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Solar Energy Market Analysis, Trends, Growth, Research And Forecast 2032
Solar Energy Market
The Business Research Company's Solar Energy Global Market Report 2023 identifies the increasing government initiatives to support renewable energy sources as the major driver for the solar energy market's growth in the forecast period. Government initiatives include subsidies and relaxed laws for the implementation and use of solar energy. These initiatives have led to the installation of various solar projects all across the world for the production of renewable energy that is affordable to consumers. As government initiatives increase globally, there will be a significant rise in the adoption of solar energy across the world.
The global solar energy market size will grow from $101.87 billion in 2022 to $126.82 billion in 2023 at a compound annual growth rate (CAGR) of 24.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global solar energy is expected to grow to $354.99 billion in 2027 at a CAGR of 29.3%.
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Major competitors in the solar energy market are Kaneka Corp, Acciona Energia SA, Abengoa Solar SA, Bright Source Energy Inc., Tata Power Solar, Wuxi Suntech Power Co Ltd., Sunpower Corporation, Canadian Solar Inc., Esolar Inc., Gintech Energy Corp, Trina Solar Ltd., Solar Systems LLC, United Renewable Energy Co Ltd., LONGi Green Energy Technology Co Ltd., JinkoSolar Holdings Co Ltd., Borrego Solar Systems Inc., Areva, Indosolar, Euro multivision, Bharat Heavy Electricals, Central Electronics Limited, First Solar and Yingli Solar.
A key trend in the solar energy market includes the development of bifacial solar cells for increased output. Major companies and research and development centers operating in the solar energy sector are focused on developing bifacial solar cells to meet market demand for maximum output. Bifacial solar cells absorb light from both the front and back sides of their surfaces, catching albedo light that will otherwise be wasted. Therefore, companies and research and development centers are focused on developing bifacial solar cells to maximize the output of solar energy.
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The solar energy market is segmented -
• By Type: Solar Cell Panel, Solar Cell Paste, Solar Silicon Wafer
• By Technology: Photovoltaic Systems, Concentrated Solar Power Systems
• By Panel: Mono-Crystalline, Thin Film, Poly-Crystalline
• By Application: Residential, Commercial
• By End Use: Electricity Generation, Lighting, Heating, Charging
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the solar energy market.
The Business Research Company's "Global Solar Energy Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Solar Energy Market Include:
1. Executive Summary
2. Solar Energy Market Characteristics
3. Solar Energy Market Trends And Strategies
4. Solar Energy Market - Macro Economic Scenario
5. Solar Energy Market Size And Growth
……
26. Africa Solar Energy Market
27. Solar Energy Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Solar Energy Market
29. Solar Energy Market Future Outlook and Potential Analysis
30. Appendix
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