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Solar Energy Market Analysis
Solar Energy Market to Witness Huge Growth by 2032
Government incentives, regulations, and growth in demand for renewable
energy
sources are the key factors boosting the Solar energy
market
growth.” - Solar Energy Market
PORTLAND, OREGON, UNITED STATES, November 30, 2023 /EINPresswire / -- Solar energy
is the energy
that is derived from the rays of the sun, which is renewable
and sustainable. It is an alternative source of energy
that has gained popularity across the globe due to its environmental benefits and cost-effectiveness. Solar energy
may be harnessed in different ways, such as through solar panels or solar thermal systems, to generate electricity or heat for residential, commercial, and industrial use. The use of solar energy
reduces the dependence on fossil fuels and helps to mitigate climate change by reducing greenhouse gas
emissions. The solar energy
market
size was valued at $94.6 billion in 2022, and the solar energy
industry is estimated to reach $300.3 billion by 2032, growing at a CAGR of 12.3% from 2023 to 2032.
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The solar energy
market
has witnessed significant growth over the years, driven by several factors. The main driver is the increase in demand for clean and renewable
energy
sources. Governments and organizations worldwide are promoting the adoption of solar energy
through incentives, subsidies, and regulations to reduce carbon emissions and mitigate climate change. Another driver is the declining cost of solar energy
technology, making it more accessible to a broader range of consumers.
However, there are restraints in the market
, such as the intermittent of solar energy
, which makes it less reliable and less efficient than traditional sources of energy
. In addition, the initial investment
required for solar energy
systems may be high, making it difficult for some consumers to adopt them. There are opportunities in the market
, such as the development of energy
storage technologies to address the issue of intermittent and the increasing demand for solar energy
in emerging market
s, despite these restraints.
The solar energy
market
forecast is segmented on the basis of technology, solar module, application, end-use, and region. On the basis of technology, the global solar energy
market
is bifurcated into photovoltaic systems and concentrated solar power systems. On the basis of solar modules, the market
is classified into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others. On the basis of application, the market
is divided into residential, commercial, and industrial. On the basis of end-use, the market
is segregated into electricity generation, lighting, heating, and charging. On the basis of region, the market
is studied across North America, Europe, Asia-Pacific, and LAMEA and suggests future solar energy
market
growth opportunities.
On the basis of technology, the photovoltaic system is expected to have the largest market
share due to its wide range of applications from electronic appliances to utility-scale power generation.
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On the basis of solar modules, the polycrystalline module is expected to have the largest market
share due to its high efficiency and better performance in low-light conditions. The polycrystalline module is also expected to have significant growth due to its lower cost compared to monocrystalline modules. The cadmium telluride and amorphous silicon cells are expected to have a moderate growth rate due to their low-cost and high flexibility in installation.
On the basis of application, the industrial application for electricity generation is expected to have the largest market
share due to the high energy
requirements of industrial processes. The residential application for lighting and heating is expected to have a significant growth rate due to the increasing adoption of solar energy
systems in households. The commercial application for charging electric vehicles is also expected to grow due to the increase in demand for electric vehicles.
On the basis of end-use, the electricity generation segment is expected to have the largest market
share due to the increase in demand for clean and sustainable energy
sources. The lighting and heating segments are also expected to have significant growth due to the increase in the adoption of solar energy
systems for these applications. The charging segment for electric vehicles is expected to have a moderate growth rate due to the increase in the adoption of electric vehicles in the transportation sector.
On the basis of region, Asia-Pacific accounts for the largest share of the market
, followed by North America and Europe. Asia-Pacific has emerged as a global leader in the solar energy
market
, due to a surge in energy
demand in developing economies such as India, China, and Thailand, owing to a decrease in dependency on conventional energy
sources, including coal
& crude
oil, and an increase in urbanization. In addition, the development of rural electrification activities in countries such as India, China, and Thailand and the rise in government
initiatives to promote the use of renewable
energy
are anticipated to boost the growth of the global solar energy
market
opportunities from 2023 to 2032.
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Key findings of the study:
- As per solar energy
market
analysis, on the basis of technology, the photovoltaic systems segment emerged as the global leader by acquiring more than four-fifths of the solar energy
market
share in 2022 and is anticipated to continue solar energy
market
trends during the forecast period.
- On the basis of solar modules, the polycrystalline segment emerged as the global leader by acquiring more than half of the solar energy
market
shares in 2022 and is anticipated to continue this trend during the forecast period.
- On the basis of application, the industrial segment emerged as the largest market
share in 2022 which accounts for more than two-fifths of the solar energy
market
share and is anticipated to continue this trend during the forecast period.
- On the basis of end-use, the electricity generation segment emerged as the largest market
share in 2022 which accounts for more than half of the solar energy
market
share and is anticipated to continue this trend during the forecast period.
- On the basis of region, Asia-Pacific is the major consumer of solar energy
among other regions. It accounted for more than two-fifths of the global market
shares in 2022. related equipment, as well as new opportunities for solar energy
developers.
Competitive Landscape:
First Solar, Inc., SunPower Corporation, Canadian Solar Inc., JinkoSolar Holding Co., Ltd., Trina Solar Co., Ltd, Yingli Green Energy Holding Company Limited, Hanwha Q Cells, JA Solar Holdings Co., Ltd., SolarEdge Technologies, and Enphase Energy Inc., are some of the major players discussed in the report.
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Allied Analytics LLP
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