Solar Power Market - Global Revenue, Trends, Growth, Share, Size and Forecast to 2022

Solar panel refers to a panel designed to absorb the sun's rays as a source of energy to generating electricity and heating. It reduces the amount of electricity coming from fossil fuels by supplying your operations with clean, renewable energy from the sun. Solar panels are also called photovoltaic or PV modules as it directly converts sunlight into electricity. The sun produces enough energy daily to supply 10,000 times the world’s electrical needs. Solar Photovoltaic panels are packaged, connected assembly of typically 6x10 solar cells that generates and supplies solar electricity in commercial and residential applications. Solar panels are not only used for residential rooftop applications, but they are also widely used for applications such as powering electronic devices, individual gadgets, and vehicle batteries. Installing solar panels on a house roof can decrease the household’s carbon footprint by an average of 35,180 pounds of carbon dioxide per year.

The report on the global Solar power market uses the top-down and bottom-up approaches to define, analyze, and describe the market trends for the next five years. The report also tracks the emerging applications, innovative technologies, and mergers & acquisitions. It also focuses on the growth drivers and restraints for the key market players during the forecast period.

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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.

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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.

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