Pune, India, May 21, 2021 (GLOBE NEWSWIRE) -- The global solar power market size is projected to experience dynamic growth from USD 184.03 billion in 2021 to USD 293.18 billion in 2028 owing to the rising demand for solar power in the residential complexes across the world, observes Fortune Business Insights™ in its report, titled “Solar Power Market Size, Share and COVID-19 Impact Analysis, By Technology (Solar Photovoltaic {Mono-Si, Thin Film, Multi-Si, and Others}, and Concentrated Solar Power {Parabolic Trough, Power Tower, and Linear Fresnel}), By Application (Residential, Non-Residential and Utility) and Regional Forecast, 2021-2028”, the solar power market stood at USD 170.55 billion in 2020. It is set to exhibit a CAGR of 6.9% during the forecast period.
The solar energy is considered as the most powerful and unending renewable energy source. Over the years, the solar power has become a crucial source of energy that is widely used in numerous industries as well as residential and commercial areas. There is a high demand for solar energy in most of the residential areas due to its low maintenance costs and the reduction in the electricity bills, which is one of the major factors responsible for the growth of this market. Further, the development of various infrastructure projects across the world and the constantly increasing population worldwide has given rise to the use of solar energy on a large scale, which has resulted in this market’s growth. For instance, there are many residential areas which use solar collectors that can heat water or air and then gather the collected solar energy which can be used at night for different purposes.
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However, the initial cost of purchasing and storage of a solar system may prove expensive, which is projected to restrict the growth of this market.
COVID-19 Impact:
Due to COVID-19 pandemic and the lockdown restrictions worldwide, most of the large solar projects across the world have come to a stand-still. This has also affected the solar power generation causing a disruption in the supply of solar energy. Further, there has been a decrease in the demand for electricity during this pandemic, which is projected to hinder this market’s growth.
Market Segmentation:
On the basis of technology, this market is divided into solar photovoltaic – mono-Si, thin film, multi-Si, and others; concentrated solar power – parabolic trough, power tower, and linear Fresnel. Based on application, the market is classified into residential, non-residential, and utility. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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Highlights/Summary:
The report provides an exhaustive assessment of each market segment and also offers an in-depth analysis of the market drivers, trends, opportunities, and hindrances. Furthermore, the report contains a granular examination of the regional developments impacting the market, along with a thorough evaluation of the top market players and their key strategies.
Drivers/Restraints:
Increasing Demand for Eco-Friendly Power Generation to Boost the Market
On account of the rising awareness about the hazardous effects of air pollution across the world, many companies have started establishing eco-friendly solar power plants in different regions in this market. This will not only help to decrease the dangerous gas emissions such as carbon monoxide and others, but also have a positive impact on the nature. This is considered as one of the key factors driving this market’s growth. Further, due to the increasing government support for installation of solar power plants on a large scale has led to a surge in the demand for solar energy, resulting in the growth of this market.
Regional Insights:
Growing Demand for Electricity to Fuel the Asia Pacific Market Growth
Asia Pacific region is anticipated to expand speedily in the solar power market share owing to an increasing demand for electricity, improvement in the standard of living of the people and the favorable solar illumination in this region. All these factors are responsible for propelling this market’s growth.
European region is expected to witness substantial growth in this market due to the increasing number of solar farms in this region. Further, the rising government support and achieving renewable energy targets are also act as the major factors responsible for the growth of this market in this region.
The Middle East & Africa region is expected to grow at a steady pace in this market due to the rising number of under-construction solar power plants in this region.
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Competitive Landscape:
Increasing Investments in Solar Power by Key Players to Feed Competition
The prominent companies in the solar power market are focusing on making huge investments for the installation of solar power plants across several regions in this market. This has resulted in the rising competition among key companies which will help to boost the market’s growth as well as help these companies to establish a strong foothold in this market.
Industry Development:
October 2020: Total Solar Distributed Generation (DG) installed a solar rooftop on Danone’s factory in Klaten, Indonesia, which is the biggest in Central Java, with a capacity of around 3,000 kWp. This solar rooftop system consists of around 8,340 solar panels, covering an area of 16,500 square miles.
List of Key Players Covered in the Solar Power Market Report:
- Waaree Group
- Canadian Solar Inc.
- Abengoa
- First Solar
- Trina Solar
- Yingli Solar
- Tata Power Solar Systems Ltd.
- eSolar Inc.
- Azure Power
- Nextera Energy Sources LLC.
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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 – For Major Countries
- 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
- Global Solar Power Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- Solar PV
- Mono-Si
- Thin Film
- Multi-Si
- Others
- Concentrated Solar Power
- Parabolic Trough
- Power Tower
- Linear Fresnel
- Solar PV
- Market Analysis, Insights and Forecast – By Application
- Residential
- Non-residential
- Utility
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Solar Power Market Analysis (USD Billion) (MW), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- Solar PV
- Mono-Si
- Thin Film
- Multi-Si
- Others
- Concentrated Solar Power
- Parabolic Trough
- Power Tower
- Linear Fresnel
- Solar PV
- Market Analysis, Insights and Forecast – By Application
- Residential
- Non-residential
- Utility
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
TOC Continued.
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