Solar Power Market : Increasing Demand For Renewable Energy Responsible For Market Rise

Solar Power Market Overview

According to a recent survey conducted by ChemView Consulting, the Global Solar Power Market grew at a CAGR of 13.8% between 2017-2021 and is estimated to be US$ 1,64,834.1 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 12.1 % and is expected to reach a valuation of US$ 5,16,539.1 Mn by 2032 end.

Throughout the projected period, population growth, Increased infrastructure needs, and rising living standards are driving up demand for power production.

ChemView Consulting has analyzed that the solar energy market has witnessed significant growth due to various factors, such as increasing demand for renewable energy and the rising prices of silver and other solar module raw materials. Moreover, a rising cost that offsets the benefits caused by solar panel efficiency models in lowering the power generation cost. In addition, declining prices of solar panels and improving efficiency models have helped boost the demand for the solar energy market.

Most nations are building new solar power facilities or expanding the capacity of their current ones to satisfy the rising demand. During the projected period, this is expected to fuel the expansion of the solar power market.

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Segments Covered in Report

By Current Charging Capacity :

  • up to 8A
  • 8A to 20A
  • 20A to 30A
  • 30A to 60A
  • 60A to 80A
  • 100A to 250A
  • Above 250A

By Battery Type:

  • Lead-acid Battery
  • Lithium Ion Battery

By Application:

  • Residential
  • Non-Residential
  • Utility

By Technology:

  • Pulse Width Modulation (PWM)
  • Maximum Power Point Tracking (MPPT)

By Region and Country:

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Rest of Latin America)
  • Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
  • Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
  • Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Key Takeaways from the Solar Power Market

  • Based on the Technology, the Solar PV Technology Segment held the largest revenue share at 60.0%. Solar photovoltaic (PV) and concentrated solar power are the two technological segments that make up the global market for solar energy (CSP). The mono-si, thin-film, multi-si, and other solar PV systems are further divided, and the parabolic trough, power tower, and linear fresnel are further divided for CSP.
  • Based on the application, the utility market accounted for 59.0% of the total global solar power market. Following significant growth in new installations, the utility line segment is projected to expand at a CAGR of 11.8% by 2032. Gaining popularity from investments in solar infrastructure and government policies, this segment is projected to grow faster than all other markets.
  • Based on Region, the Asia Pacific market had a revenue share of 52.9%. The Region that dominates the global market in terms of market share is expected to grow at the fastest rate during the forecast period. High power demand, rising living standards, and adequate solar irradiation are major drivers of the area’s expansion. China alone put in about 48 GW of solar plants in 2020.

Competition Summary

Key companies covered in the market study are Waaree Group, Canadian Solar Inc., Abengoa, BrightSource Energy, Inc., Tata Power Solar Systems Ltd., First Solar, Trina Solar, Yingli Solar, eSolar Inc., SunPower Corporation, Acciona Energia S.A., Urja Global Limited, Wuxi Suntech Power Co. Ltd., Nextera Energy Sources LLC, Vivaan Solar.

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Report Key Highlights and Coverage

  • Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
  • Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
  • The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
  • Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
  • Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
  • Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
  • Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
  • Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
  • Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
  • Strategic market analysis, recommendations, and future headways on crucial winning strategies.

About ChemView Consulting

ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have been collaborating with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.

What sets ChemView Consulting apart?

  • Full-time research experts and subject matter experts
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