacific Solar Energy Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Solar Energy Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Solar Energy Market Size and Volume Forecast by Applications
10.4.1. Residential
10.4.2. Commercial
10.4.3. Industrial
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Solar Energy Demand Share Forecast, 2019-2026
11. Middle East & Africa Solar Energy Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Solar Energy Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Solar Energy Market Size and Volume Forecast by Applications
11.4.1. Residential
11.4.2. Commercial
11.4.3. Industrial
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Solar Energy Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Solar Energy Market: Market Share Analysis
12.2. Solar Energy Distributors and Customers
12.3. Solar Energy Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Abengoa Solar S.A.
12.4.2. Acciona Energia S.A.
12.4.3. Bright source Energy Inc.
12.4.4. Canadian Solar Inc.
12.4.5. Gintech Energy Corp.
12.4.6. Esolar Inc.
12.4.7. First Solar
12.4.8. Kaneka Corp.
12.4.9. Sunpower Corporation
12.4.10. Tata Power Solar
The global propylene oxide market can be divided on the basis of technologies, solar modules, applications, end uses and regions.
Technologies
- Solar Photovoltaic Systems
- Concentrated Solar Power Systems
Solar Modules
- Monocrystalline
- Polycrystalline
- Cadmium Telluride
- Amorphous Silicon Cells
Applications
- Residential
- Commercial
- Industrial
Regions
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Players
- 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.
- Yingli Solar
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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