DUBLIN, April 9, 2021 / PRNewswire / – The report “Solar Energy Market – Forecasts from 2021 to 2026” was submitted by ResearchAndMarkets.com.
The global solar energy market is expected to grow at a compound annual growth rate of 5.12% over the forecast period to reach a market size of US $ 267.747 billion in 2026 from US $ 68.579 billion in 2019.
The global solar energy market has been growing at a significant rate in recent years and is expected to grow further in the coming years. The main driving forces for such growth in this market are the growing concerns of economies towards sustainability and environmental decarbonisation, which makes power energy companies improve their technology towards renewable sources in an efficient way. To support this, governments are providing the rebate policies to further promote the renewable energy market. Solar energy is emerging as the third largest source of renewable energy in the world, and one of the most reliable sources of household consumption. People can have solar energy systems at their roofs, however, the main concern of the general public is the cost and planting space of solar energy. The COVID-19 has slowed progress slightly, but according to the EMI report, the renewable energy sector is the most resilient to the crisis and will continue to grow as predicted. Despite the disruption in all sectors, solar energy is expected to remain resilient in 2020. However, regardless of growing revenue, the cost of production for companies is also declining due to government policies, and thus increasing the scope of strategic investment for the future. companies in the coming years.
In the coming years, all countries have potential growth in solar energy, Germany, India and USA have significant growth potential. India plans to further increase electricity dependence on renewable sources to 55% by 2030 as demand is projected to increase by 15280 TWH by 2040 and investments to increase to US $ 500 billion by 2028 ( source: IBEF). It can be noted that the solar PV plants may grow in the coming period due to cost competitiveness. While the US accounted for 8300 MW installed capacity in 43 states in 2019, representing more than 70% of all commercial solar capacity installed in the US (source: SEIA)). Top US companies are shifting their technology towards solar energy, with Apple and Amazon having the highest installed capacity among them
4 types of technology are mainly used, among which thin film sheet is gaining a significant share in the solar projects, mainly in commercial and utility scale projects due to the light weight and low cost of installation. Although thin sheets have less effect compared to the crystalline silicon segment (both coin and poly) which is mainly used in the premium segment of the solar market at present
Solar energy can be captured for electricity production by:
With the expected improvements in technology and increased supply of panels from China / Europe, capital costs are expected to stabilize at lower levels. As a result, investors / developers are expected to focus on the commercial viability of a solar project
By location, the global solar energy market is segmented into rural and urban areas. The potential growth of solar energy in rural areas is as the countries are providing incentives to the companies that will set up the solar power plants in rural areas. This will improve the quality of life of the people and also improve the areas. In many countries, it has one of the lowest costs – in residential and commercial applications, but also more and more in the field of utility scale, even if fossil fuels and nuclear power do not add external costs. Still, the share of solar power is insignificant in most markets, although decarbonisation through the heating, transportation and power sectors offers huge solar business opportunities. While digital solar & amp; Storage business models are evolving for both residential and commercial consumers, smart building technologies reveal their potential to maximize the self-depletion rates of the building stock and install the ready grid, enabling a cleaner but reliable electricity supply.
In Germany, a market introduction program for residential storage systems limits the feeding behavior of PV systems to less than 50% of their maximum output. Due to this limitation, the number is reduced during peak generation. Implementing an optimized generation and storage strategy can increase the existing grid capacity for PV power. This allows more renewable electricity to be integrated into the same grid design, while avoiding network upgrades. Solar & amp; Consumer grid storage and fair metering costs will be entitled at the consumer level
To date, there are only five CSP projects, namely, ACME solar tower (2.5 MW), Dursar (125 MW), Godawari solar project (50 MW), Megha solar plant (50 MW), and national solar thermal power facility (1 MW) They have started operations in India. Factors, for example, huge capital expenditure, difficulty acquiring land and water, and insufficient DNI data, other projects were delayed. By 2030 at the latest, and in some earlier markets, solar PV is expected to provide the lowest energy cost for new power generation installations. This decline reflects a series of technological improvements that are primarily driven by: – Reducing module efficiency (ie, through better manufacturing techniques and new cell structures) 7-Reducing the overall use of materials, as well as the effectiveness of by increasing module efficiency by reducing wafer thickness, reducing silicon losses, silver paste, etc.8-Improvements to manufacturing processes, which increase throughput, reduce labor costs, and achieve greater economies of scale.
According to the WE Forum, India will need to double its electricity output by 2030 to meet this huge rise in demand, while also honoring its commitment to reduce its carbon footprint by 35% from 2005 levels. about half of the additional output would come from renewable sources, which translates to adding 25 GW of renewable capacity annually until 2030. An expansion of this amount will require funding of around $ 76 billion by 2022, growing to $ 250 billion during 2023-30, according to India Economic Survey 2018-19. Therefore, on an annual basis, investment opportunities of over $ 30 billion are expected to emerge over the next decade and beyond, about three times current levels – clearly demonstrating huge untapped investment potential .
Market Driven Government Support Policies
Finally, the potential growth of the solar energy market is coming in the coming years, mainly in solar PV system due to lower costs, easy installation and possible government policies that will also promote environmental sustainability.
1. Introduction1.1. Definition of the Market1.2. Market Segmentation
2. Research Methodology2.1. Research Data2.2. Assumptions
3. Executive Summary3.1. Research Highlights
4. Market Dynamics4.1. Market Drivers4.2. Market Restrictions4.3. Five Force Analysis Porters4.4. Industry Value Chain Analysis
5. Global Solar Energy Market Analysis, By product type5.1. Introduction5.2. Silicon5.3. Thin sheet5.4. Poly-crystalline5.5. Mono-crystalline
6. Global Solar Energy Market Analysis, By Area6.1. Introduction6.2. Rural areas6.3. Urban areas
7. Global Solar Energy Market Analysis, By technology7.1. Introduction7.2. PV7.3. CSP7.4. Solar heating and cooling
8. Global Solar Energy Market Analysis, By Application8.1. Introduction8.2. Residential8.3. Commerce / Industry
9. Global Solar Energy Market Analysis, by Geography9.1. Introduction9.2. North America9.3. South America9.4. Europe9.5. Middle East and Africa9.6. Asia
10. Competitive Environment and Analysis10.1. Major Players and Strategy Analysis10.2. Emerging Players and Market Lucrativeness10.3. Mergers, Acquisitions, Agreements and Cooperations10.4. Vendor Competitiveness Matrix
11. Company Profiles11.1. Jinko Solar (China) 11.2. JA Solar Technology Co. Ltd. (Parent – China) 11.3. Trina Solar (China) 11.4. LONGi Solar11.5. Canadian Solar11.6. Hanwha Q-CELLS (South Korea) 11.7. Ris Energy (China) 11.8. GCL-SI (China) 11.9. First Sun (USA) 11.10. Talesun Energy11.11. SunPower Corporation (US) 11.12. Adani Group (India) 11.13. Azure Power Global Limited (India) 11.14. Tata Power (India) 11.15. Sunways AG (in doubt) 11.16. Motech Industries (Taiwan) 11.17. Urja Global Ltd (India) 11.18. Waaree Group (India) 11.19. BrightSource Energy Inc (US) 11.20. eSolar Inc (US) 11.21. Yingli Solar11.22. Wuxi Suntech Power Co. Ltd.
For more information about this report go to https://www.researchandmarkets.com/r/kwxoom
Research and Markets Laura Wood, Senior Manager [email protected]
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