The global solar power market size is expected to reach around US$ 368.63 billion by 2030 from US$ 197.23 billion in 2021 and is expected to grow at an impressive double-digit rate of 7.2% from 2022 to 2030.
The study includes drivers and restraints of this market. The study provides an analysis of the global solar power market for the period 2017-2030, wherein 2022 to 2030 is the forecast period and 2021 is considered as the base year.
A major growth factor behind the surge of green hydrogen has been the declining costs of renewable energy which is a critical input in the production process. In the year 2022, as the penetration of renewable energy over the grid rises, green hydrogen development is also expected to grow, owing to its potential to act as long-duration and seasonal storage of the availability of fuel on demand in order to generate power. In addition, another major factor driving the solar power market is the volatile prices of the fossil fuel, requirement for dependence disassociation on fossil fuel imports from political volatility area, environmental concerns over the greenhouse gas emissions associated with fossil fuel use, government incentives, other support programs making solar power more cost competitive, and shift in consumer preference.
Download Free Sample Copy Here (Including TOC, List of Tables & Figures, and Chart) @ https://www.precedenceresearch.com/sample/1574
Market Estimations Y-O-Y:
- Market Size Was Valued In 2021: US$ 197.23 Billion
- Market Size Is Projected to Grow By 2022: US$ 211.31 Billion
- Market Size Is Projected to Grow By 2023: US$ 226.44 Billion
- Market Size Is Projected to Grow By 2024: US$ 242.67 Billion
- Market Size Is Projected to Grow By 2025: US$ 260.1 Billion
- Market Size Is Projected to Grow By 2026: US$ 278.82 Billion
- Market Size Is Projected to Grow By 2027: US$ 298.92 Billion
- Market Size Is Projected to Grow By 2028: US$ 320.52 Billion
- Market Size Is Projected to Grow By 2029: US$ 343.71 Billion
- Market Size Is Projected to Grow By 2030: US$ 368.63 Billion
- Compound Annual Growth Rate (CAGR) from 2022 to 2030: 7.2 percent
Report Highlights
- Based on the technology, the Photovoltaic systems segment dominated the global solar power market, garnering a market share of around 70% in 2020. In addition, PV systems can vary at a large scale in size from portable systems or small rooftop to massive plants of utility-scale generation which is attributing to high market demand of PV system.
- Based on application, industrial segment has generated a revenue share of more than 35% and dominated the global solar power market in 2020. The rapid growth industrial sector and cost friendly renewable energy has offered a huge growth opportunity to the solar power application in the industrial segment. However, the residential segment is the fastest growing segment owing to the rise in customer awareness regarding the monitory and environmental benefits associated with solar power which is likely to foster its market growth in the residential segment.
Market Dynamics
Drivers: Decline in prices
The competition has increased substantially among producers with the development in photovoltaic- grounded power distribution systems. Furthermore, the solar components prices differs substantially in regions of Asia-Pacific and Europe, as it is a demand oriented market. Furthermore, diminished profitability of market accession and module manufacturers stress lead to drop in the solar panels prices. In addition, shifting silver prices, which is a key solar module raw material, propels the demand for solar panel installations and aids the solar energy market growth.
Restraints: Climatic condition and geographical latitudes
The adoption of technology named PV system is marginally affected by factors like overall production, reliability, and competitiveness. In addition, total climatic conditions and geographical latitudes restrain the solar power market growth, specifically in rainfall and snowfall-prone regions.
Opportunities: Development of photovoltaic (PV) storage systems
The development of photovoltaic (PV) storehouse systems is essential to increase the capability of PV systems to replace the existing conventional sources. With the growth in PV installations demand, the espousal of storehouse grid is projected to rise, which fosters the lithium ion-powered battery demand for solar energy storehouse and increase the growth of the solar energy market.
The unformed silicon cells member is anticipated to foresee utmost growth owing to rise in installations and application in solar panels. In addition, the demand regarding copper indium gallium serenade is anticipated to increase during the cast period, owing to rise in cost-effective solar panels. Likewise, low- cost manufacturing and increase in solar modules effectiveness are projected to propel the market demand for cadmium telluride during the forthcoming time period in the market.
Challenge: Uncertainty regarding the availability of sunlight
The cost of solar PV is generally a cost effective way to supply large amounts of electricity demanded. While the solar PV electricity cost has been substantially dwindling, further dwindling is still essential for this technology to be affordable to everyone. This would impose difficulty in determining how much energy should be stored for the future use. Sunlight is easily unapproachable during the late hours of night while there's stagnant demand for electricity. A medium for effective energy storehouse and effective recovery is demanded for this reason.
Why should you invest in this report?
If you are aiming to enter the global solar power market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for solar power are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2022-2030, so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
Some of the prominent players in the global solar power market include:
- Abengoa Se
- Acciona S.A.
- Canadian solar, Inc.
- Esolar, Inc.
- United renewable energy co. Ltd.
- Sunpower corporation
- Kaneka corporation
- Tata power solar systems ltd.
