Press release
Global Solar Energy Market Size, Growth, In-depth Analysis, Research Report Forecast up to 2028: LONGi Solar and Canadian Solar are key players.
Global Solar Energy Market is expected to grow at a CAGR of 11.93% to reach a market size worth US$198.011 billion by 2028.The prime factors propelling the growth of the global solar energy market are decreasing costs of solar technologies, supportive government policies, and increasing environmental awareness among consumers and businesses.
The global solar energy market is expected to grow rapidly during the forecast period.
The global solar energy market refers to producing and consuming energy derived from the sun's radiation. Solar energy is considered one of the most promising renewable sources due to its abundance and accessibility. The solar energy market includes various technologies and applications, such as photovoltaic (PV) solar panels, solar water heating systems, concentrated solar power (CSP) systems, and others. The solar energy market has experienced rapid growth in recent years, driven by declining costs of solar technologies, supportive government policies, and increasing environmental awareness among consumers and businesses. As a result, solar energy is becoming increasingly competitive with traditional fossil fuels in terms of cost, and its adoption is expected to continue to accelerate in the coming years.
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The global solar energy market has been segmented into product type, area, technology, application, and geography.
The market has been classified by product type into silicon, thin sheet, poly-crystalline, and mono-crystalline. Silicon-based solar panels are the most widely used and dominate the market due to their high efficiency and reliability. Thin-film solar panels are gaining popularity due to their flexibility and ability to be integrated into various structures. Poly-crystalline and mono-crystalline solar panels are made from silicon but differ in the manufacturing process, with mono-crystalline panels being more efficient but more expensive. The choice of solar panel type often depends on cost, efficiency, and application, and manufacturers continue to innovate and improve solar panel technologies to meet evolving customer needs and preferences.
By area, the market has been classified into rural areas and urban areas. Solar energy is increasingly being adopted in rural areas, where access to traditional energy sources may be limited or unreliable. Solar energy systems can provide a reliable and affordable power source for homes, businesses, and communities. In urban areas, solar energy is often used to supplement traditional grid power, with solar panels installed on homes, buildings, and other structures. Urban areas also have a growing demand for large-scale solar energy systems, such as solar farms and utility-scale solar power plants, which can provide renewable energy to meet the needs of a growing population.
By technology, the market has been classified into PV, CSP, and solar heating and cooling. PV solar panels are the most commonly used solar technology, converting sunlight directly into electricity for homes, businesses, and other applications. On the other hand, CSP systems use mirrors or lenses to concentrate sunlight onto a small area, generating heat that is then used to produce electricity. Finally, solar heating and cooling systems use solar thermal collectors to capture heat from the sun and heat water or air for use in homes, buildings, and other applications.
By application, the market has been classified into residential and commercial. Commercial solar energy systems are typically larger and more complex and may be used to power office buildings, factories, and other commercial and industrial facilities. These systems may also supplement traditional grid power and reduce energy costs for businesses.
The market is classified geographically into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America and Europe are among the largest markets for solar energy, driven by supportive government policies, decreasing costs of solar technologies, and increasing environmental awareness. Asia Pacific is also a major market, with countries like China, Japan, and India investing heavily in solar energy infrastructure and technology development.
The solar energy market players covered in the report are Jinko Solar, JA Solar Technology Co Ltd, Trina Solar, LONGi Solar, Canadian Solar, Hanwha Q-CELLS, Risen Energy, GSL-SI, First Solar, and Talesun Energy.
This global solar energy market has been analyzed into the following segments:
• By Product Type
o Silicon
o Thin Sheet
o Poly-crystalline
o Mono Crystalline
• By Area
o Rural Areas
o Urban Areas
• By Technology
o PV
o CSP
o Solar Heating and Cooling
• By Application
o Residential
o Commercial
• By Geography
o North America
• United States
• Canada
• Mexico
o South America
• Brazil
• Argentina
• Others
o Europe
• United Kingdom
• Germany
• France
• Spain
• Others
o Middle East and Africa
• UAE
• Israel
• Saudi Arabia
• Others
o Asia Pacific
• Japan
• China
• India
• South Korea
• Thailand
• Taiwan
• Indonesia
• Others
Related Reports:
• Global Solar Rooftop Market: https://www.knowledge-sourcing.com/report/global-solar-rooftop-market
• Solar Panel Recycling Market: https://www.knowledge-sourcing.com/report/solar-panel-recycling-market
• Solar PV Backsheet Market: https://www.knowledge-sourcing.com/report/solar-pv-backsheet-market
Contact Us:
Knowledge Sourcing Intelligence
Phone: +1-850-250-1698
E-Mail: info@knowledge-sourcing.com
Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies across ten industry verticals. KSI has a team of experienced and young professionals who focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports annually centering on the niche and latest technologies. In addition, we engage with key decision-makers and stakeholders across the value chain to provide clients with a detailed analysis and bird's-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers, and challenges, and strategic recommendations for making informed decisions. Our success lies in our analysts' efforts to meet client expectations by delivering quality work within the stipulated deadlines.
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