Solar Energy Market Projected to Grow at a CAGR of 14.6% and Garner a Revenue of $888,308.3 Million in the 2021-2028

The global solar energy market is estimated to witness massive growth during forecast period, owing to growing environmental concerns due to emission of harmful greenhouse gases. The Asia-Pacific region is anticipated to witness dominant growth by 2028.

As per analysis by Research Dive, the global solar energy market is expected to register a revenue of $888,308.3 million by 2028, growing from $272,582.1 million in 2020 at a healthy CAGR of 14.6%.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐧𝐨𝐰 @ https://www.researchdive.com/download-sample/3874

𝐒𝐨𝐥𝐚𝐫 𝐄𝐧𝐞𝐫𝐠𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬
The biggest driving factor for solar energy market is growing environmental concerns due to emission of harmful greenhouse gases that leads to air pollution and increase in adoption of cleaner sources of energy such as solar energy. The electricity produced by solar panels is carbon-free, and no harmful pollution causing gases are released into the environment. Solar energy is a sustainable energy that helps in reducing the monthly electricity bills. The solar energy production does not create any noise which is a major benefit in urban areas where noise pollution is high. All these benefits offered by solar energy are estimated to drive the solar energy market growth in coming years.

The cost of setting up a solar energy power plant is high as it includes the cost of inverter, hardware & wiring, repairs, monitoring, solar panels, along with additional overhead and operations cost which is estimated to restrain the market growth during the forecast period.

The solar energy technology is evolving at a faster rate due to various innovations that has led to the use of solar energy for various applications. For instance, solar powered water purifier is equipped with the latest technology that can easily purify the sea, reservoir, river, pond, and rainwater. In addition, the solar powered tree manufactured by the Central Mechanical Research Institute, India can meet the electricity needs of 5 houses and requires very little space. The branches of this tree are made up of steel and photovoltaic panels are placed on it to convert sunlight into electricity. This tree can also charge the battery backup system that can provide an additional 2 hours of electricity at night or during power cuts. All such inventions are estimated to create huge opportunities for the solar energy market growth during the forecast period.

𝐈𝐦𝐩𝐚𝐜𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐨𝐟 𝐂𝐎𝐕𝐈𝐃-𝟏𝟗 𝐨𝐧 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐒𝐨𝐥𝐚𝐫 𝐄𝐧𝐞𝐫𝐠𝐲 𝐌𝐚𝐫𝐤𝐞𝐭
The COVID-19 pandemic created major challenges for businesses across the world causing postponement or cancellations of solar energy projects due to delays in the availability of raw materials. Majority of the raw materials for solar energy plant installation is imported from China, but due to travel restrictions and nation-wide lockdown the raw material supply was negatively affected. In addition, the shortage of labor due to social distancing norms and economic disruptions led to a negative impact on the growth of solar energy market.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 @ https://www.researchdive.com/request-for-customization/3874

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭
The solar energy market is divided into various segments including technology, solar module, generation, application, and region.

Based on technology, the photovoltaic cells sub-segment is predicted to generate a revenue of $786,725.9 million by 2028, increasing from $250,101.0 million in 2020. The solar photovoltaic cells are clean, silent and do not release any harmful gases that leads to air pollution, water pollution that endangers the animal or human health.

Based on solar module, the polycrystalline solar cells sub-segment is expected to generate a revenue of $467,525.8 million by 2028, increasing from $144,734.9 million in 2020. This growth is majorly owing to low per panel cost, excellent durability, longevity, lower electricity bills, and others.

Based generation, the first sub-segment is estimated to record the fastest growth and it is estimated to surpass $760,423.8 million by 2028, with the surge from $236,168.1 million in 2020. This is majorly owing to high efficiency offered by first generation solar cells due to advanced technology and excellent fabrication process.

Based on application, the architecture sub-segment has accounted for highest revenue share, and it is expected to generate a revenue of $352,814.4 million by 2028, increasing from $109,934.8 in 2020. This is majorly owing to use of solar energy in architecture such as buildings to make them energy-efficient and to reduce the emission of harmful air pollution causing gases.

Based on region, the Europe solar energy market accounted for $117,810.0 million in 2020 and it is anticipated to generate a revenue of $399,827.6 million by 2028. This is majorly owing to government initiatives, tax subsidies, and credits along with growing adoption of cleaner and renewable sources of energy in the European countries.

𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬
The key players operating in the global solar energy market include Abengoa Solar, S.A., Acciona Energia, S.A., Borrego Solar Systems, Inc., Areva S.A., BrightSource Energy, Inc., Evergreen Solar, Inc., Canadian Solar Inc., Kyocera Solar, Inc., eSolar, and First Solar, Inc.

𝐌𝐨𝐫𝐞 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

Offshore Wind Market: https://www.researchdive.com/8538/offshore-wind-market

Organic PV Solar Cells Market: https://www.researchdive.com/3865/organic-pv-solar-cells-market

Solar Photovoltaic (PV) Market: https://www.researchdive.com/3881/solar-photovoltaic-(pv)-market

Hydropower Market: https://www.researchdive.com/3909/hydropower-market

CO2 Enhanced Oil Recovery Market: https://www.researchdive.com/3898/co2-enhanced-oil-recovery-market

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