Solar Electric Power Generation Market Revenue and Growth Rate Forecast 2018-2028

The solar electric power generation market growth outlook is stable with significant growth potential for electricity from residential customers. There is mounting pressure to reduce costs, improve power supply and improve efficiency of solar generation. At the same time, factors such as emerging market growth, rapid urbanization and industrialization are contributing to the growth of the market.

The global market for solar electric power generation will grow from $55.7 billion in 2018 to $98.8 billion by 2023 with a compound annual growth rate (CAGR) of 12.1% for the period of 2018-2023.

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The market for solar electric power generation is fragmented. Major players in the market are State Power Investment Corp. (SPIC), Enel SpA, Exelon Corp., Dominion Energy, Inc., and Engie S.A. The residential segment accounted for the largest share of the solar electric power generation market in 2018 at $REDACTED billion. The highest growth is projected to come from the residential segment, which isforecast to grow at a CAGR of REDACTED%. Major factors for this growth include rapid increase in populationin many countries in Asia and the Middle East, and urbanization in emerging markets.

Asia Pacific was the largest region in the solar electric power generation market, accounting for REDACTED% ofthe global market. It was followed by Western Europe and North America. Going forward, the MiddleEast is expected to witness the fastest growth in the solar electric power generation market, estimatedat grow at a CAGR of REDACTED%, followed by South America which is expected to grow at a CAGR of REDACTED%.

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Japan was the largest country in terms of value in the solar electric power generation market. Russia and India are forecast to have the fastest growth, growing at a CAGR of REDACTED% and REDACTED%, respectively.

The market is challenged by restraints such as low efficiency of solar panels, land scarcity and increasing trade protectionism.”

“Report Scope:

This research report categorizes the solar electric power generation market by type. Product types include residential, commercial and industrial.

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Report Includes:

– 96 tables
– A comprehensive overview and industry analysis of solar electric power generation markets
– Country specific data and analysis for France, Germany, Italy, Spain, UK, China, India, Japan, US, Canada, Mexico, Middle East and Africa
– Characterization and quantification of market potential for solar electric power generation by energy type, application area, end use industry and geographical region
– Detailed descriptions of opportunity analysis; and current trends, with a focus on solar electricity and emerging technologies along with cohesive government policies for solar power generation
– Patent analysis in the field of solar electric power generation with most recent innovations listed
– Company profiles of the major players of the solar electric power generation market, including State Power Investment Corp. (SPIC), Enel SpA, Exelon Corp., Dominion Energy, Inc., and Engie S.A”

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This release was published on openPR.