New York, USA, Sept. 20, 2022 (GLOBE NEWSWIRE) — According to the report published by Research Dive, the global solar energy market is estimated to gather a revenue of $888,311.4 million and grow at 14.6% CAGR during the 2021-2028 analysis timeframe. The extensive report provides a concise layout of the market’s current framework including prime aspects of the market such as growth elements, challenges, restraints and various opportunities during the predicted timeframe of 2021-2028. The report also provides all the market figures to help new participants analyze the market easily.
Dynamics of the Market
Drivers: Rising environmental concerns regarding the emissions of harmful greenhouse gases that cause air pollution and extreme weather conditions along with the focus on reducing the demand for fossil fuels are the major driving factors for the global solar energy market. In addition, the increasing demand for solar energy for electricity generation can save water, which is one of the most precious natural resources, thus further boosting the market growth by 2028.
Opportunities: Increasing technological advancements in solar energy and constant inventions like solar-powered water purifiers, solar ACs, solar outlets, solar-powered trees, etc. by market players along with growing strategic alliances among key market players are some factors to create abundant growth opportunities for the global solar energy market during the forecast period.
Restraints: High initial set-up cost of solar panels is the prime hampering factor for the market growth.
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Covid-19 Impact on the Market
The novel covid-19 pandemic has had a negative impact on the global solar energy market due to economic slowdown and strict lockdowns and import-export restrictions imposed by governments worldwide to curb the spread of the corona virus. This led to disruptions in the supply chains and reduced the availability of raw materials used to manufacture or install solar panels. Moreover, stringent social distancing norms also caused shortage of labor in the manufacturing industries that further led to delayed projects and halted investments by market players for upcoming solar projects. Additionally, China being the epicenter of corona virus, most of the manufacturing facilities were shut and imports had stopped functioning out of the Chinese ports. However, post the catastrophic chaos, many organizations are coming forward to boost the R&D activities and re-start the manufacturing processes that can help the market revive its growth in the upcoming years.
Segments of the Market
According to the report, the global solar energy market is fragmented into multiple segments based on technology, solar module, generation, application, and regional outlook.
Technology: Photovoltaic Cells Sub-segment to be Highly Dominant
The photovoltaic cells sub-segment is anticipated to hold a dominant market share and gather a revenue of $786,725.9 million by 2028 due to the extensive implementation of this technology in the construction of solar panels for home installation or solar streetlight installation. Moreover, photovoltaic cells offer economic viability as well as environmental sustainability without producing any noise. This makes them ideal for home installations, thus bolstering the sub-segment’s growth by 2028.
Solar Module: Polycrystalline Solar Cells Sub-segment to be Highly Beneficial
The polycrystalline solar cells sub-segment of the global solar energy market is expected to have the fastest growth rate and register a revenue of $467,525.8 million during the 2021-2028 forecast period mainly because they are eco-friendly than monocrystalline solar cells. Polycrystalline solar cells consist of silicon in a photovoltaic cell and is utilized completely without any wastage. Moreover, these cells have high power density, are cheaper, and used in a wide range of solar applications, thus propelling the sub-segment’s growth by 2028.
Generation: First Generation Sub-segment to be Most Lucrative
The first generation sub-segment is predicted to have a noteworthy growth rate and register a revenue of $760,423.8 million by 2028 since the solar energy generated from first generation solar cells is the most efficient and can also be used for residential purposes. The first generation solar cells are old and are extensively used in building cars, windows, integrations, etc. due to their high efficiencies, thus further uplifting the sub-segment’s growth by 2028.
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Application: Transportation Sub-segment to Have Significant Growth Rate
The transportation sub-segment of the global solar energy market is projected to have a significant growth rate and garner a revenue of $60,088.1 million during the analysis years due to the wide usage of solar panels and cells in transportation to reduce harmful emissions. Solar-powered cars are not only eco-friendly but also provide enhanced safety to the driver as well as the environment. These factors are estimated to augment the sub-segment’s growth.
Region: Market in the Europe Region to Witness Abundant Growth Opportunities
The solar energy market in the Europe region is estimated to witness abundant growth opportunities and gather a revenue of $399,827.6 million during the 2021-2028 forecast period due to increasing adoption of renewable sources like solar energy for power generation. Europe mostly generate its electricity from renewable energy sources rather than depending on fossil fuels and the government also emphasizes on use of solar energy for transportation, agriculture, architecture, etc. These factors are anticipated to boost the market growth in the Europe region by 2028.
Significant Market Players
Some significant solar energy market players are
- Canadian Solar Inc.
- BrightSource Energy, Inc.
- Acciona Energia
- Areva S.A.
- Evergreen Solar, Inc.
- Kyocera Solar, Inc.
- First Solar, Inc.
- Abengoa Solar
- Borrego Solar Systems, Inc.
These key players are undertaking various strategies such as product development and enhancement, merger and acquisition, partnerships and collaborations to sustain the market growth.
For example, in June 2021, SJVN, a hydroelectric power producing organization, announced partnership with the New Delhi Municipal Council (NDMC) to sell 150 MW of solar power generated by SJVN projects under the Central Public Sector Undertaking (CPSU) Scheme.
The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.
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