Solar Energy Market Trends and Segments Forecast To 2028
The global solar energy market size was valued at USD 42.6 billion in 2021 and is poised to grow at a significant CAGR of 19.7% during the forecast period 2022-2028. valued at USD 42.6 million in 2021. Solar energy systems' lower water footprint has driven their popularity in the power generation sector. Land-use restrictions are limiting market expansion. Large solar projects, such as utility-scale or industrial-scale plants, necessitate a lot of lands. Furthermore, any considerations such as the availability of solar radiation confine the land choices. Due to low accessibility and soil instability, solar projects on agricultural or forest property are difficult to deploy. Land selection is also influenced by considerations like equipment transportation and electric grid distance.
Photovoltaic Segment
Dominates
the Solar Energy Market
The solar photovoltaic
(PV) category is anticipated to dominate the solar energy market throughout the
forecast period due to its high installation share. Increased off-grid solar adoption,
owing to lower solar PV equipment costs and supportive worldwide attempts to
reduce carbon emissions, will likely open up various prospects for the market
in the future. Utility-scale PV systems have dominated the PV market in recent
years. However, due to their favorable economics, when combined with increased
self-consumption, distributed PV systems, mainly in the commercial and
industrial sectors, have become essential in many countries.
The
global solar energy market segmentation:
1) By Technology: Photovoltaic
Systems and Concentrated Solar Power Systems.
2) By Solar Module: Monocrystalline,
Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others.
3) By Application: Residential,
Commercial, and Industrial.
4) By End Use: Electricity
Generation, Lighting, Heating, and Charging.
North
America Leads Solar
Energy Market
Because of the rising
living standards, high electricity demand, and adequate solar irradiation,
North America solar energy is expected to have a considerable market share in
the global market in the next years. Furthermore, Europe was the other major
market for solar energy in 2021. Favorable laws, renewable energy standards,
and a rising number of solar farms are fueling the industry.
Strategic New Product Launches,
Mergers, Acquisitions and Agreements are the key strategies adopted by market
players
Global solar energy market
further reveals that the key players increasingly adopting strategies
such as launch of newer products, product launches, and long-term alliance to
improve market revenue share and gaining significant geographic presence across
the region. For instance,
In March 2022, Canadian
Solar announced that it has signed two 10-year power purchase agreements (PPA)
with Axpo Italia for the purchase of 70% of energy produced by two solar power
plants under development totalling 84 MWp. Axpo Italia is one of the largest
market operators in the free energy market in Italy and a highly reliable and
bankable renewables generator counterparty.
In Feb 2022, TotalEnergies
announced that it has signed a definitive agreement with SunPower Corp.'s to
purchase its Commercial & Industrial Solutions (CIS) business for $250
million, including $60 million of earn-out, subject to regulatory evolution.
TotalEnergies is the majority shareholder of SunPower, a leading solar
technology and energy services provider.
Request sample report at https://precisionbusinessinsights.com/request-sample/?product_id=54680
Key
player’s profiles in the solar energy market report are Abengoa, ACCIONA, Canadian
Solar, United Renewable Energy, KANEKA CORPORATION, Tata Power Solar Systems
Ltd., BrightSource Energy, Inc., SunPower Corporation, Waaree Energies Ltd, Trina
Solar, TotalEnergies.
About Precision Business Insights:
We are a market
research company that strives to provide the highest quality market research
insights. Our diverse market research experts are enthusiastic about market
research and therefore produce high-quality research reports. We have over 500
clients with whom we have a good business partnership and capacity to provide
in-depth research analysis for more than 30 countries. In addition to deliver
more than 150 custom solutions, we already have accounts with the top five
medical device manufacturers.
Precision Business Insights offers a
variety of cost-effective and customized research services to meet research
requirements. We are a leading research service provider because of our
extensive database built by our experts and the services we provide.
Contact:
Mr. Satya
Precision Business Insights| Toll
Free: +1 866 598 1553
Email: sales@precisionbusinessinsights.com
Kemp House, 152 – 160 City Road, London EC1V 2NX
Web: https://precisionbusinessinsights.com/
| D U N S® Number: 852781747
Comments
Post a Comment