Comprehensive Report on Solar energy Market 2019 | Size, Growth, Demand, Opportunities & Forecast To 2026

Solar energy is available in abundance. However, the challenge is to utilize it optimally and for the betterment of the mankind. The non-renewable sources of energy will deplete one day or the other if not utilized cautiously. With solar energy and its abundant availability, the challenge is to store it and utilize in the future. Various initiatives have been taken and developments have been made. Scientists developed a liquid for storage of solar energy, and this liquid can be utilized for water heating applications in residential and commercial sectors. Water bodies have become new frontier for building solar panels and more projects will be built on sea beds and canals in various countries.

In the countries where the land is insufficient, governments have found a new way of storing and utilizing solar energy. The innovative utilization and initiatives for optimum usage would continue in the next few years. According to the report published by Allied Market Research, the global solar energy market is expected to reach $223.3 billion by 2026. Following are some of the activities taking place across the world.

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Global solar energy market size was valued at $52.5 billion in 2018, and is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026. 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.

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. On the contrary, investments in R&D to develop high-efficiency third-generation solar modules such as perovskites expected to create lucrative opportunities in the near future.

However, geographical footprint has affected the solar energy market growth, 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.

has dominated the market in 2018. The concentrated solar power systems segment is expected to grow at a CAGR of 10.3% during the forecast period.

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Emerging economies such as China, Japan, and South Africa have experienced significant rise in the demand for solar energy with increasing applications in residential and non-residential sectors. China has increased their photovoltaic (PV) installations and rise in governmental tax incentives have favored the growth of solar energy market, especially in India. Furthermore, lack of electricity network has accelerated the market growth potential in remote areas of Africa and Latin America.

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.

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