About Solar Energy System
Solar energy refers to the energy that is obtained energy from the radiation of the sun, which is then converted into different forms such as electricity and heat. This solar energy can be used as a replacement for fossil fuels producing heat and creating chemical reactions. Solar energy technology can be built flexibly at scale and allows the energy that is collected to be stored. Different technologies may be used to capture solar energy, such as photovoltaic cells, which utilize heat from the sun to produce electricity, or concentrated solar power systems, which use heat from the sun to produce hot water for various uses or convert sunlight straight into electricity. Solar energy usage provides several advantages, including lowering greenhouse gas emissions and reducing reliance on fossil fuels as well as promoting a cleaner and more sustainable energy future.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The competitive landscape for solar energy systems is dynamic and constantly evolving. This is good news for consumers, as it drives down prices and leads to more innovative products and services. Analyst at AMA Research estimates that Global Manufacturers will contribute the maximum growth to Global Solar Energy System market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Tata Power Solar Systems Ltd. (India), Jinko Solar (China), LOOM SOLAR PVT. LTD. (India), Canadian Solar (Canada), SolarEdge (Israel), Spinkraft Ventures Private Limited (India), Sunrun (United States), Roofsol Energy Pvt Ltd (India), Sharp Corporation (Japan), SunPower Corporation (United States) and Azure Power (India) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are Array Technologies, Inc. (United States), Maxeon Solar Technologies, Ltd. (Singapore), Sunnova Energy International, Inc. (United States), Waaree Energies Ltd. (India) and RGS Energy (United States).
Segmentation Overview
AMA Research has segmented the market of Global Solar Energy System market by Type (Photovoltaics (PV) and Concentrating Solar Thermal Power (CSP)), Application (Residential, Commercial and Industrial) and Region.
On the basis of geography, the market of Solar Energy System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Solar Module, the sub-segment i.e. Monocrystalline will boost the Solar Energy System market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing adopting of Renewable source in power generation
Market Growth Drivers:
Rising greenhouse gas emissions and Increasing green energy target in solar industry
Challenges:
Initial Investment Costs
Restraints:
Lack of infrastructure
Opportunities:
Advancement technology like perovskite solar cells and solar fuels and The Rising demand for operations and maintenance services
Market Leaders and their expansionary development strategies
In July 2023, Spinkraft Ventures Private Limited and Roofsol Energy Pvt Ltd have joined forces to secure a groundbreaking 60MW supply contract with Wattpower Systems Pvt. Ltd. The contract entails the delivery of inverters, essential components that convert solar panel-generated direct current (DC) into alternating current (AC) for use in electrical systems.
In October 2023, Loom Solar has announced the launch of a range of solar solutions at the Renewable Energy India Expo (REI) which have been launched under the Mission-Zero Emission initiative, include "solar modules shark 575 -700 W TOPCon bifacial 16 bus bar (Internet of Things) IoT-based energy storage solution Atlanta 5kWh-45 kWh , high-frequency solar inverter fusion 3kW-100kW.
Key Target Audience
Manufacturing companies, Potential Investors, Market Research & Consultancy Firm, Government & Regulatory Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.