- Wuxi suntech power co., ltd.
- Brightsource energy, Inc.
Segments Covered in the Report
By Application
- Residential
- Commercial
- Industrial
By Technology
- Photovoltaic Systems
- Moni-Si
- Thin Film
- Multi-Si
- Others
- Concentrated Solar Power Systems
- Parabolic trough
- Solar power tower
- Fresnel reflectors
- Dish Stirling
By End Use
- Electricity Generation
- Lighting
- Heating
- Charging
By Solar Module
- Monocrystalline
- Polycrystalline
- Cadmium Telluride
- Amorphous Silicon Cells
- Others
Regional Analysis:
The geographical analysis of the global solar power market has been done for North America, Europe, Asia-Pacific, and the Rest of the World.
The North American Market is again segmented into the US, Canada, and Mexico. Coming to the European Market, it can be segmented further into the UK, Germany, France, Italy, Spain, and the rest. Coming to the Asia-Pacific, the global solar power Market is segmented into China, India, Japan, and Rest of Asia Pacific. Among others, the market is segmented into the Middle East and Africa, (GCC, North Africa, South Africa and Rest of the Middle East & Africa).
Key Questions Answered by the Report:
- What will be the size of the global solar power market in 2030?
- What is the expected CAGR for the solar power market between 2021 and 2030?
- Which are the top players active in this global market?
- What are the key drivers of this global market?
- How will the market situation change in the coming years?
- Which region held the highest market share in this global market?
- What are the common business tactics adopted by players?
- What is the growth outlook of the global solar power market?
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Solar Power Market
5.1. COVID-19 Landscape: Solar Power Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Solar Power Market, By Application
8.1. Solar Power Market, by Application Type, 2022-2030
8.1.1. Residential
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Commercial
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Industrial
8.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Solar Power Market, By Technology
9.1. Solar Power Market, by Technology, 2022-2030
9.1.1. Photovoltaic Systems
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Concentrated Solar Power Systems
9.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Solar Power Market, By End Use
10.1. Solar Power Market, by End Use Type, 2022-2030
10.1.1. Electricity Generation
10.1.1.1. Market Revenue and Forecast (2019-2030)
10.1.2. Lighting
10.1.2.1. Market Revenue and Forecast (2019-2030)
10.1.3. Heating
10.1.3.1. Market Revenue and Forecast (2019-2030)
10.1.4. Charging
10.1.4.1. Market Revenue and Forecast (2019-2030)
Chapter 11. Global Solar Power Market, By Solar Module
11.1. Solar Power Market, by Solar Module Type, 2022-2030
11.1.1. Monocrystalline
11.1.1.1. Market Revenue and Forecast (2019-2030)
11.1.2. Polycrystalline
11.1.2.1. Market Revenue and Forecast (2019-2030)
11.1.3. Cadmium Telluride
11.1.3.1. Market Revenue and Forecast (2019-2030)
11.1.4. Amorphous Silicon Cells
11.1.4.1. Market Revenue and Forecast (2019-2030)
11.1.5. Others
11.1.5.1. Market Revenue and Forecast (2019-2030)
Chapter 12. Global Solar Power Market, Regional Estimates and Trend Forecast
12.1. North America
12.1.1. Market Revenue and Forecast, by Application (2019-2030)
12.1.2. Market Revenue and Forecast, by Technology (2019-2030)
12.1.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.1.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.1.5. U.S.
12.1.5.1. Market Revenue and Forecast, by Application (2019-2030)
12.1.5.2. Market Revenue and Forecast, by Technology (2019-2030)
12.1.5.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.1.5.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.1.6. Rest of North America
12.1.6.1. Market Revenue and Forecast, by Application (2019-2030)
12.1.6.2. Market Revenue and Forecast, by Technology (2019-2030)
12.1.6.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.1.6.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.2. Europe
12.2.1. Market Revenue and Forecast, by Application (2019-2030)
12.2.2. Market Revenue and Forecast, by Technology (2019-2030)
12.2.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.2.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.2.5. UK
12.2.5.1. Market Revenue and Forecast, by Application (2019-2030)
12.2.5.2. Market Revenue and Forecast, by Technology (2019-2030)
12.2.5.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.2.5.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.2.6. Germany
12.2.6.1. Market Revenue and Forecast, by Application (2019-2030)
12.2.6.2. Market Revenue and Forecast, by Technology (2019-2030)
12.2.6.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.2.6.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.2.7. France
12.2.7.1. Market Revenue and Forecast, by Application (2019-2030)
12.2.7.2. Market Revenue and Forecast, by Technology (2019-2030)
12.2.7.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.2.7.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.2.8. Rest of Europe
12.2.8.1. Market Revenue and Forecast, by Application (2019-2030)
12.2.8.2. Market Revenue and Forecast, by Technology (2019-2030)
