Rising at Robust 20% CAGR, Global Market Size of Solar Energy Industry Will Exceed USD 200 Billion by 2026, According to Facts & Factors
New York, NY, Feb. 23, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Solar Energy Market By Technology (Photovoltaic Systems, Concentrated Solar Power System(Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling)), By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), By Application (Residential, Commercial, Industrial), and BY End-user (Electricity Generation, Lighting, Heating, and Charging): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” .
“According to the research study, the global Solar Energy Market was estimated at USD 50 Billion in 2019 and is expected to reach USD 200 Billion by 2026. The global Solar Energy Market is expected to grow at a compound annual growth rate (CAGR) of 20% from 2019 to 2026”.
Radiant energy generated by the sun is solar energy, harnessed by the use of various technologies such as photovoltaic cells, solar heating, solar architecture, solar thermal energy, and others. It is an effective source of unconventional energy and a convenient sustainable solution for rising greenhouse and global warming emissions. Solar energy is used for the production of solar electricity. Solar energy is used in a number of ways such as heating water and cooking, generating electricity, etc. The traditional solar cells are manufactured from silicon while second-generation solar cells are made from amorphous silicon which is also called a thin-film solar cell.
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- 2020 Updated Report Introduction, Overview, and In-depth industry analysis
- COVID-19 Pandemic Outbreak Impact Analysis Included
- 190+ Pages Research Report (Inclusion of Updated Research)
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- 2020 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of table & figures
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Note: The sample of this report is updated with COVID-19 impact analysis before delivery)
Key Questions Answered in this Report
1) What was the impact of COVID-19 on the Solar Energy Market?
2) What is the market size, share of the Solar Energy Market?
3) Who are the top market players in Solar Energy Market?
4) What will be the future market of the Solar Energy Market?
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Impact Analysis of COVID-19 Pandemic on Businesses: Know Short Term and Long Term Impact
Most of the businesses are facing a growing litany of business-critical concerns related to the coronavirus outbreak, including supply chain disruptions, a risk of a recession, and a potential drop in consumer spending. All these scenarios will play out differently across various regions and industries, making accurate and timely market research more essential than ever.
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The main factors for the growth of the solar energy market are government incentives provision & tax rebates for the installation of solar panels and awareness of environmental pollution. Increased rooftop installations for residential use are expected to a boom in the market during the forthcoming years. Furthermore, the rising demand for solar power towers in electricity generation is projected to generate more demand for concentrated solar power systems. Rising energy demand coupled with the growing population and raising the non-conventional price of energy is expected to drive the market in the upcoming years. However, climatic conditions especially in the geographical region, such as snowfall, rainfall, and high initial installation cost may restrain the growth of the solar energy market. Conversely, government initiatives for the use of renewable energy, low maintenance and operating cost of the solar power project, and rapid industrialization in the developing countries are bolstering the global market for solar energy.
Top Market Players:
- Trina Solar Limited
- Sharp Corporation
- Yingli Solar
- Wuxi Suntech Power Co. Ltd.
- Bright source Energy Inc.
- Esolar Inc.
- Gintech Energy Corp.
- Abengoa Solar S.A.
- Acciona Energia S.A.
- Kaneka Corp.
- Sunpower Corporation
- Canadian Solar Inc.
- Tata Power Solar
- Verengo Inc
- RGS Energy
- JA Solar
To know an additional revised 2020 list of market players, request a sample report: https://www.fnfresearch.com/sample/global-solar-energy-market-by-technology-photovoltaic-systems-1244
By technology segmentation, the concentrated solar power system category is expected to contribute the largest market share in the global solar energy market. A concentrated solar power system stores energy by using thermal energy storage technology. On the other hand, a photovoltaic system is used to generate direct electric current. On the basis of the solar module segment, the polycrystalline and monocrystalline category is expected to witness high growth owing to its use in residential applications. By application segment, the commercial category led the market in 2019 and it is anticipated to grow in the future years attributed to increasing installation of the solar energy system in commercial sectors such as hospitals, hotels, offices, etc.
The solar energy market research report delivers an acute valuation and taxonomy of the solar energy industry by practically splitting the market on the basis of different types, category and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the solar energy industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the solar energy industry is provided for the leading economies of the world.
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Solar energy is radiant energy produced by the sun, harnessed by the use of various technologies, such as solar architecture, solar thermal energy photovoltaic cells, solar heating, and others. This is an important source of renewable energy and a simple, sustainable solution for rising emissions of greenhouse and global warming. It is widely used to heat buildings, water, cooking, and in the production of electricity.
Increased rooftop installation in the residential application and rising awareness for environmental pollution is driving the market growth. In addition, increasing solar power tower demand in the generation of electricity, rising energy demand combined with the increasing population, and rising unconventional energy prices are anticipated to propel the growth of the market. However, high installation cost and climatic conditions such as rainfall, snowfall may hamper the market growth. On the other hand, increasing research and development activities in the production of solar energy is projected to create ample opportunities in the market.
The solar energy market is segmented based on technology, solar module, application, end-use, and region. On the basis of technology segmentation, the market is classified into photovoltaic systems, concentrated solar power systems. By solar module segmentation, the market is divided into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, others. By application, the market is separated into residential, commercial, and industrial. And On the basis of end-use, the market is bifurcated into electricity generation, lighting, heating, and charging.
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On the basis of the end-use segment, the electricity generation category led the market in 2019 and it is anticipated to grow in the future years attributed to the solar energy in the electric generation. By geography, in 2019, North America dominated the market and it is projected to witness the highest market share attributed to the implementation of renewable solar energy projects. Europe is also anticipated to share the highest market growth during the forthcoming years owing to the increasing awareness about environmental conservation.
Browse the full “Solar Energy Market By Technology (Photovoltaic Systems, Concentrated Solar Power System(Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling)), By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), By Application (Residential, Commercial, Industrial), and BY End-user (Electricity Generation, Lighting, Heating, and Charging): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” report at https://www.fnfresearch.com/global-solar-energy-market-by-technology-photovoltaic-systems-1244
This report segments the solar energy market as follows:
Global Solar Energy Market: By Technology Segmentation Analysis
- Photovoltaic Systems
- Concentrated Solar Power System
- Parabolic Trough
- Solar Power Tower
- Fresnel Reflectors
- Dish Stirling
Global Solar Energy Market: By Solar Module Segmentation Analysis
- Cadmium Telluride
- Amorphous Silicon Cells
Global Solar Energy Market: By Application Segmentation Analysis
Global Solar Energy Market: By End-Use Segmentation Analysis
- Electricity Generation
Key Insights from Primary Research
- According to the primary CXO’s of the global solar energy market, the market is estimated to witness a substantial growth of nearly 20% over the forecast period.
- The market was valued at USD 20 billion, in 2019 and is expected to be valued at over USD 200 billion.
- By technology segmentation, the concentrated solar power system category is expected to contribute the largest market share in the global solar energy market. A concentrated solar power system stores the energy by using thermal energy storage technology.
- On the basis of the solar module segment, the polycrystalline and monocrystalline category is expected to witness high growth owing to its use in residential applications.
- By geography, in 2019, North America dominated the market and it is projected to witness the highest market share attributed to the implementation of renewable solar energy projects.
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