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Solar Energy Market Size, Share, Demand & Trends Analysis Forecast 2020-2026
Solar Energy Market By Technology (Photovoltaic Systems, Concentrated Solar Power System(Parabolic Trough, Solar Power Tower, Fresnel Reflectors, Dish Stirling)), By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), By Application (Residential, Commercial, Industrial), and BY End-user (Electricity Generation, Lighting, Heating, and Charging): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecast 2020–2026
Industry Insights
[180+ Pages Report] According to the report published by Facts Factors, the global solar energy market size was worth around USD 50 billion in 2019 and is predicted to grow to around USD 200 billion by 2026 with a compound annual growth rate (CAGR) of roughly 20% between 2020 and 2026. The report analyzes the global solar energy market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the solar energy market.
This specialized and expertise-oriented industry research report scrutinizes the technical and commercial business outlook of the solar energy industry. The report analyzes and declares the historical and current trends analysis of the solar energy industry and subsequently recommends the projected trends anticipated to be observed in the solar energy market during the upcoming years.
The solar energy market report analyzes and notifies the industry statistics at the global as well as regional and country levels in order to acquire a thorough perspective of the entire solar energy market. The historical and past insights are provided for FY 2016 to FY 2019 whereas projected trends are delivered for FY 2020 to FY 2026. The quantitative and numerical data is represented in terms and value (USD billion) from FY 2016 – 2026.
Key Insights from Primary Research
- According to the primary CXOs of the global solar energy market, the market is estimated to witness a substantial growth of nearly 20% over the forecast period.
- The market was valued at USD 20 billion, in 2019 and is expected to be valued at over USD 200 billion.
- By technology segmentation, the concentrated solar power system category is expected to contribute the largest market share in the global solar energy market. Concentrated solar power system stores energy by using thermal energy storage technology.
- On the basis of the solar module segment, the polycrystalline and monocrystalline category is expected to witness high growth owing to their use in residential applications.
- By geography, in 2019, North America dominated the market and it is projected to witness the highest market share attributed to the implementation of renewable solar energy projects.
Key Recommendations from Analysts
- Our analysts recommend that the European region will dominate the global market for solar energy over the forecast period owing to the increasing awareness about environmental conservation.
- The commercial category is anticipated to grow in the future years attributed to the increasing installation of solar energy systems in commercial sectors such as hospitals, hotels, offices, etc.
- The electricity generation category is anticipated to grow in the future years attributed to the use of solar energy in electric generation.
- Owing to the use of solar energy in the residential and architectural sectors, the residential category is expected to expand the market during the upcoming years.
- Owing to the low maintenance and operating cost of the solar power project and rapid industrialization in developing countries may create numerous opportunities in the market over the forecast period.
Market Attractiveness by Material Type Analysis
The quantitative data is further underlined and reinforced by comprehensive qualitative data which comprises various across-the-board market dynamics. The rationales which directly or indirectly impact the solar energy industries are exemplified through parameters such as growth drivers, restraints, challenges, and opportunities among other impacting factors.
Throughout our research report, we have encompassed all the proven models and tools of industry analysis and extensively illustrated all the key business strategies and business models adopted in the solar energy industry. The report provides an all-inclusive and detailed competitive landscape prevalent in the solar energy market.
The report utilizes established industry analysis tools and models such as Porter’s Five Forces framework to analyze and recognize critical business strategies adopted by various stakeholders involved in the entire value chain of the solar energy industry. The solar energy market report additionally employs SWOT analysis and PESTLE analysis models for further in-depth analysis.
The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the solar energy sector. Key strategic developments in the solar energy market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the solar energy market are appropriately highlighted in the report.
The solar energy market research report delivers an acute valuation and taxonomy of the solar energy industry by practically splitting the market on the basis of different types, category and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
The regional segmentation of the solar energy industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Further, country-wise data for the solar energy industry is provided for the leading economies of the world.
Solar energy is a radiant energy produced by the sun, harnessed by the use of various technologies, such as solar architecture, solar thermal energy photovoltaic cells, solar heating, and others. This is an important source of renewable energy and a simple, sustainable solution for rising emission of greenhouse and global warming. It is widely used to heat buildings, water, cooking and in the production of electricity.
Report Scope
Report Attribute |
Details |
Market Size in 2019 |
USD 50 Billion |
Projected Market Size in 2026 |
USD 200 Billion |
CAGR Growth Rate |
20% CAGR |
Base Year |
2019 |
Forecast Years |
2020-2026 |
Key Market Players |
Trina Solar Limited, Sharp Corporation, Yingli Solar, Wuxi Suntech Power Co. Ltd., Bright source Energy Inc., Esolar Inc., Gintech Energy Corp., Abengoa Solar S.A., Acciona Energia S.A., Kaneka Corp., Sunpower Corporation, Canadian Solar Inc., Tata Power Solar, Verengo Inc, RGS Energy, JA Solar, ReneSola, and others. |
Key Segment |
By Technology, Solar, Application, End-Use, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Increased roof top installation in the residential application and rising awareness for environmental pollution is driving the market growth. In addition, increasing solar power tower demand in the generation of electricity, rising energy demand combined with the increasing population and rising unconventional energy prices are anticipated to propel the growth of market. However, high installation cost and climatic conditions such as rainfall, snowfall may hamper the market growth. On the other hand, increasing research and development activities in the production of solar energy is projected to create ample opportunities in the market.
The solar energy market is segmented based on technology, solar module, application, end-use and region. On the basis of technology segmentation, the market is classified into photovoltaic systems, concentrated solar power system. By solar module segmentation, the market is divided into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, others. By application, the market is separated into residential, commercial, and industrial. And On the basis of end-use, the market is bifurcated into electricity generation, lighting, heating, and charging.
Some of the essential players operating in the solar energy market, but not restricted to include
- Trina Solar Limited
- Sharp Corporation
- Yingli Solar
- Wuxi Suntech Power Co. Ltd.
- Bright source Energy Inc.
- Esolar Inc.
- Gintech Energy Corp.
- Abengoa Solar S.A.
- Acciona Energia S.A.
- Kaneka Corp.
- Sunpower Corporation
- Canadian Solar Inc.
- Tata Power Solar
- Verengo Inc
- RGS Energy
- JA Solar
- ReneSola
The taxonomy of the solar energy industry by its scope and segmentation is as follows:
By Technology Segmentation Analysis
- Photovoltaic Systems
- Concentrated Solar Power System
- Parabolic Trough
- Solar Power Tower
- Fresnel Reflectors
- Dish Stirling
By Solar Module Segmentation Analysis
- Monocrystalline
- Polycrystalline
- Cadmium Telluride
- Amorphous Silicon Cells
- Others
By Application Segmentation Analysis
- Residential
- Commercial
- Industrial
By End-Use Segmentation Analysis
- Electricity Generation
- Lighting
- Heating
- Charging
By Regional Segmentation Analysis
- North America
- The U.S.
- Canada
- Europe
- Germany
- The UK
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Table of Content
Industry Major Market Players
- Trina Solar Limited
- Sharp Corporation
- Yingli Solar
- Wuxi Suntech Power Co. Ltd.
- Bright source Energy Inc.
- Esolar Inc.
- Gintech Energy Corp.
- Abengoa Solar S.A.
- Acciona Energia S.A.
- Kaneka Corp.
- Sunpower Corporation
- Canadian Solar Inc.
- Tata Power Solar
- Verengo Inc
- RGS Energy
- JA Solar
- ReneSola
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