Wilmington, Delaware, Oct. 16, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Airport Solar Power Market by Component (Solar Panels, Inverters, Batteries, Mounting Systems and Others), Application (Terminal Buildings, Runways and Taxiways, Parking Areas, Cargo Areas and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the airport solar power market was valued at $2.3 billion in 2023, and is estimated to reach $3.6 billion by 2033, growing at a CAGR of 4.8% from 2024 to 2033.
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Prime determinants of growth
The global Airport solar power market has experienced growth due to several factors such as increase in emphasis on sustainable & renewable energy sources, rise in costs of traditional energy, and the volatility of fuel prices. However, the high initial capital expenditure required for solar power installations hinders market growth. Moreover, the technological advancements in solar panel efficiency and energy storage solutions present an opportunity for growth of the airport solar power market.
Report coverage and details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $2.3 billion |
| Market Size in 2033 | $3.6 billion |
| CAGR | 4.80% |
| No. of Pages in Report | 280 |
| Segments Covered | Component, Application, and Region. |
| Drivers | Environmental regulations and policies |
| Opportunity | Government incentives and subsidies |
| Restraint | High initial investment |
Solar panels segment held the highest market share in 2023.
By component, the solar panels segment held the highest market share in 2023 and is likely to retain its dominance throughout the forecast period. In the airport solar power market, several factors are driving the increased use of solar panel components. Rising global energy demand and a push for sustainable solutions are fueling investments in solar technology. Airports are adopting solar panels to reduce operational costs and achieve energy independence. Technological advancements, such as higher efficiency panels and improved energy storage, are making solar solutions more viable. In addition, government incentives and regulatory support for renewable energy are further accelerating the adoption of solar panels in airport infrastructure.
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Terminal buildings segment held the highest market share in 2023.
By application, the terminal buildings segment held the highest market share in 2023 and is likely to retain its dominance throughout the forecast period. The growth of the airport solar power market, particularly for terminal buildings, is driven by increasing energy costs and a push towards sustainability. Airports are adopting solar power to reduce operational expenses and carbon footprints. Technological advancements in solar panels, coupled with government incentives and regulations promoting green energy, further boost adoption. In addition, the high energy demand of terminal buildings makes them ideal candidates for solar installations, enhancing energy efficiency and reliability while supporting the overall environmental goals of modern airports.
Asia-Pacific held the highest market share in 2023.
By region, Asia-Pacific held the highest market share in 2023. The airport solar power market in Asia-Pacific is expanding due to rising energy demands, government incentives, and a growing focus on sustainability. Increased investment in renewable energy infrastructure and technological advancements enhance solar panel efficiency, making solar solutions more viable. In addition, airport operators are adopting solar power to reduce carbon footprints and operational costs, aligning with global environmental goals. Strategic partnerships and collaborations in the region further drive the adoption of solar energy at airports, supporting the transition to cleaner, more sustainable power sources.
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Leading Market Players: -
- First Solar Inc.
- Canadian Solar Inc.
- SunPower Corporation
- Tata Power Solar Systems Ltd.
- Jinko Solar Co., Ltd.
- Trina Solar Limited
- Enel Green Power S.p.A.
- Schneider Electric S.E.
- Siemens AG
- ABB Ltd.
The report provides a detailed analysis of these key players in the global airport solar power market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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