CAGR +20.5%, SOLAR ENERGY Market Is Booming Worldwide | Abengoa Solar S.A., Acciona Energia S.A., Wuxi Suntech Power Co. Ltd., Bright source Energy

The ‘ SOLAR ENERGY market’ research report added by Report Ocean, is an in-depth analysis of the latest trends, market size, status, upcoming technologies, industry drivers, challenges, regulatory policies, with key company profiles and strategies of players. The research study provides market introduction, SOLAR ENERGY market definition, regional market scope, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, SOLAR ENERGY market size forecast, 100+ market data, Tables, Pie Chart, Graphs and Figures, and many more for business intelligence.

The global solar energy market was valued at $52.5 billion in 2018 and is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.

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 In the SOLAR ENERGY Market, some of the major companies are:

Abengoa Solar S.A., Acciona Energia S.A., Wuxi Suntech Power Co. Ltd., Bright source Energy Inc., Esolar Inc., Gintech Energy Corp., Kaneka Corp., Sunpower Corporation, Canadian Solar Inc., and Tata Power Solar. First Solar Inc., Trina Solar Limited, Sharp Corporation, Yingli Solar, Verengo Inc, RGS Energy, JA Solar, ReneSola, GT Advantage Technologies, Hanwha Q Cells, and Motech Industries Inc.

The report consists of various chapters and company profiling is a major among them. Company profiling garners business intelligence and track key elements of a business, such as:

  • Company Background
  • Product Categories
  • Competitive Landscape
  • Financial Results (Subject to availability)
  • Media Monitoring
  • Customized Section

SOLAR ENERGY Market: Insights

Solar energy is the radiant energy emitted from the sun, which is harnessed by using various technologies such as solar heating, photovoltaic cells, and others. It is an efficient form of unconventional energy and a convenient renewable solution toward growing greenhouse emissions and global warming.

Solar Energy Market

The growth of the solar energy market is driven by increase in environmental pollution and provision of government incentives & tax rebates to install solar panels. In addition, decrease in water footprint associated with solar energy systems has fueled their demand in power generation sectors. The demand for solar cells has gained major traction owing to surge in rooftop installations, followed by increase in applications in the architectural sector. Furthermore, the demand for parabolic troughs and solar power towers in electricity generation is expected to boost the demand for concentrated solar power systems.

Solar Energy Market by Technology

This global solar energy market size is segmented based on technology, application, component, marketing channel and region. Depending on technology, the market is classified as photovoltaic systems and concentrated solar power systems (parabolic trough, solar power tower, Fresnel reflectors and dish stirling). As per solar module, it is segregated into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells and others. Based on application, it classified into residential, commercial and industrial. Depending on end use, the market is classified into electricity generation, lighting, heating and charging. Based on region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Israel, and rest of LAMEA).

Both monocrystalline and polycrystalline silicon cells have witnessed high demand, especially in residential applications. Cadmium telluride and amorphous silicon cells are expected to create growth opportunities owing to low material cost. Increase in photovoltaic applications have fueled the demand for first-generation cells, which include both monocrystalline and polycrystalline silicon cells. The third-generation cells segment is expected to show high growth rate owing to ongoing R&D and increase in efficiency of solar panels. Increase in installations of solar energy systems in architecture and residential applications has provided lucrative opportunities for the market. However, the geographical footprint has affected the solar energy market, but increased investments in R&D and increase in adoption of solar storage systems are expected to boost the demand for solar energy systems.

solar energy market by application

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Emerging economies such as China and Japan have significantly increased the production of solar technologies owing to governmental tariffs and merger & acquisition of local manufacturers. Moreover, North America and Europe have largely focused on researches to maximize the solar potential. Middle East and Africa have also gained traction owing to increase in applications of solar energy for power generation, agriculture, and architecture.

Solar Energy Market by Region

Market Dynamics

Drivers

The competition has significantly increased among manufacturers with the development in photovoltaic-based power distribution systems. Moreover, the price of solar modules differs significantly in regions of Europe and Asia-Pacific, as the market is demand oriented. In addition, reduced profitability of module manufacturers and market acquisition stress lead to decline in the prices of solar panels. Furthermore, fluctuating price of silver, which is a major raw material in solar module, drives the demand for solar panel installations and assist the solar energy market growth.

Restraints

The adoption of PV system technology is marginally affected by factors such as reliability, overall production, and competitiveness. In addition, overall climatic conditions and geographical latitudes restrain the solar energy market growth, especially in snowfall- and rainfall-prone regions

Opportunities

The development of photovoltaic (PV) storage systems is essential to increase the ability of PV systems to replace the existing conventional sources. With the rise in demand for PV installations, the adoption of storage grid is projected to increase, which fuels the demand for lithium ion-powered battery for solar energy storage and increase the solar energy market growth.

The amorphous silicon cells segment is expected to witness maximum growth owing to increase in installations and utilization in solar panels. Moreover, the demand for copper indium gallium selenide (CIGS) is expected to increase during the forecast period, owing to rise in cost-effective solar panels. Furthermore, low-cost manufacturing and increase in efficiency of solar modules are projected to boost the demand for cadmium telluride during the forecast period in the solar energy industry.

LAMEA Market Review

Improper electricity network has increased the demand for solar energy in remote areas of Africa and Latin America. In addition, government incentives for solar panel installations have fueled the market growth.

Top players operating in the solar energy market include Abengoa Solar S.A., Acciona Energia S.A., Wuxi Suntech Power Co. Ltd., Bright source Energy Inc., Esolar Inc., Gintech Energy Corp., Kaneka Corp., Sunpower Corporation, Canadian Solar Inc., and Tata Power Solar.

