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Solar Energy Market: Comprehensive Analysis of Market Size, Share, Growth Drivers, Demand Trends, and Technological Innovations
Solar Energy Market
Solar Energy Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $418.15 billion In 2028 At A CAGR Of 25.3% :
The solar energy market size has grown exponentially in recent years. It will grow from $131.02 billion in 2023 to $169.81 billion in 2024 at a compound annual growth rate (CAGR) of 29.6%. The growth in the historic period can be attributed to energy security concerns, environmental awareness, government incentives, energy independence, net metering policies, corporate sustainability initiatives.
The solar energy market size is expected to see exponential growth in the next few years. It will grow to $418.15 billion in 2028 at a compound annual growth rate (CAGR) of 25.3%. The growth in the forecast period can be attributed to grid modernization, increasing electricity demand, urbanization and distributed generation, global climate agreements, community solar programs. Major trends in the forecast period include advancements in solar panel technologies, solar tracking systems, digitalization and smart grid integration, floating solar installations, hybrid energy systems.
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Solar Energy Market Major Segments
The solar energy market covered in this report is segmented -
1) By Type: Solar Cell Panel, Solar Cell Paste, Solar Silicon Wafer
2) By Technology: Photovoltaic Systems, Concentrated Solar Power Systems
3) By Panel: Mono-Crystalline, Thin Film, Poly-Crystalline
4) By Application: Residential, Commercial
5) By End Use: Electricity Generation, Lighting, Heating, Charging
Key Driver - Government Backing Sparks Surge In Solar Energy Market
The increasing government initiatives to support renewable energy sources are expected to propel the growth of the solar energy market. 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 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. For instance, according to the Union budget 2022-2023, India will allocate INR 4,500 crores ($0.58 billion) for the development of high-efficiency modules for solar photovoltaic cells under the PLI (Production-Linked Incentive) scheme. Therefore, increasing government initiatives to support renewable energy sources are expected to drive the growth of the solar energy market.
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Prominent Trend - Bifacial Solar Cells Drive Innovation In The Solar Energy Market
The development of bifacial solar cells for increased output is a key trend gaining popularity in the solar energy market. 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. For instance, in August 2021, researchers from Australian National University, a public research university located in Canberra developed a new bifacial solar cell with a 96.3% bifacial factor. It is a dual-sided silicon solar cell with a front-conversion efficiency of 24.3% and a back-conversion efficiency of 23.4%, resulting in a bifacial factor of 96.3%. According to the researchers, the performance indicates an effective power output of around 29%. The bifacial solar cell will outperform the single-sided silicon solar cells and offer efficiency for solar PV projects.
Solar Energy Market Players
Major companies operating in the solar energy market report are ReneSola Power Inc., BayWa r.e. AG, Longi Green Energy Technology Co Ltd., Trina Solar Limited, JinkoSolar Holding Co Ltd., JA Solar Holdings Co Ltd., Hanwha Q CELLS Co Ltd., Canadian Solar Inc., Sungrow Power Supply Co Ltd., Tata Power Solar, China Three Gorges New Energy Group Co Ltd., Acciona Energia SA, Risen Energy Co Ltd., Daqo New Energy Corp, First Solar. Inc., Xinyi Solar Holdings Limited, Enphase Energy. Inc., Sunrun Inc., Astronergy Solar Company Limited, Maxeon Solar Technologies. Ltd., Boralex Inc., Shunfeng International Clean Energy Ltd., Bright Source Energy Inc., REC Silicon ASA, Kaneka Corp, Abengoa Solar SA, Yingli Green Energy Holding Company Limited, Wuxi Suntech Power Co Ltd., GCL System Integration Technology Co Ltd., CSIL Inc.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the solar energy market in 2023. The regions covered in the solar energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Solar Energy Market Report Structure
3. Solar Energy Market Trends And Strategies
4. Solar Energy Market - Macro Economic Scenario
5. Solar Energy Market Size And Growth
…..
27. Solar Energy Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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