Research and development in solar cell technologies providing Lucrative opportunities for the solar energy market by 2022

Solar energy system is used to harness the energy emitted from the sun. It is an efficient renewable energy, and mitigates environmental risks that arise from greenhouse gas emissions. The global rise in demand for alternative energy source has propelled the demand for solar energy. Moreover, market assisting programs and government incentives for rooftop installations of solar panels drive the growth of the market, with increasing applications in residential, nonresidential, and commercial sectors.

According to a new report published by Allied Market Research, titled, Solar Energy Market by Technology, Solar Module, Generation and Application: The solar energy market was valued at $86 billion in 2015, and is projected to reach $422 billion by 2022, growing at a CAGR of 24.2% from 2016 to 2022. Based on application, architecture occupied more than two-fifths share in 2015.

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Increase in installations of rooftop solar panels positively impacts the growth of the solar energy market. Photovoltaic cells have gained major traction owing to increase in applications in residential and nonresidential sector for electricity generation. Furthermore, increase in installation of concentrated solar power systems (CSPs) in forms of parabolic troughs and solar power towers is anticipated to fuel the growth of the market, owing to increase in application for electricity generation.

Photovoltaic cells segment has dominated the market in 2015. The concentrated solar power systems segment is expected to grow at a CAGR of 41.6% during the forecast period. Polycrystalline silicon cells occupied more than half of the total share in 2015. The agriculture & horticulture segment is expected to grow at a CAGR of 25.9% during the study period.

Key Benefits for Stakeholders:
•This report entails the detailed study of market trends and forecast from 2014 to 2022 that assists to identify the prevailing market opportunities to capitalize on the global solar energy market and solar energy market size.
•In-depth coverage of the drivers, restraints, and opportunities helps professionals to better understand the market behavior.
•This study further includes market share analysis in terms of technology, module, generation, and application across all geographies.
•Detailed study of the strategies of key leaders, partnerships, and acquisitions in the market is provided.
•Porter’s Five Forces analysis examines the competitive structure of the market and assists strategists in better decision-making.
•Pinpoint analysis of geographical segments helps to identify opportunities for growth within the market.

However, geographical footprint has affected the growth of solar energy market, owing to decrease in conversion efficiency of solar panels. Increase in governmental tariff plans and renewable energy certificates such as solar energy renewable certificates (SREC) are expected to drive the market growth. In addition, investments in R&D to develop high-efficiency third-generation solar modules such as perovskites is projected to provide growth opportunities for the market.

Solar Energy Market Key Segments:

By Technology
• Photovoltaic cells
• Inorganic
• Organic
• Concentrated Solar Power Systems
• Parabolic Troughs
• Solar Tower
• Others

By Solar Module
• Monocrystalline Silicon Cells
• Polycrystalline Silicon Cells
• Cadmium Telluride
• Amorphous Silicon Cells
• Others (Copper Indium Gallium Selenide (CIGS))

By Generation
• First Generation
• Second Generation
• Third Generation

By Application
• Agriculture & Horticulture
• Architecture
• Transportation
• Others

LAMEA is projected to grow at a CAGR of 25.7% during the analysis period, owing to increase in photovoltaic installations. Furthermore, tax incentives for rooftop installations in Asia-Pacific region, such as India, is expected to drive the market growth. The photovoltaic cells segment in India is expected to grow at a CAGR of 24.0%.

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Top players in operating in the market include Abengoa Solar S.A., Acciona Energia S.A., Wuxi Suntech Power Co. Ltd., Bright Source Energy Inc., Esolar Inc., Gintech Energy Corp., Kaneka Corp., Sunpower Corporation, Canadian Solar Inc., and Tata Power Solar.

About Allied Market Research
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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This release was published on openPR.