India, Pune , Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global Solar Power Market size was valued at USD 234.86 billion in 2022, and Solar Power Market is projected to reach USD 373.84 billion by 2029, growing at a CAGR of 6.9% from 2022 to 2029. An increase in carbon reduction and power generation using renewable sources is considered one of the best substitutions and is anticipated to drive market growth.
Increasing concerns about reducing the dependency on fossil fuels and minimizing carbon emissions from burning them are expected to propel the market course in a growing direction. The growing adoption of renewable sources for power generation is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Solar Power Market, 2022-2029.”
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2029 |
| Forecast Period 2021 to 2029 CAGR | 6.9% |
| 2029 Value Projection | USD 373.84 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 234.86 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 240 |
| Segments covered | Fuel Type, By End-User, Application and Region |
| Growth Drivers | Increase the Limit of Average Surface Temperature to Drive Market Expansion |
| Solar Photovoltaic to Dictate Due to Rising Investments in Solar Photovoltaic Projects |
Drivers
Environmental Concerns:
Growing awareness of the environmental impact of traditional energy sources, such as fossil fuels, has driven a significant demand for cleaner and more sustainable energy alternatives, with solar power being a prominent choice.
Urbanization and Population Growth:
The global trend of urbanization and population growth has increased the need for sustainable and decentralized energy sources, making solar power an attractive option.
Energy Transition:
As countries seek to transition to more sustainable energy sources, solar power is a key component in achieving these energy transition goals.
Reduced Solar Panel Costs:
The decreasing cost of solar panels and associated technology has made solar power more affordable for residential and commercial customers, thereby increasing demand.
COVID-19 Impact:
Impact on Solar Activity During Pandemic to Have Negative Market Growth
The COVID-19 pandemic significantly impacted various verticals of the industry. It slowed down economic activities, transport, and trade, bringing energy usage down by 4%. According to the Solar Energy Industries Association, the number of solar permits issued in the week beginning March 30th, 2020, in the U.S. was 32% lower than the first week of February, which indicated the impact on solar activity due to restrictions and decreased business and consumer confidence.
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- Technology Segmentation:
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- Solar Photovoltaic (PV): This segment includes various types of solar panels, such as monocrystalline, polycrystalline, and thin-film, which convert sunlight into electricity.
- Concentrated Solar Power (CSP): CSP systems use mirrors or lenses to concentrate sunlight onto a small area, typically to generate high-temperature heat for electricity generation.
- Application Segmentation:
- Residential: Solar power systems installed on individual homes for generating electricity or heating water.
- Commercial: Solar power installations on commercial buildings, including offices, shopping centres, and other non-industrial properties.
- Industrial: Solar power systems designed for industrial applications, such as manufacturing facilities or large-scale energy generation.
- Utility-Scale: Large solar power plants that feed electricity into the grid and supply energy to utilities.
- End-User Segmentation:
- On-Grid: Solar power systems connected to the electric grid, allowing excess energy to be sold back to utilities or drawn from the grid when solar production is insufficient.
- Off-Grid: Solar power installations in remote or isolated areas that are not connected to the grid. These systems often include energy storage solutions like batteries.
- Hybrid Systems: Combining solar power with other energy sources like wind, diesel generators, or battery storage to ensure a consistent power supply.
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Market Size and Growth: Reports often provide an analysis of the current market size, historical growth, and future growth projections, including forecasts and compound annual growth rates (CAGR).
Market Segmentation:
The market is segmented into various categories, such as solar panel type (monocrystalline, polycrystalline, thin-film), application (residential, commercial, industrial), and region.
Market Trends:
Reports may highlight current and emerging trends in the solar power industry, including technological advancements, market dynamics, and regulatory changes.
Key Players:
An overview of major companies and organizations involved in the solar power market, including their market share, product offerings, and strategic initiatives.
Government Policies and Incentives:
Information on government policies, regulations, and incentives that impact the solar power market, such as subsidies, tax credits, and renewable energy targets.
Technological Advancements:
Coverage of advancements in solar panel technology, energy storage, and related innovations that influence the market.
Market Challenges:
An assessment of challenges and obstacles faced by the solar power industry, including issues related to grid integration, energy storage, and intermittency.
Regional Insights
Asia Pacific to Lead Market Share Due to Increasing Dependency on Renewable Sources
Asia Pacific is expected to govern the solar power market share due to increasing demand from China. The country is one of the major producers and consumers of solar energy. The region reached a valuation of USD 69.94 billion in 2021 due to reduction in the dependency on conventional resources and installing more renewable sources. Solar energy installations have increased owing to rapidly growing energy demand from various sectors.
North America is also set to hold a noteworthy position in the market due to increasing energy demand from various sectors.
Competitive Landscape
Acquisition Strategies by Key Players to Advance Market Course
Various players of the market have been focusing on the adoption of various renewable sources. The industry is also set to witness the involvement of critical global and regional players and several small & medium-scale system integrators. In April 2022, Trina Solar achieved the milestone of having shipped 100 GW of modules in 25 years. In addition, companies have been entering into acquisition strategies to increase the demand for solar power energy sources. Canadian Solar announced that its subsidiary, Recurrent Energy, LLC, has entered into a purchase and sale agreement with Appalachian Power for the Recurrent Firefly Energy solar project in Pittsylvania County, Virginia.
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List of Key Players Profiled in the Report
- Trina Solar (China)
- First Solar (U.S.)
- Yingli Solar (China)
- Tata Power Solar System Ltd (India)
- Abengoa (Spain)
- Canadian Solar Inc. (Canada)
- Waaree Group (India)
- General Electric Company (U.S.)
- BrightSource Energy, Inc. (U.S.)
- SunPower Corporation (U.S.)
- Convert Italia (Italy)
- Urja Global Limited (India)
- eSolar Inc (U.S.)
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Key Developments: Mergers, Acquisitions, Partnership, etc.
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Solar Power Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
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