New York, USA, July 05, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global solar energy market is predicted to register a revenue of $888,311.4 million at a CAGR of 14.6% during the forecast period (2021-2028), increasing from $272,592.0 million in 2020. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market from growth factors, challenges, restraints and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
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Dynamics of the Market
Drivers: Increasing concern about carbon emission and its drastic impact on environment has surged the demand of solar energy in recent years. Solar energy generation process reduces the carbon emissions and saves water in a great way. This is the main factor behind the growth of the market.
Restraint: The installation process of solar panels is quite expensive which is expected to restrain the growth of the market.
Opportunities: The technological innovations in solar energy industry such as solar air conditioners, solar powered water purifiers, solar outlets are creating many opportunities in the market during the forecast period.
Key Segments of the Market
The report has divided the market into different segments based on technology, solar module, generation, application, and regional outlook.
- Technology: Photovoltaic Cells Sub-Segment Expected to be the Most Lucrative
Photovoltaic cells sub-segment is expected to garner a revenue of $786,725.9 million by 2028, increasing from $250,101.0 million in 2020. Photovoltaic cells are used in residential installation of solar panels and it is an environmentally and financially sustainable solution. This is the main factor enhancing the growth of the market segment.
- Solar Module: Polycrystalline Solar Cells Sub-Segment Predicted to be the Most Profitable
Polycrystalline solar cells sub-segment is expected to record the highest revenue of $467,525.8 million during the forecast period. Polycrystalline solar cells are eco-friendly, and they are used for various applications because of their high power density and own operational frame that makes mounting process convenient and affordable. These are the factors enhancing the growth of the market.
- Generation: First Generation Sub-Segment Predicted to Earn the Highest Market Share
The first generation sub-segment is expected to account for $760,423.8 million during the forecast period. The main attributor behind this growth is the high efficiency level of the first generation solar cells.
- Application: Architecture Sub-Segment Predicted to be the Most Profitable
The architecture sub-segment is expected to garner the highest revenue of $352,814.4 million during the analysis period. Rising preference of ‘green buildings’ in the urban areas has boosted the growth of the market.
Regional Analysis: Europe Expected to Dominate the Industry
European regional market is expected to garner a revenue of $399,827.6 million during the forecast period. European countries are adopting solar energy at a faster pace than the other regions to reduce the carbon footprint, which has increased the growth of the market.
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Key Players of the Market
The most significant players of the global solar energy market include -
- Evergreen Solar, Inc.
- Acciona Energia, S.A.
- Abengoa Solar
- BrightSource Energy, Inc.
- Borrego Solar Systems, Inc.
- Canadian Solar Inc.
- First Solar, Inc.
- Areva S.A.
- Kyocera Solar, Inc.
- eSolar.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in November 2019, Nautilus Solar Energy, LLC, a US-based leading owner and operator of community solar projects, announced the acquisition of a 17.2 megawatt (MW) community solar portfolio from Borrego Solar Systems, the largest private designer, developer, installer and O&M provider of commercial and utility-scale solar and energy storage projects.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
Impact Analysis of Covid-19 on the Market
Like many other industries, the solar energy industry has also experienced a drastic downfall during the coronavirus outbreak. Complete shutdown of industries and supply chain restrictions have delayed many projects related to solar energy. Shortage of manual labor is another factor that impacted the market during the critical period. However, as the curbs are being eased with the reducing number of Covid-19 cases, the industry players have geared up for its post pandemic venture.
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