Solar power is the conversion of renewable energy from sunlight into electricity, either directly using photovoltaics (PV), indirectly using concentrated solar power, or a combination. Concentrated solar power systems use lenses or mirrors and solar tracking systems to focus a large area of sunlight into a small beam. Photovoltaic cells convert light into an electric current using the photovoltaic effect.
MARKET DYNAMICS
The most important factors that stimulate the growth of solar power market on the whole are unpredictable fossil fuel prices, need for disassociation of dependence on fossil fuel imports from areas of political volatility, environmental concerns over the greenhouse gas emissions associated with fossil fuel use, government incentives, other support programs making solar power more cost competitive, and shift in consumer preference. There is a high demand for solar energy in most of the residential areas due to its low maintenance costs and the reduction in the electricity bills, which is one of the major factors responsible for the growth of this market. Further, the development of various infrastructure projects across the world and the constantly increasing population worldwide has given rise to the use of solar energy on a large scale, which has resulted in this market's growth.
MARKET SCOPE
The ?Global Solar Power Market Analysis to 2028" is a specialized and in-depth study of the consumer goods industry with a particular focus on the global market trend analysis. The report aims to provide an overview of the solar power market with detailed market segmentation by technology, and application. The global solar power market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading solar power market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
1. By Technology: On the basis of technology, the global solar power market is categorized into Solar Photovoltaic (PV) and Concentrated Solar Power (CSP).
2. By Application: On the basis of application, the solar power market is categorized into residential, non-residential and utility.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2018 to 2028 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The solar power market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the solar power market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the solar power market in these regions.
IMPACT OF COVID 19
The COVID-19 impact was mainly witnessed on the supply of solar panels resulting in delays in solar projects. The world was hit hard by the COVID-19 outbreak, which forced the governments to employ either complete or partial lockdown, resulting in disruption of the solar panels manufacturing industry during the first half of 2020. Most projects of 2020 already got the finance clearances in 2019. However, the lockdown affected the construction and the availability of the solar panels resulting in project delays. However, this situation is expected to recover in the coming years.
MARKET PLAYERS
The report covers vital developments in the solar power market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships and collaborations. These activities have paved the way for the expansion of businesses and the customer base of market players. The market players from the solar power market are anticipated to have lucrative growth opportunities in the future with the rising demand for solar power in the global market. Below mentioned is the list of a few companies engaged in the solar power market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the solar power market. Decide the report focuses on leading industry players with information such as company profiles, products, and services offered, financial information of the last three years, the critical development in the past five years.
- Abengoa
- Acciona Energia S.A.
- Azure Power
- BrightSource Energy, Inc.
- Canadian Solar Inc.
- eSolar Inc.
- Nextera Energy Sources LLC
- Tata Power Solar System Ltd
- Trina Solar
- Yingli Solar