Press release
Solar Energy Market Fuelled by the ever-increasing demand for electricity :2024
The abundant availability of solar energy is making it an ideal long-term source of clean energy that can be used as a viable alternative to currently prevalent nonrenewable sources such as coal, gas, and oil. Solar energy is being increasingly used in the commercial, industrial, and residential sectors. Solar photovoltaics is amongst the most commonly used systems to convert solar energy into electrical energy. Various studies suggest that the in 2015, the total installed capacity of solar PV was more than 250 GW, while the added capacity was recorded to be approximately 59 GW. The increasing investments in renewable energy and rising environmental concerns regarding the greenhouse gases (GHG) emissions are driving the global solar energy market.
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The report provides a comprehensive overview of the global solar energy market through industry chain structure, definitions, classifications, applications, and technology. It presents insights into short-term and long-term market growth by methodically examining its current market scenario and historical data. The competitive landscape of the global solar energy market is also discussed in the report. It profiles key players along with their latest developments, business strategies, cost and revenue structures, and contact information.
Global Solar Energy Market: Drivers and Restraints
Fuelled by the ever-increasing demand for electricity in conjunction with government initiatives promoting the use of renewable energy sources, the global solar energy is expected to trace a positive exponential curve from 2014 to 2020. Moreover, subsidies and tax benefits offered by governments for effectively utilizing barren land for solar power plants are propelling the growth of the market. Other factors such as rapid industrialization in emerging countries and low operating and maintenance cost of solar power projects are working in favor of the global market.
Despite these favorable growth conditions, the economic slowdown in several parts of the world is adversely affecting the growth of the market. In Europe, the economic meltdown has compelled previously supportive European governments to cut down on subsidies on solar energy production. Furthermore, high harnessing cost and low production capacity of solar power plants are negatively impacting the dynamics of the global solar energy market.
Global Solar Energy Market: Geographical Segmentation
On the basis of geography, the global solar energy market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Europe and North America are, collectively, anticipated to command a large share in the market in terms of revenue throughout the forecast period. The growth of these regions can be attributed to favorable government initiatives and increasing awareness regarding environmental conservation. Moreover, strong demand from countries such as the U.S., France, Germany, and Canada is fuelling the growth of these regions. The deployment of solar power plants is gaining momentum in Asia Pacific. The expansion of solar power production in countries such as Japan, India, and China is contributing to the growth of the APAC region. Another factor bolstering the market is the increasing demand for electricity owing to population growth and rapid industrialization.
Companies Mentioned in the Report
The leading players in the market are First Solar Inc., Suntech Power Holdings Co. Ltd., Sharp Corporation, Trina Solar Limited, and Yingli Solar. With technological advancements and availability of bountiful resources in equatorial countries in Latin America and Africa, the new and existing companies are estimated to enjoy sustainable growth in the near future.
Global Solar Energy Market, by Harnessing Technology:
Solar Photovoltaics
Solar Thermal Electricity
Artificial Photosynthesis
Solar Heating
Global Solar Energy Market, by Capturing Technology:
Active Solar Technologies
Passive Solar Technologies
Global Solar Energy Market, by Geography
Europe
North America
Asia-Pacific
Rest of the World
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