Global Solar Energy Market Overview:
Solar energy is an inexhaustible renewable energy source derived from the sun's electromagnetic radiation. Solar energy is the world’s cleanest and most abundant renewable energy source. Solar energy can be harnessed for a variety of purposes, including generating electricity, providing light or a comfortable interior environment, and heating water for domestic, commercial, or industrial use. Solar energy is generated in a variety of ways, including concentrated PV, solar PV, concentrated solar thermal power (CSP), and solar thermal. It is gaining popularity around the world due to factors such as low operating and maintenance costs and a clean energy source. The insatiable demand for electricity has paved the way for a surge in government initiatives to promote renewable energy sources. The rising advancements in the architectural sector have led to an increase in the number of rooftop installations.
As per latest study released by AMA Research, the Global Solar Energy market is expected to see growth rate of 12.5%Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Historical Period | 2018-2023 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Rapid Development of Photovoltaic-Based Power Distribution Systems and Growing Adoption of Energy Blockchain in Technology Solutions for Solar Energy
Market Growth Drivers:
Rise in Depletion of Fossil Fuel Resources, Increasing Implementation of Solar Storage Grids and Rise in Demand for PV Installations
Challenges:
Lack of Financial Infrastructure in Developing Economies and Lack of Awareness Regarding the Benefits of Renewable Energy
Restraints:
High Manufacturing and Maintenance Costs
Opportunities:
Growing Green Gas Emission and Environment Concerns and Increasing Government Initiatives to Support Renewable Energy Sources
Competitive Landscape:
The demand for Solar Energy is increasing. The industry is segmented, but it is predicted to grow as rise in depletion of fossil fuels and increasing demand for electricity, among other factors, drive the market forward. Businesses in this sector face global competition from market leaders who control a large share of the market. Companies are differentiating their products from competition by employing environmentally friendly materials and manufacturing techniques. The Leading Players are engaging in strategic global expansion to maintain their Market Position.
Some of the key players profiled in the report are Solar World (Germany), Canadian Solar (Canada), ENN Solar (China), REC Silicon (Norway), Helios Technology (United States), Abengoa (Spain), Tata Power (India), Kaneka Corporation (Japan), Acciona Energia (Spain), Abengoa Solar (Spain) and BrightSource Energy (United States). Additionally, following companies can also be profiled that are part of our coverage like Neo Solar Power (Taiwan), Centrosolar Inc. (Germany) and Esolar (United States). Analyst at AMA Research see United States Manufacturers to retain maximum share of Global Solar Energy market by 2030. Considering Market by Solar Module, the sub-segment i.e. Monocrystalline Silicon Cells will boost the Solar Energy market. Considering Market by Technology, the sub-segment i.e. Mono-Si will boost the Solar Energy market.
In May 2021 Canadian Solar had announced strategic partnership with Habitat Energy. The collaboration will enable Canadian Solar to provide enhanced technology solutions to developers and owners of battery storage assets in order to capture additional revenue from trading optimization, while also improving grid stability and contributing to the global energy transition to a cleaner, smarter, and more efficient power grid.
What Can be Explored with the Solar Energy Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Solar Energy Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Solar Energy
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Solar Energy market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Solar Energy market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture and Capitalist, New entrants/investors, Analysts and Strategic Business Partners, Residential, Commercial, Industrial and End-use industries.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.