Solar Power Market 2023 Size, Share, Analysis and Business Outlook – Canadian Solar Inc, Infigen Energy Ltd, Tindo Solar Pty Ltd, Trina Solar Co. Ltd
The latest updated study from Market Intelligence Data on “Solar Power Market (2023-2032)”, offers a precise analysis of the market covering all the essential information required by the new entrants as well as the existing players to gain a deeper insight into the market. This study provides information about the market size and revenue during the historic and forecasted period of 2023 to 2032. The report also offers regional wise segmentation and analysis of the global Solar Power market for the study period.
A reliable market research and consulting company, has announced the publication of its most recent updated report on the Solar Power Market. It offers a thorough analysis of Market Size (historical and forecast), Market Growth, Technological Trends, Market Share, Market Dynamics, Competitive Landscape and Major Players (Active, Innovators, Start-ups, and Cutting Edge) that are anticipated to influence its future growth trajectory.
The global solar power market size was valued at USD 167.83 billion in 2021. The market is projected to grow from USD 234.86 billion in 2022 to USD 373.84 billion by 2029, exhibiting a CAGR of 6.9% during the forecast period.
Key Players:
The industry report identifies the leading competitors and provides strategic industry analysis of the key market factors. The key market players such Canadian Solar Inc, Infigen Energy Ltd, Tindo Solar Pty Ltd, Trina Solar Co. Ltd, Neoen SA, First Solar Inc, SunPower Corporation, AGL Energy Limited.
Global Solar Power Market Segmentation:
Market Segmentation: By Type
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
Market Segmentation: By Application
Residential
Commercial
Industrial
DRIVING FACTORS
Countries Aiming to Achieve Green Energy Targets to Increase Investments in Solar Industry
An energy transition is needed urgently, globally, to limit the increase in average global surface temperature to below 2° Celsius. As a result, the installation of renewable energy sources will increase enormously in the next few years, which will lead to the expansion of the market. The transition from fossil fuels to low-carbon solutions will play a significant role, as energy-related carbon dioxide emissions account for two-thirds of all greenhouse gases. New energy targets introduced by various governments to encourage a shift toward sustainable energy have had a positive impact on the market size. For example, Brazil aims to get 42.5% of its primary energy supply from renewable sources by the end of 2023.
RESTRAINING FACTORS
High Investment and Lack of Infrastructure Remain a Threat to Market Growth
The total cost of solar PV is higher than installing regular solar panels, likely reducing its acceptance in residential buildings where energy demands are comparatively low. For comparison, 15 ground-mounted solar panels rated at 300 watts would cost USD 14,625. The solar structure would cost an additional USD 500 per solar panel – this increase in initial cost results in lesser utilization of the solar power generation system. Furthermore, the lack of infrastructure is another factor holding back investments in this market. In regions such as Asia Pacific and Europe, the lack of awareness of the benefits and increasing preference for solar PV over primary grid power may hinder the market growth.
Regional Analysis/Insights:
The countries covered in this market report are North America(U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia, Switzerland, Netherlands, Turkey, Belgium, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific), South America(Brazil, Argentina, Rest of South America), Middle East and Africa (South Africa, Saudi Arabia, U.A.E, Israel, Egypt, and Rest of Middle East & Africa).
Asia Pacific is expected to dominate the solar power market share during the forecast period, with most of the demand arriving from China. The country is one of the major producers and consumers of solar energy globally. The country is highly dependent on conventional resources and installing more renewable sources. For instance, in March 2022, China announced its plans to build 450 gigawatts (GW) of wind, solar, and power generation capacity in the Gobi desert and other desert regions. India is another primary potential market for solar energy in Asia Pacific. Solar energy installation is increasing owing to rapidly growing energy demand from various sectors. A positive outlook for clean energy deployment and an encouraging regulatory framework are some key factors propelling regional expansion.
Furthermore, North America will likely hold a substantial portion of the industry in 2021. Rapidly increasing energy demand from various sectors, a positive outlook for clean energy deployment, and an encouraging regulatory framework are critical factors propelling regional expansion.
Solar Power Market Research Report Offers:
-Technical Market definition of the global Solar Power market along with the analysis of different influencing factors like drivers, restraints, and opportunities.
-Extensive research on the competitive landscape of more than 25+ Global as well as regional companies
– Identification and analysis of micro and macro factors that are and will affect the growth of the market.
– A descriptive analysis of demand-supply gap, estimation and forecast in the global Solar Power market.
– Statistical analysis of some significant economic factors
– Partner Identification in the Supply Chain
– Historical and estimated Pricing Analysis of the market considered as part of scope
Key Points Covered in Solar Power Market Report:
Global Solar Power Market Research Report
Section 1: Global Solar Power Industry Overview
Section 2: Global Economic Impact on Solar Power Industry
Section 3: Global Market Competition by Industry Producers
Section 4: Global Productions, Revenue (Value), according to regions
Section 5: Global Supplies (Production), Consumption, Export, Import, geographically
Section 6: Global Productions, Revenue (Value), Price Trend, Product Type
Section 7: Global Market Analysis, on the basis of Application
Section 8: Solar Power Market Pricing Analysis
Section 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Section 10: Strategies and key policies by Distributors/Suppliers/Traders
Section 11: Key Marketing Strategy Analysis, by Market Vendors
Section 12: Market Effect Factors Analysis
Section 13: Global Solar Power Market Forecast
…….and view more in complete table of Contents
Key Questions Answered in this Report
➡ What is the market size and growth rate of the global and regional market by various segments?
➡ Market size and growth rate of the market for selective countries?
➡ Which region or sub segment is expected to drive the market in the forecast period?
➡ What are the driving factors as well as restraints in the market growth?
➡ How the technological shift and disruptions are helping market to grow?
➡ Who are the key companies operating in the market?
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