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Solar Energy Market

Solar Energy Market Forecasts to 2028 – Global Analysis By Technology (Harnessing Technology, PV Systems), Application (Heating, Power Generation), Generation (First Generation, Second Generation) and By Geography

5.0 (58 reviews)
Published: August 2021 ID: SMRC20911
5.0 (58 reviews)
Published: August 2021 ID: SMRC20911

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Solar Energy Market is accounted for $76.23 billion in 2020 and is expected to reach $296.40 billion by 2028 growing at a CAGR of 18.5% during the forecast period. Increase in environmental pollution, surge in rooftop installations and increase in applications in the architectural sector are driving the market growth. However, climatic conditions and geographical latitudes are hampering the growth of the market.

Solar energy is the radiant energy emitted from the sun, which is harnessed by using various technologies such as solar heating, photovoltaic cells, and others. It is an efficient renewable energy, and mitigates environmental risks that arise from greenhouse gas emissions.

Based on the technology, the concentrated solar power (CSP) systems segment is going to have lucrative growth during the forecast period due to the increasing support for CSP installations in the form of legislative policies in countries with limited oil & gas reserves and a need for energy storage is set to drive the segment growth in the years ahead.

By geography, Asia Pacific is going to have high growth during the forecast period due to the expansion of solar power production in emerging countries such as Japan, India, and China and those countries are contributing to the progress of the APAC region. Moreover, increasing demand for electricity owing to rising population and fast industrialization increases the market growth.

Some of the key players profiled in the Solar Energy Market include Abengoa Solar S.A. , Acciona Energia S.A,  Bright source Energy Inc., Esolar Inc, Sunpower Corporation, Canadian Solar Inc, Sunways AG, Renesola, Bharat Heavy Electricals Limited (BHEL), Motech Industries, Solar World AG,  Tata Power, Gintech Energy Corp and First Solar Inc.

Report Coverage

Details

Published Year:

2021

Estimated Market Size in 2020:

USD 76.23 billion

Estimated Period:

2020

Compound Annual Growth Rate (CAGR) from 2020 to 2028:

18.5%

Predicted 2028 Value:

USD 296.40 billion

Forecast Years:

2021-2028

Tables, Graphs& Figures

258

Chapters Covered:

Technology, Solar Module Panel, Application, Generation, Off-Grid, End User and Region

Core Drivers and Opportunities:

  • Increase in environmental pollution
  • Surge in rooftop installations
  • Increase in applications in the architectural sector

Restraining Factors & Market Threats:

  • Climatic conditions and geographical latitudes
  • Decrease in conversion efficiency of solar panels


Technologies Covered:
• Harnessing Technology
• Concentrated Solar Power (CSP) Systems
• Capturing Technology
• Photovoltaic (PV) Systems   

Solar Module Panels Covered:
• Amorphous Silicon Cells
• Mono-Crystalline Silicon Cells
• Cadmium Telluride
• Copper Indium Gallium Selenide (CIGS)
• Polycrystalline Silicon Cells

Applications Covered:
• Heating
• Electricity/Power Generation
• Charging and Lighting

 Generations Covered:
• First Generation
• Second Generation
• Third Generation   

Off-Grids Covered:
• Non-Residential
• Residential   

End Users Covered:
• Transportation
• Agriculture & Horticulture
• Commercial
• Architecture
• Industrial
• Utility-Scale

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2019, 2020, 2021, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Key Questions Answered In The Report

The Global Solar Energy Market is majorly driven by increase in environmental pollution, surge in rooftop installations and increase in applications in the architectural sector.

The concentrated solar power (CSP) systems segment is growing at a highest CAGR due to the increasing support for CSP installations in the form of legislative policies in countries with limited oil & gas reserves.

Asia Pacific dominated with a significant market share due to the factors such as expansion of solar power production in emerging countries such as Japan, India, and China and those countries are contributing to the progress of the APAC region.

Europe market is growing at a highest CAGR owing to increase in applications of solar energy for power generation, agriculture, and architecture sectors in the region and increasing focus on researches to maximize the solar potential.

Key players in Solar Energy Market include Abengoa Solar S.A., Acciona Energia S.A, Bright source Energy Inc., Esolar Inc, Sunpower Corporation, Canadian Solar Inc, Sunways AG, Renesola, Bharat Heavy Electricals Limited (BHEL), Motech Industries, Solar World AG, Tata Power, Gintech Energy Corp and First Solar Inc.

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