12.2.8.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.2.8.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.3. APAC
12.3.1. Market Revenue and Forecast, by Application (2019-2030)
12.3.2. Market Revenue and Forecast, by Technology (2019-2030)
12.3.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.3.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.3.5. India
12.3.5.1. Market Revenue and Forecast, by Application (2019-2030)
12.3.5.2. Market Revenue and Forecast, by Technology (2019-2030)
12.3.5.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.3.5.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.3.6. China
12.3.6.1. Market Revenue and Forecast, by Application (2019-2030)
12.3.6.2. Market Revenue and Forecast, by Technology (2019-2030)
12.3.6.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.3.6.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.3.7. Japan
12.3.7.1. Market Revenue and Forecast, by Application (2019-2030)
12.3.7.2. Market Revenue and Forecast, by Technology (2019-2030)
12.3.7.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.3.7.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.3.8. Rest of APAC
12.3.8.1. Market Revenue and Forecast, by Application (2019-2030)
12.3.8.2. Market Revenue and Forecast, by Technology (2019-2030)
12.3.8.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.3.8.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.4. MEA
12.4.1. Market Revenue and Forecast, by Application (2019-2030)
12.4.2. Market Revenue and Forecast, by Technology (2019-2030)
12.4.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.4.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.4.5. GCC
12.4.5.1. Market Revenue and Forecast, by Application (2019-2030)
12.4.5.2. Market Revenue and Forecast, by Technology (2019-2030)
12.4.5.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.4.5.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.4.6. North Africa
12.4.6.1. Market Revenue and Forecast, by Application (2019-2030)
12.4.6.2. Market Revenue and Forecast, by Technology (2019-2030)
12.4.6.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.4.6.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.4.7. South Africa
12.4.7.1. Market Revenue and Forecast, by Application (2019-2030)
12.4.7.2. Market Revenue and Forecast, by Technology (2019-2030)
12.4.7.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.4.7.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.4.8. Rest of MEA
12.4.8.1. Market Revenue and Forecast, by Application (2019-2030)
12.4.8.2. Market Revenue and Forecast, by Technology (2019-2030)
12.4.8.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.4.8.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.5. Latin America
12.5.1. Market Revenue and Forecast, by Application (2019-2030)
12.5.2. Market Revenue and Forecast, by Technology (2019-2030)
12.5.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.5.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.5.5. Brazil
12.5.5.1. Market Revenue and Forecast, by Application (2019-2030)
12.5.5.2. Market Revenue and Forecast, by Technology (2019-2030)
12.5.5.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.5.5.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
12.5.6. Rest of LATAM
12.5.6.1. Market Revenue and Forecast, by Application (2019-2030)
12.5.6.2. Market Revenue and Forecast, by Technology (2019-2030)
12.5.6.3. Market Revenue and Forecast, by End Use Type (2019-2030)
12.5.6.4. Market Revenue and Forecast, by Solar Module Type (2019-2030)
Chapter 13. Company Profiles
13.1. Abengoa Se
13.1.1. Company Overview
13.1.2. Product Offerings
13.1.3. Financial Performance
13.1.4. Recent Initiatives
13.2. Acciona S.A.
13.2.1. Company Overview
13.2.2. Product Offerings
13.2.3. Financial Performance
13.2.4. Recent Initiatives
13.3. Canadian solar, Inc.
13.3.1. Company Overview
13.3.2. Product Offerings
13.3.3. Financial Performance
13.3.4. Recent Initiatives
13.4. Esolar, Inc.
13.4.1. Company Overview
13.4.2. Product Offerings
13.4.3. Financial Performance
13.4.4. Recent Initiatives
13.5. United renewable energy co. Ltd.
13.5.1. Company Overview
13.5.2. Product Offerings
13.5.3. Financial Performance
13.5.4. Recent Initiatives
13.6. Sunpower corporation
13.6.1. Company Overview
13.6.2. Product Offerings
13.6.3. Financial Performance
13.6.4. Recent Initiatives
13.7. Kaneka corporation
13.7.1. Company Overview
13.7.2. Product Offerings
13.7.3. Financial Performance
13.7.4. Recent Initiatives
13.8. Tata power solar systems ltd.
13.8.1. Company Overview
13.8.2. Product Offerings
13.8.3. Financial Performance
13.8.4. Recent Initiatives
13.9. Wuxi suntech power co., ltd.
13.9.1. Company Overview
13.9.2. Product Offerings
13.9.3. Financial Performance
13.9.4. Recent Initiatives
13.10. Brightsource energy, Inc.
13.10.1. Company Overview
13.10.2. Product Offerings
13.10.3. Financial Performance
13.10.4. Recent Initiatives
Chapter 14. Research Methodology
14.1. Primary Research
14.2. Secondary Research
14.3. Assumptions
Chapter 15. Appendix
15.1. About Us
15.2. Glossary of Terms
Buy Full Research Report (Single User License US$ 4500) @ https://www.precedenceresearch.com/checkout/1574
Contact Us:
Mr. Alex
Sales Manager
Call: +1 9197 992 333
Email: sales@precedenceresearch.com
Web: https://www.precedenceresearch.com
0 Comments