PUBLISHER: SkyQuest | PRODUCT CODE: 1165251
PUBLISHER: SkyQuest | PRODUCT CODE: 1165251
Global Solar Power Market was valued at USD 184.9 billion in 2021, and it is anticipated to attain a value of USD 298.86 billion by 2028, at a CAGR of 7.1% over the prediction period (2022 - 2028).
Solar energy is the radiant energy emitted by the sun, which is harnessed through a variety of technologies such as photovoltaic cells, solar heating, and others. It is an effective unconventional energy source and a feasible renewable solution to growing greenhouse emigrations and global warming. The rise in government incentives and duty rebates to install solar panels, as well as environmental pollution, are driving the growth of the solar energy market. Furthermore, the reduction in water footprint associated with solar energy systems has increased their demand in power generation sectors. The demand for solar cells has increased dramatically due to an increase in rooftop installations, which has led to an increase in architectural operations.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Solar Power Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The Global Solar Power Market is segmented based on Technology, Application, Solar Module, and Region. Based on Technology, it is categorized into Photovoltaic Solar System (Mono-Si, Thin Film, Multi-Si), Concentrated Solar System (Parabolic Trough, Power Tower, Linear Fresnel). Based on Application, it is categorized into Residential, Non-Residential, Utility. Based on Solar Module, it is categorized into Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells. Based on the region it is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Driver
Several companies are installing renewable energy plants as a result of environmental regulations. Several countries are also focusing on environmentally friendly power generation solutions in order to reduce carbon emissions. Solar energy is one of the most affordable renewable energy sources. As a result, many countries are investing heavily in solar energy. Asia Pacific installed more than 67 GW of new solar projects in 2019. As a result, such a remarkable yearly installation of solar capacity benefits global market growth..
Restraint
Massive solar projects, such utility-scale or large industrial-scale plants, require a lot of space. The choice of land is also limited by factors like the availability of solar radiation. On land used for agriculture or forestry, solar projects cannot be built due to inadequate access and unstable soil. Other elements that affect where to construct solar power systems include distance from the electricity grid and accessibility to equipment.
Market Trends
The demand for power has greatly increased due to population growth and economic expansion. The need for more infrastructure and growing living standards are causing an increase in demand for power generation. To meet the increased demand, the majority of countries are constructing new solar power plants or increasing the capacity of their existing ones. This is expected to boost the solar power market growth during the anticipated time frame.