The Solar Energy Market will be worth USD 243.95 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the growing global population and the increasing demand for electricity in developing countries. The decreasing cost of renewable sources of energy is expected to drive the industry's growth over the forecast period. The increasing cost of coal, gas, or oil has resulted in the government's growing initiatives to reduce the dependency on coal-generated energy.
Favorable regulatory policies of the government, rapid urbanization, and rising demand for electricity in developing economies are driving the demand of the market.
The increasing need for sustainable urban living and minimization of the dependency on fossil-fuel power generation is projected to fuel the system's demand over the forecast period. The emerging markets and the increasing industries in countries like India, Russia, Brazil, and China are actively choosing renewables over fossils.
Growing initiatives of the government, such as implementing strict emission control measures, increasing investment for the development of technologically advanced solar energy facilities, tax rebates on the installation of the solar panels, are most likely to propel the growth of the market over the forecast period.
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Key Highlights From The Report
- In July 2019, a partnership was formed between NTT Com-Netmagic and Tata Power Solar. The association was created with an aim to provide an IT solution for the company's upcoming 50MW solar photovoltaic power plant project in Maharashtra.
- The Solar Photovoltaic segment is forecasted to be the fastest-growing segment over the forecast period. The industrial and commercial sectors increasingly use it for large scale power generation.
- The industrial segment held the largest market share of 48.5% in 2019 due to the increasing adoption of renewable energy sources for power generation as the industries want to be less carbon-intensive and more energy efficient in the future.
- Solar energy is mainly used for the generation of electricity due to the rapid urbanization in developing economies coupled with the government's increasing initiative to reduce dependency on coal-generated energy.
- Europe accounted for the largest market share of the solar energy market in 2019 due to the favorable regulatory framework, such as incentives and tax rebates on installing the solar panels.
- The Asia Pacific region is expected to be the fastest-growing region over the forecast period due to the increasing installations of the solar panels in countries such as Japan, India, and China.
- Key participants include Borrego Solar Systems Inc., Abengoa Solar SA, AREVA, BrightSource Energy Inc., Acciona Energia, S.A., ESolar Inc., Tata Power Solar, First Solar Inc., Evergreen Solar Inc., and Canadian Solar, among others.
Report Objectives
Examine the size of the global Solar Energy market based on the parameters of value and volume.
Extensively profile top players of the global Solar Energy market and showing how they compete in the industry.
Study manufacturing processes and the costs, product pricing, and various trends associated with them.
Analyze the performance of different regions and countries in the global Solar Energy market.
Forecast the market size and share of all segments and regions in the global landscape.
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Solar Energy Market segmentation :
Emergen Research has segmented the global Solar Energy Market on the basis of Technology, Application, End-Use, and region:
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Concentrated Solar Power (CSP)
- Solar Photovoltaic (PV)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Commercial
- Residential
- Industrial
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Lighting
- Charging
- Electricity generation
- Heating
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- S.
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
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