Solar Energy Market Projected to Reach $223.3 billion by 2026 – Abengoa Solar, Acciona Energia, Wuxi Suntech Power, Bright source
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.
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.
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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.
Key Benefits for Solar Energy Market:
This report entails the detailed study of solar energy market trends and forecast from 2018 to 2026 that assists to identify the prevailing market opportunities to capitalize on the global solar energy market and solar energy market size.
In-depth coverage of the drivers, restraints and opportunities helps professionals to better understand the solar energy market behavior.
This study further includes solar energy market share analysis in terms of technology, module, generation and application across all geographies.
Detailed study of the strategies of key leaders, partnerships and acquisitions in the market is provided.
Porter’s Five Forces analysis examines the competitive structure of the solar energy market and assists strategists in better decision-making.
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