Favorable regulatory policies of the government, rapid urbanization, and rising demand for electricity in developing economies are driving the demand of the market.
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.
The global Solar Energy Market will be worth USD 243.95 Billion by 2027, according to a current analysis by Emergen Research. The growth of this market can be attributed to the growing global population and the increasing demand for electricity in developing countries. 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 Global Solar Energy Market report offers a detailed analysis of the global market size, regional and country-level analysis of the market, segment growth, competitive landscape, sales analysis, industrial chain analysis, opportunities, recent developments, regulatory framework, market growth analysis, and strategic market initiatives.
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Key Market Dynamics: The global Solar Energy market research report details on the ongoing market trends, development outlines, and several research methodologies. It illustrates the key factors that directly manipulate the market, for instance, production strategies, development platforms, and product portfolio. According to our researchers, even minor changes within the product profiles could result in huge disruptions to the above-mentioned factors. Each of these factors has been elaborately discussed in the initial segment of the study.
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Key Highlights From The Report
- 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.
The findings of the report explain various aspects of the market, such as market status, developmental prospects, key regional segments, renowned market players, product offerings, end-use industries.
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The Solar Energy market intelligence report talks about the market size, share, value, and production cost analysis over the forecast period 2019-2027.
- 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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