Solar Energy Market size is expected to grow at a CAGR of 7.1 % through 2021 to 2027, reaching nearly US$ 297.30 Bn

  • According to the Stellar Market research report "Solar Energy Market with COVID-19 Impact Analysis by Technology, Solar Module, Application, End Use, and Region- Global Forecast to 2027", the Solar Energy market size is expected to grow from USD 172.8 billion in 2020 to USD 297.30 billion in 2027; it is expected to grow at a CAGR of 7.1 % from 2021 to 2027.

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    Solar Energy Market Outlook:

    Solar energy is the radiant energy of the sun that can be collected by a variety of technologies, including solar heating, photovoltaic cells, and other means. It's a low-cost alternative energy source that's also a viable renewable response to rising greenhouse gas emissions and global warming.

    The adoption of renewable energy sources is encouraged by rising electricity demand and government programs, which enhances the solar energy sector. The market is moving forward thanks to government incentives and tax benefits for successfully using barren land for solar power projects. Other aspects that favour the global market include increased industrialization in emerging countries and low solar power installation operation and maintenance costs.

    For the next five years, solar photovoltaic (PV) technology is expected to contribute to the most yearly renewable capacity expansions, well-outpacing wind and hydro. Through economies of scale, the solar PV business has substantially reduced costs during the last six years. Prices have plunged as the market has been swamped with equipment, and the cost of solar panels has dropped tremendously, resulting in a surge in solar PV system installation.

    Utility-scale PV systems have dominated the PV market in recent years, but due to their favorable economics when combined with increased self-consumption, distributed PV systems, especially in the commercial and industrial sectors, have become crucial in many nations. The continued cost decrease of PV systems favors growing off-grid applications, which drives the solar PV business.

    Solar energy Market

    Solar Energy Market Trend:

    From production and infrastructure to end-user devices, all aspects of the solar power system will be digitalized by 2023. The renewable energy business, which uses digitally controlled robots and drones to power the world, relies on inspections to maintain safety standards; this takes a lot of time and effort. Machine learning, such as through microgrid controllers and artificial intelligence, is one trend to watch as new technologies arise to suit the expanding needs in the solar energy business. The new software is also influencing how firms may use AI and machine learning in solar energy technology. AI is being used by companies in this industry to identify and track patterns in energy generation and consumption.

    Solar Energy Market Regional Insights:

    APAC is positioned to capture a major revenue share in the solar energy market as a result of the region's growing demand for electricity. Two potential variables for regional market progress are the expanding number of solar power plants and the growing population. The industry's expansion will also be assisted by a renewed focus on expanding new generation capacity and expanding the use of diverse solar technologies.

    Solar Energy Market Key Players:

    • First Solar Inc. (US)
    • Trina Solar Limited (China)
    • Sharp Corporation (Japan)
    • Yingli Solar (China)
    • RGS Energy (US)
    • JA Solar (China)
    • ReneSola (US)
    • Hanwha Q Cells (South Korea)
    • Motech Industries Inc. (Taiwan)
    • Waaree Grou12 (India)
    • Canadian Solar Inc. (Canada)
    • Tata Power Solar Systems Ltd. (India)
    • eSolar Inc. (US)
    • SunPower Corporation (U.S.)
    • Urja Global Limited (India)
    • Azure Power (India)


    Solar Energy Market Segmentation:

    Market segmentation makes it effortless for marketers to create campaigns by allowing them to focus on certain client groups rather than the whole public. Segmenting data allows marketers to be more efficient in terms of time, money, and other resources. Clients can use market segmentation to better understand their customers. Client gains a better insight into their consumers' needs and desires, allowing them to tailor campaigns to the customer segments most likely to purchase products.

    By Technology

    • Photovoltaic Systems
    • Concentrated Solar Power Systems

    By Solar Module

    • Monocrystalline
    • Polycrystalline
    • Cadmium Telluride
    • Amorphous Silicon Cells
    • Others

    By Application

    • Residential
    • Commercial
    • Industrial

    By End Use

    • Electricity Generation
    • Heating
    • Charging and Lighting

    By Region

    • North America
    • Europe
    • Asia Pacific
    • MEA
    • South America

    Solar Energy Market

    About Stellar Market Research:

    Stellar Market Research, an India-based consulting and advisory company, was founded in 2018 with the goal of helping clients reach their business transformation goals through consulting services and strategic business planning. As a strategic knowledge partner, the company's goal is to be an integral part of the customer's business. The firm makes recommendations to help shape future organizations. Since its establishment in November 2018, the company has been fully funded by revenue. To date, the company has worked with more than 335 companies in 25 industries to provide reliable data with 94% accuracy.

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