(MENAFN- iCrowdNewsWire) Solar Energy Market Report - Global Outlook and Forecast 2020-2027 by Top Manufacturers Borrego Solar Systems Inc., Abengoa Solar SA, AREVA, BrightSource Energy Inc.
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iCrowdNewswire Jan 18, 2021 8:58 PM ET
Market Size USD 92.80 billion in 2019, Market Growth - CAGR of 13.6%, Market Trends Energy Blockchain use in technology solutions for sustainable and renewable energy
The Global Solar Energy Market size was valued at USD 92.80 Billion in 2019 and is forecasted to reach USD 243.95 Billion by 2027 at a CAGR of 13.6%. The decreasing cost of renewable sources of energy is expected to drive the industry's growth over the forecast period. The increasing cost of coal, gas, or oil has resulted in the government's growing initiatives to reduce the dependency on coal-generated energy.
The increasing need for sustainable urban living and minimization of the dependency on fossil-fuel power generation is projected to fuel the system's demand over the forecast period. The emerging markets and the increasing industries in countries like India, Russia, Brazil, and China are actively choosing renewables over fossils.
Growing initiatives of the government, such as implementing strict emission control measures, increasing investment for the development of technologically advanced solar energy facilities, tax rebates on the installation of the solar panels, are most likely to propel the growth of the market over the forecast period.
With the increasing use of blockchain in different sectors, the solar energy market is also implementing blockchain in its technology. The technology helps the company directly buy and sell energy from other sources, cutting down the expenses associated with intermediary suppliers of energy. The technology increases the efficiencies of the solar energy facilities and makes it more cost-effective for the customers.
Regional Scope- North America; Europe; Asia Pacific; Central & South America; MEA
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Key Highlights From The Report
In July 2019, a partnership was formed between NTT Com-Netmagic and Tata Power Solar. The association was created with an aim to provide an IT solution for the company's upcoming 50MW solar photovoltaic power plant project in Maharashtra.
The Solar Photovoltaic segment is forecasted to be the fastest-growing segment over the forecast period. The industrial and commercial sectors increasingly use it for large scale power generation.
The industrial segment held the largest market share of 48.5% in 2019 due to the increasing adoption of renewable energy sources for power generation as the industries want to be less carbon-intensive and more energy efficient in the future.
Solar energy is mainly used for the generation of electricity due to the rapid urbanization in developing economies coupled with the government's increasing initiative to reduce dependency on coal-generated energy.
Europe accounted for the largest market share of the solar energy market in 2019 due to the favorable regulatory framework, such as incentives and tax rebates on installing the solar panels.
The Asia Pacific region is expected to be the fastest-growing region over the forecast period due to the increasing installations of the solar panels in countries such as Japan, India, and China.
Key participants include Borrego Solar Systems Inc., Abengoa Solar SA, AREVA, BrightSource Energy Inc., Acciona Energia, S.A., ESolar Inc., Tata Power Solar, First Solar Inc., Evergreen Solar Inc., and Canadian Solar, among others.
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Technology Outlook (Revenue, USD Billion; 2017-2027)
Concentrated Solar Power (CSP)
Solar Photovoltaic (PV)
Application Outlook (Revenue, USD Billion; 2017-2027)
Commercial
Residential
Industrial
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Lighting
Charging
Electricity generation
Heating
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