Solar Energy Market by Technology (Photovoltaic Cells and Concentrated Solar Power Systems), Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), Generation (First, Second, and Third), and Application (Agriculture & Horticulture, Architecture, Transportation, and Others) - Global Opportunity Analysis & Industry Forecast, 2014-2022
The global solar energy industry is expected to reach $422 billion by 2022 from $86 billion in 2015, growing at a CAGR of 24.2% from 2016 to 2022. Solar energy is the radiant heat emitted from the sun, which is harnessed by using a wide range of technologies such as solar heating, photovoltaic cells, artificial photosynthesis, and others.
It is an efficient renewable energy, and assists to mitigate greenhouse emissions.
Increase in pollution and market assisting programs such as feed in tariffs & renewable certificates have fueled the demand for solar energy with application in various domestic, industrial, and commercial applications.
Photovoltaic cells have majorly driven the solar energy market owing to increase in rooftop installations and government subsidies such as feed-in tariffs that provide significant support for industrial growth.
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The crystalline forms of silicone cells have witnessed the major market share in 2015 owing to lower installation cost, high efficiency, and longevity. Amorphous silicon cells segment is expected to show significant growth during the forecast period owing to increase in utilization in solar panels.
The agriculture & horticulture segment fueled the demand for solar collectors owing to increase in production of cultivable crops, thereby boosting the growth of the solar energy market. In addition, rise in globalization has surged the demand for solar panels in the architectural sector.
Asia-Pacific regions such as China and Japan have been the major market drivers for solar energy market owing to its growth in installations and governmental tax incentives, followed by North America and Europe. However, climatic conditions; geographical positioning; and technological advancements in other renewable forms of energy such as turbines and generators equipped with fish movement equipment for hydroelectricity generation are expected to hinder the market growth.
Research and development in third-generation solar modules such as perovskite silicon cells and low installation cost of first- and second-generation solar modules are projected to boost the demand for solar cells.
Top players in solar energy market include
- Abengoa Solar S.A.
- Acciona Energia S.A.
- Wuxi Suntech Power Co. Ltd.
- Bright source Energy Inc.
- Esolar Inc.
- Gintech Energy Corp.
- Kaneka Corp.
- Sunpower Corporation
- Canadian Solar Inc.
- Tata Power Solar
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KEY BENEFITS FOR STAKEHOLDERS
- This report entails the detailed quantitative analysis of current trends and future estimations from 2014 to 2022 that assist to identify the prevailing market opportunities to capitalize on the global solar energy market.
- In-depth coverage of the drivers, restraints, and opportunities helps professionals to better understand the market behavior.
- Detailed study of the strategies of key leaders, partnerships, and acquisitions in the market is provided.
- Porter’s Five Forces analysis examines the competitive structure of the market and assists strategists in better decision-making.
- Pinpoint analysis of geographical segments helps to identify opportunities for growth within the market.
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