Increased investments in R&D activities to manufacture third-generation solar power cells with improved efficiency and conversion ratio is expected to provide lucrative opportunities for the solar energy market.
According to a new report published by Allied Market Research, titled, Solar Energy Market by Technology, Solar Module, Generation and Application: Global Opportunity Analysis and Industry Forecast, 2014-2022", the solar energy market was valued at $86 billion in 2015, and is projected to reach $422 billion by 2022, growing at a CAGR of 24.2% from 2016 to 2022. Based on application, architecture occupied more than two-fifths share in 2015.
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Solar energy system is used to harness the energy emitted from the sun. It is an efficient renewable energy, and mitigates environmental risks that arise from greenhouse gas emissions.
The global rise in demand for alternative energy source has propelled the demand for solar energy. Moreover, market assisting programs and government incentives for rooftop installations of solar panels drive the growth of the market, with increasing applications in residential, nonresidential, and commercial sectors.
However, geographical footprint has affected the growth of solar energy market, owing to decrease in conversion efficiency of solar panels. Increase in governmental tariff plans and renewable energy certificates such as solar energy renewable certificates (SREC) are expected to drive the market growth.
In addition, investments in R&D to develop high-efficiency third-generation solar modules such as perovskites is projected to provide growth opportunities for the market.
Increase in installations of rooftop solar panels positively impacts the growth of the solar energy market. Photovoltaic cells have gained major traction owing to increase in applications in residential and nonresidential sector for electricity generation.
Furthermore, increase in installation of concentrated solar power systems (CSPs) in forms of parabolic troughs and solar power towers is anticipated to fuel the growth of the market, owing to increase in application for electricity generation. Photovoltaic cells segment has dominated the market in 2015.
The concentrated solar power systems segment is expected to grow at a CAGR of 41.6% during the forecast period. Polycrystalline silicon cells occupied more than half of the total share in 2015.
The agriculture & horticulture segment is expected to grow at a CAGR of 25.9% during the study period.
Key Findings of the Solar Energy Market:
- The photovoltaic cell technology is expected to grow at a CAGR of 23.1% from 2016 to 2022.
- The organic and inorganic photovoltaic cells segments are expected to register CAGRs of 26.6% and 23.1%, respectively.
- The parabolic troughs under concentrated solar power systems is expected to grow at a CAGR of 41.8% during the analysis period.
- The amorphous silicon cells segment is expected to grow at a CAGR of 28.4%.
- The third-generation solar module segment is anticipated to register a CAGR of 42.7%.
- North America is expected to register a CAGR of 25.2% during the analysis period.
- In Asia-Pacific, China expected to grow at a high CAGR of 24.7%.
LAMEA is projected to grow at a CAGR of 25.7% during the analysis period, owing to increase in photovoltaic installations. Furthermore, tax incentives for rooftop installations in Asia-Pacific region, such as India, is expected to drive the market growth.
The photovoltaic cells segment in India is expected to grow at a CAGR of 24.0%.
Top players in operating in the 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., and Tata Power Solar.
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