WASHINGTON, Jan. 31, 2023 (GLOBE NEWSWIRE) — The Global Solar Energy Market is estimated to be valued at USD 175.6 billion in 2021 and will reach USD 256.2 billion by 2028 at a CAGR (Compound Annual Growth Rate). is predicted to reach 65. % during the forecast period of 2022-2028.
Key factors expected to accelerate the growth of the Solar Energy Market during the forecast period are mentioned ahead. The unpredictability of fossil fuel prices, the need to reduce dependence on fossil fuel imports from politically unstable regions, environmental concerns about greenhouse gas emissions from fossil fuel use, government incentives and other support programs that make the Solar Energy Market more competitive, and changes in consumer preference for Solar Energy as a whole These are important factors that determine the growth of the market.
By 2028, we predict that the residential category will account for more than 37% of total sales in the Solar Energy Market. The rapid development of the industrial sector and the availability of affordable renewable energy have created a huge growth potential for the use of Solar Energy Market. industrial sector.
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Increasing Solar Industry Investments by Nations Pursuing Green Energy Goals
A global energy shift is urgently needed to keep the average increase in surface temperature to around 2° Celsius. As a result, the market will grow as the installation of renewable energy sources increases dramatically in the coming years. With energy-related carbon dioxide emissions accounting for two-thirds of all greenhouse gases, the transition from fossil fuels to low-carbon alternatives will be critical. The market size has benefited from the introduction of new energy targets by various governments to promote the transition to sustainable energy. By the end of 2023, Brazil wants to obtain 42.5% of its primary energy from renewable sources.
Increasing Use of Renewable Energy Sources Will Boost the Market
Considered the best possible replacement for traditional energy sources such as coal and oil, renewable energy sources help minimize carbon emissions and serve as a cost-effective daily energy supply. More than 29% of the electricity produced in the world comes from renewable sources. It is expected to significantly increase and expand the market in the coming years. Energy production and consumption in developing countries is directly affected by population growth. With the growing need to reduce carbon emissions, energy production from renewable sources is the best substitute for conventional energy sources. For example, the price of coal and oil products is constantly increasing. Another option for expanding the Solar Energy Market sector is the construction of new grids and mass storage systems by utilities to use energy produced from renewable sources.
Top Players of Global Solar Energy Market
Abengoa SE (Spain) Acciona SA (Spain) Canadian Solar Inc. (Canada)Esolar Inc. (USA) United Renewable Energy Co. Ltd. (Taiwan) Sunpower Corporation (USA) Kaneka Corporation (Japan) Tata Power Solar Systems Ltd. (India)Wuxi Suntech Power Co. Ltd. (China)Brightsource Energy Inc. (USA)
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Top Trends in the Global Solar Market
One trend that Vantage Market Research (VMR) expects to see in the Solar Market industry is expanding environmental concerns. According to estimates, the demand for solar energy will increase due to the emission of dangerous greenhouse gases that cause air pollution and because it is a renewable and clean energy source. This is another trend that VMR predicts will continue in the Solar Market. increasing development in technology. Advances in Solar Market technology have led to a variety of solar powered products including solar water purifiers, solar air conditioners, solar trees, solar outlets and others. These are expected to create huge growth potential in the coming years.
Top Report Results
Based on technology, most of the Solar Energy Market revenue is driven by the photovoltaic systems category. Due to the large market demand for solar systems, the size of photovoltaic systems can vary widely, from small rooftop or portable systems to utility-scale mass production plants. A major share of Solar Energy Market revenue is controlled on the basis of Solar Module. polycrystalline category. A photovoltaic cell in a polycrystalline solar cell contains several silicon crystals, which makes them more environmentally friendly than monocrystalline solar cells because no waste is generated during production. On the basis of applications, major share of the Solar Energy Market revenue is driven by the industry category. The rapid growth of the industrial sector and the availability of affordable renewable energy has created a huge growth potential for the use of Solar Energy Market in the industrial sector. On the basis of End Uses, the majority of Solar Energy Market revenue is driven by the electricity generation category. economies’ increasing demand for electricity and increasing urbanization. Increasing efforts by the government to promote renewable energy sources and reduce dependence on coal-based power is expected to drive the market expansion. These efforts aim to reduce emissions and improve air quality.
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Recent Developments in the Global Solar Market
The International Renewable Energy Agency (IRENA) has stated that renewable energy should provide at least 30% of global electricity by 2030. To achieve this goal, the installed capacity of solar PV needs to reach 200 gigawatts by 2030.
In the Solar Energy Market, the Photovoltaic Systems Category will gain more than 59%
The Solar Energy Market is an expensive investment. Vantage Market Research has analyzed the Solar Energy Market market to understand its current state and potential future growth factors. For better understanding, technology-based Solar Energy Market is segmented into photovoltaic systems and concentrated Solar Energy Market systems.
The Solar Energy Market market is expected to experience the highest CAGR for the photovoltaic systems category during the forecast period. A sustainable approach that promotes the use of renewable energy is the use of photovoltaic cells in the construction of solar panels for residential buildings or the installation of solar-powered street lights. Both economic and environmental sustainability are ensured by solar photovoltaic cells.
On the other hand, the Concentrated Solar Power Market systems category is expected to grow significantly during the forecast period. It mainly refers to the large-scale Solar Power Market, which produces industrial use of concentrated solar electricity. The operation of the Concentrated Solar Energy Market is free from carbon pollution. It can store energy outside of daylight hours and has excellent efficiency and low operating costs.
Asia Pacific to generate 53% more revenue in Solar Energy Market
Asia Pacific Solar Power Market dominates the market and this dominant trend will continue during the forecast period. One of the major factors driving the growth of the Solar Energy Market in Asia Pacific is increasing urbanization, increasing disposable income, busy lifestyles, increasing internet penetration and increasing smartphone adoption. In addition, the industry is supported by a large young population and a growing desire for sustainable development and renewable energy.
Explore market information spread across 149 Pages and in-depth TOC in Solar Energy Market Forecast Report (2022-2028).
Global Solar Market Segmentation
Photovoltaic Systems Concentrated Solar Energy Market Systems
With Solar Module
Monocrystalline Polycrystalline Cadmium Telluride Amorphous Silicon Cells Other Solar Modules
Residential Commercial Industry
According to last use
Electricity, Lighting, Heating, Charging
United States Canada Mexico
Germany England France Italy Spain Rest of Europe
China Japan India South Korea Southeast Asia Rest of Asia Pacific
Brazil Argentina Rest of Latin America
Middle East and Africa
GCC countries Southern Africa Rest of MEA
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Scope of the report:
Report AttributesDetailsMarket Size 2021 USD 175.6 Billion Revenue Forecast to 2028 USD 256.2 Billion 2022 to 2028 Forecast 2021 2022 to 2028 Key Players Abengoa SE, Acciona Soo Inc. , Tata Power Solar Systems Ltd., Wuxi Suntech Power Co. Ltd., Brightsource Energy Inc. Customization Options Customized purchase options are available to meet any research need. Explore custom purchase options
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