Market Research Report
Global Solar Energy Market - 2019-2026
|Published by||DataM Intelligence||Product code||950557|
Delivery time: 2 business days
|Global Solar Energy Market - 2019-2026|
|Published: Pre-Order||Content info:||
Solar energy is the abundant renewable energy source coming from the sun that further be converted into electrical or thermal energy. For the conversion of sun's energy, there are various equipments are used for the effective generation of electricity. The photovoltaics (PV) and concentrated solar power (CSP) are the two solar PV technologies that help to convert sunlight energy into electricity and heat. Solar energy is the most evolving and rapidly used energy for heating, , molten salt power plants and artificial photosynthesis, solar thermal energy, solar architecture to utilize the heat and generate the electricity. The solar energy includes for domestic, commercial, or industrial uses the electricity generation, provides light a comfortable interior environment, and heating water. The global solar energy market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.
The market is driven by the rising demand for renewable energy sources like solar, wind etc due to surge in the energy consumption and rapidly growing population around the globe. According to Solar Energy Industry Association in 2019, the global solar energy has reached to around more than 13GW installation and is projected to surpass 1 trillion watts of solar PV installation capacity by 2023. Further rising global warming ozone layer depletion, greenhouse gas emission had been increased the demand for renewable energy sources for more sustainable and cost effective electricity generation.
There is a rise in the launch of advanced cell innovative technology based PV modules for improved efficiency, high power generation using solar energy across the globe may create huge opportunity for the growth of solar energy market. For instance, 1st July 2020, Canadian Solar Company had been launched super high power classes of both monocrystalline and polycrystalline cells modules for electricity generation. They named them as the Hiku, Bihiku and Hidm. These modules have efficiency of super-high power classes of up to 590 W.
The global solar energy market is segmented based on product type, Applications, application, and region.
In terms of Product Type the global solar energy marker is bifurcated into Photovoltaic solar and Thermal solar. Among this Photovoltaic solar segment has highest share in 2019 owing to increasing demand renewable energy for various purposes like for household heating, electricity generation and various solar operated devices across the globe. According to the International Renewable Energy Agency (IRENA), the total solar energy generation through the photovoltaic cells was registered around 480357 MW across the world in 2018.
Similarly, thermal solar energy is also growing at faster pace due to rising government initiatives and projects all over the world for solar electricity generation. For instance in July 2020 as per the Solar Energy Industry Association, there are around 1,815 megawatts (MWac) of concentrated solar power plants running in the United States which uses thermal energy for power generation.
Depending on the applications, the global solar energy market is divided into residential, commercial, and industrial. Among this industrial segment has the highest contribution for the electricity generation due to raising the global investments for sustainable growth using the renewable energy sources like solar and wind energy. For instance according to the International Renewable Energy Agency (IRENA), solar PV investment was around 114 billion per year in 2018 and is projected to increase USD 192 billion per year by 2050 around the globe. The annual investment is increasing at the rate of 68% per year but due to Covid-19 pandemic there is slightly decrease of annual investment for solar energy.
Similarly, the residential and commercial sector is also booming for the utilization of solar energy due to launching of advanced technology based residential solar devices around the globe. For instance on 10th January 2020, Loom solar equipment manufacturer Company had been launched the world's first IoT-based solar AC module. The module has in built micro inverter for highly integrated smart grid AC Module. According to Solar Energy Industries Association in 2016, the total solar PV for electricity generation was registered to around 13.7 GW in the U.S., among which1.1 GW in the commercial sector, 2.3 GW of PV installations for the residential sector, and 10.2 GW in the energy utility sector.
Depending on the end-use, the global solar energy is segmented charging, lighting, Electricity generation and heating. Among this, electricity generation segment has the highest market share in 2019. This growth is anticipated due rise electricity demand due to growing population and rising environmental need for clean and green energy to control the pollution around the globe. According to the International Renewable Energy Agency (IRENA), the total global solar energy using photovoltaic cells was registered to around 480GW in 2018 and is projected to reach by six times to around 2840 GW by 2030 from which mostly for electricity generation.
Similarly, charging, lighting, and heating segments are also growing at faster pace due to rising awareness of solar energy usage in the developing region as well as increasing advancement of solar PV cells for better efficiency of the solar based devices. For instance on 17th Sep, 2019 Vikram Solar Company had been launched high-efficiency multi bus bar (MBB) half cell solar modules at Renewable Energy Expo in India.
By region, the global Solar energy market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, Europe is the dominated region for the global solar energy market and expected to grow at the highest CAGR during the forecasted period due to rising government initiatives for electricity generation with rising people's awareness towards the renewable energy in this region followed by North America and Asia Pacific. According to the SolarPower Europe's Organization in 2018, the solar PV capacity was registered to around 125.8 GW in Europe and is projected to expand to around 630GW by 2025.
Furthermore, North America is the second largest region to dominate the solar energy market due to rising projects in the commercial and industrial places with government supports and investment to meet the energy demand. According to Solar Energy Industries Association in 2018, the U.S. has been reported around 35000 projects for the installation of more than 7,000 megawatts (MW) solar energy through photovoltaic cells in 43 states from which mostly 70% for commercial usage.
Asia Pacific is the fastest growing region for the solar energy market, owing to rising government initiatives and growing energy demand with surge in the population. For instance 10th June 2020, the government body of Solar Energy Corporation of India (SECI), has planned to deliver 100GW of solar power installation in collaboration with tender for manufacturing to Adani Green Company by 2022.
The global solar energy market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Abengoa Solar S.A., Verengo Inc, Renewvia, Bright Source Energy Inc., Acciona Energia S.A., Sunpower Corporation, Canadian Solar Inc, Kaneka Corp., JA Solar, solar Inc., Wuxi Suntech Power Co. Ltd., Gintech Energy Corp., Yingli Solar, and Tata Power Solar are the leading market players with significant market share.
Companies are entering into the collaborations, investment, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 7th July 2020, PowerOptions Company has made partnership with Solect Energy Company for solar energy installation projects. Solect Energy Company has installed over 15 MW of more than 80 projects of solar energy in the Massachusetts. Furthermore On 7th July 2020, Standard Solar Company has planned to invest around USD 105 million in distributed generation solar projects in New York, California, Arizona, Massachusetts, and Rhode Island.