At 20.5% CAGR, Solar Energy Market Size to Cross $223.3 billion by 2026

Rise in demand for alternate energy sources and government incentives for rooftop installations of solar panels drive the growth of the global solar energy market

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.

According to the report, the global solar energy industry was pegged at $52.5 billion in 2018 and is projected to garner $223.3 billion by 2026, registering a CAGR of 20.5% from 2019 to 2026.

Detailed segmentation

The global solar energy market is divided on the basis of technology, solar module, application, end use, and geography. Based on technology, the market is segmented into photovoltaic systems and concentrated solar power systems. The photovoltaic system segment is projected to portray the fastest CAGR of 25.1% from 2019 to 2026, owing to increase in applications in the residential and nonresidential sectors for electricity generation.

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Chief reasons for market fluctuations

Rise in demand for alternate energy sources and government incentives for rooftop installations of solar panels have boosted the growth of the global solar energy market. However, increase in governmental tariff plans and geographical footprint hamper the market.

The global solar energy market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America is anticipated to register a CAGR of 19.0% during the forecast period. however, the market across Asia-Pacific is expected to manifest the fastest CAGR of 25.0% during the forecast period, owing to rise in demand for solar energy from the emerging countries such as China, Japan, and South Africa and increase in governmental tax incentives in the countries such as India.

Major market players
• 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.
• Tata Power Solar

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Key Findings of the Solar Energy Market:
• The photovoltaic system is expected to grow at a CAGR of 25.1% from 2019 to 2026.
• The parabolic troughs under concentrated solar power systems is expected to grow at a CAGR of 10.3% during the forecast period.
• The solar power tower segment is expected to grow at a CAGR of 12.5%.

Table of Content:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET LANDSCAPE
CHAPTER 4: SOLAR ENERGY MARKET BY TECHNOLOGY
CHAPTER 5: SOLAR ENERGY MARKET BY SOLAR MODULE
CHAPTER 6: SOLAR ENERGY MARKET BY APPLICATION

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