Press release
Solar Energy Market Is Estimated To Witness 20.5% CAGR Over 2019-2026
Surge in demand for alternate energy sources and supportive government policies for rooftop installations of solar panels drive the growth of the global solar energy market. However, rise in tariff plans by governments hinder the market growth. On the other hand, increase in investments in R&D for development of high-efficiency third-generation solar modules provides opportunities in the next few years.
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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.
Increase in installations of rooftop solar panels positively impacts the growth of the solar energy market. Photovoltaic systems have gained major traction owing to increase in applications in residential and non-residential 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 systems segment 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.
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.
The report offers detailed segmentation of the global solar energy market based on technology, solar module, application, end use, and geography.
Based on technology, the photovoltaic system segment is estimated to witness the highest CAGR of 25.1% from 2019 to 2026. However, the parabolic troughs segment, which is sub-segment of the concentration solar power systems segment, is projected to grow at a CAGR of 10.3% during the forecast period.
Based on solar module, the report segments the global solar energy market into monocrystalline, cadmium telluride, polycrystalline, amorphous silicon cells, and others. By application, the market is divided into commercial, residential, and industrial.
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Based on region, the market is divided into North America, Europe, Asia-Pacific, and LAMEA. North America is estimated to portray a CAGR of 19.0% from 2019 to 2026. However, Asia-Pacific is projected to grow at the largest CAGR of 25.0% during the forecast period.
Leading players of the global solar energy market analyzed in the research include Abengoa Solar S.A., Wuxi Suntech Power Co. Ltd., Acciona Energia S.A., Esolar Inc., Bright source Energy Inc., Kaneka Corp., Gintech Energy Corp., Canadian Solar Inc., Sunpower Corporation, and Tata Power Solar.
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%.
• North America is expected to register a CAGR of 19.0% during the forecast period.
• In Asia-Pacific, China expected to grow at a high CAGR of 25.0%.
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