Other major players in the solar energy industry (not included in the report) are First Solar Inc., Trina Solar Limited, Sharp Corporation, Yingli Solar, Verengo Inc, RGS Energy, JA Solar, ReneSola, GT Advantage Technologies, Hanwha Q Cells, and Motech Industries Inc.

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The Global SOLAR ENERGY Market is segmented into various sub-groups to understand the market scenario in detail, the market segmentation are as follows:

By Technology
Photovoltaic Systems
Concentrated Solar Power Systems
Parabolic Trough
Solar Power Tower
Fresnel Reflectors
Dish Stirling
By Solar Module
Monocrystalline
Polycrystalline
Cadmium Telluride
Amorphous Silicon Cells
Others
By Application
Residential
Commercial
Industrial
By End-Use
Electricity Generation
Lighting
Heating
Charging

Other Report Highlights
• Competitive Landscape – Sales, Market Share, Geographical Presence, Business Segments
• Product Benchmarking.
• Market Dynamics – Drivers and Restraints.
• Market Trends.
• Porter Five Forces Analysis.
• SWOT Analysis.

Furthermore, the years considered for the study are as follows:

Historical year – 2013-2017

Base year – 2018

Forecast period** – 2019 to 2025 [** unless otherwise stated]

Regional split of the Global SOLAR ENERGY Market research report is as follows:

The market research study offers in-depth regional analysis along with the current market scenarios. The major regions analyzed in the study are:

  • Americas
  • Europe
  • Middle East & Africa
  • Asia Pacific

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Questions answered in the SOLAR ENERGY market research report:

  1. What is SOLAR ENERGY?
    2. What is the global SOLAR ENERGY market size?
    3. What are the market driving factors behind the global SOLAR ENERGY market?
    4. What are the market trends and forecast for the global SOLAR ENERGY market?
    5. What are the global trends and forecasts based on market research and analysis of global SOLAR ENERGY market segmentation by product?
    6. What are the global trends and forecasts based on market research and analysis of global SOLAR ENERGY market segmentation by connectivity technology?
    7. What are the global trends and forecasts based on market research and analysis of global SOLAR ENERGY market segmentation by application?
    8. What are the global trends and forecasts based on market research and analysis of global SOLAR ENERGY market segmentation by geography?
    9. Which are the major global SOLAR ENERGY manufacturers?
    10. Which are the major global SOLAR ENERGY companies?
    Note: This table of contents is part of a published report. As per client requirement, cross-sectional analysis across all industries or specific geography or ‘country-based’ analysis can be provided as a part of paid customization.

Key highlights and important features of the Report:

Overview and highlights of product and application segments of the global SOLAR ENERGY Market are provided. Highlights of the segmentation study include price, revenue, sales, sales growth rate, and market share by product.

Explore about Sales data of key players of the global SOLAR ENERGY Market as well as some useful information on their business. It talks about the gross margin, price, revenue, products, and their specifications, type, applications, competitors, manufacturing base, and the main business of key players operating in the SOLAR ENERGY Market.

Explore about gross margin, sales, revenue, production, market share, CAGR, and market size by region.

Describe SOLAR ENERGY Market Findings and Conclusion, Appendix, methodology and data source;

Research Methodology:

We identify the major drivers and restraints for every region (North America, Latin America, Europe, Asia Pacific, & Middle East) of any particular market with a weightage value of how it is impacting the market. For each driver and restraint, we provide weightage in short term, medium term, and long term. Here the driver acts as a pull factor and restraint as a push factor.

Primary Research
Key players in the market are identified through review of secondary sources such as industry whitepapers, annual reports, published reports by credible agencies, financial reports and published interviews of Key Opinion Leaders (KOLs) from leading companies. During the primary interviews, KOLs also suggested some producers that are included under the initial scope of the study. We further refined company profile section by adding suggested producers by KOLs. KOLs include Chief Executive Officer (CEO), general managers, vice presidents, sales directors, market executives, R&D directors, product managers, procurement managers, export managers etc. During the research process, all the major stakeholders across the value chain are contacted for conducting primary interviews.

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There are 15 Chapters to display the Global SOLAR ENERGY Market:

Chapter 1, to describe Definition, Specifications and Classification of Global SOLAR ENERGY, Applications of , Market Segment by Regions;
Chapter 2, to analyze the Manufacturing Cost Structure, Raw Material and Suppliers, Manufacturing Process, Industry Chain Structure;
Chapter 3, to display the Technical Data and Manufacturing Plants Analysis of , Capacity and Commercial Production Date, Manufacturing Plants Distribution, Export & Import, R&D Status and Technology Source, Raw Materials Sources Analysis;
Chapter 4, to show the Overall Market Analysis, Capacity Analysis (Company Segment), Sales Analysis (Company Segment), Sales Price Analysis (Company Segment);
Chapter 5 and 6, to show the Regional Market Analysis that includes United States, EU, Japan, China, India & Southeast Asia, Segment Market Analysis (by Type);
Chapter 7 and 8, to explore the Market Analysis by Application Major Manufacturers Analysis;
Chapter 9, Market Trend Analysis, Regional Market Trend, Market Trend by Product Type, Market Trend by Application;
Chapter 10, Regional Marketing Type Analysis, International Trade Type Analysis, Supply Chain Analysis;
Chapter 11, to analyze the Consumers Analysis of Global SOLAR ENERGY by region, type and application;
Chapter 12, to describe SOLAR ENERGY Research Findings and Conclusion, Appendix, methodology and data source;
Chapter 13, 14 and 15, to describe SOLAR ENERGY sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.

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About the Author

Ronard
Ronard
Ronard Completed his Master in Communication, after completing his degree he opted full-time research as his career. Ronard Main Area of Specialization is Market Research, he also contributes to Various Online Blog

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