Favorable regulatory policies of the government, rapid urbanization, and rising demand for electricity in developing economies are driving the demand of the market.
Vancouver, BC -- (SBWIRE) -- 02/11/2021 -- Solar Energy Market Overview
Solar energy is produced by converting energy from the sun into thermal and electrical energy. Solar technology can harness energy from the sun for various uses, including electricity generation, heat energy generation, etc. The global Solar Energy Market size is projected to reach USD 243.95 Billion by 2027, at a CAGR of 13.6%.
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Prominent Players Profiled in the Solar Energy Market:
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.
Market Drivers
The rapid urbanization worldwide with the rising demand for electricity in developing countries is a crucial factor driving the solar energy market's market size. The increasing adoption of renewable resources that will not exhaust with time and can be used as efficiently as non-renewable sources is a contributing factor fuelling the global solar energy market's growth. Recent government initiatives to control the exhaustion of greenhouse gases and carbon emissions, which are the reasons for global warming, are propelling the demand for renewable and clean energy like solar energy harvesting. These initiatives focus on avoiding the use of fossil fuels and use solar energy. Increasing Industrialization also plays a significant part in boosting the global solar energy market as Industries are now demanding to use efficient and renewable energy. Technological advancements by the manufacturers like ultrathin wafer solar cells, dye sensitizers, and anti-reflection coating are some of the major driving factors of the solar energy industry.
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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Overview of the TOC of the Report:
Introduction, Scope, and Overview
Opportunities, Risks, and Drivers
Competition landscape analysis with sales, revenue, and price
Extensive Profiling of the key competitors with the sales figures, revenue, and market share
Regional analysis with sales, revenue, and market share for each region for the forecast period
Country-wise analysis of the Solar Energy market by type, application, and manufacturers
Market Segmentation based on types
Market segmentation based on applications
Historical and forecast estimation and other chapters.
Regional landscape
Europe is dominating the global market, with a share of around 45.0%. It is because of the government's latest initiatives in the region to adopt renewable energy sources to generate electricity. The Asia Pacific is one of the fastest-growing regions and is expected to continue it in the forecasted period due to strict laws and regulations regarding greenhouse gas emissions by the government. Countries like Japan, India, and China are now adopting more solar energy panel installations.
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