The global Solar Energy Market size was USD 76.50 Billion in 2020 and is expected to register a revenue CAGR of 19.9% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is expected to be driven by the growing investment in clean and renewable energy.
Globally, solar energy is the cleanest and most abundant source of renewable energy. It is widely used to generate electricity, heat homes, and desalinate water. In addition to contributing to the reduction of carbon dioxide in the atmosphere, solar panels do not release harmful or toxic emissions into the air when they produce electricity. As fossil fuels and carbon-based energy sources are being reduced in impact on the environment, an increasing focus is being placed on clean energy. In addition, due to its abundant availability, solar energy is easy to harness, contributing to dependence and, incidentally, boosting market revenue growth. Furthermore, research and development in the deployment of high-end solar energy systems across the globe are further increasing to improve the efficiency and sustainability of global energy systems.
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Top Leading Players: Jinko Solar Co. Ltd., Canadian Solar Inc., First Solar, GCL-Poly Energy Holdings Limited, SunPower Corporation, SolarEdge Technologies, Xinyi Solar Holdings Limited, Yingli Solar, SMA Solar Technology AG, and Atlantica Sustainable Infrastructure Plc.
Key Companies in the Solar Energy Market include:
In the forecast period, solar photovoltaics are expected to generate the largest revenue share, as more and more people use them for solar energy harvesting and conversion to electricity. For electricity generation to meet growing global energy demands, photovoltaic solar modules with low cost, high efficiency, and increasing production capacity have the potential to drive the deployment of solutions on viable urban roofs.
Over the forecast period, monocrystalline solar panels are expected to account for a significant portion of revenue, as they are more efficient, more commonly installed on rooftops in both urban and rural areas, and produce more electricity than panels made from other materials. They are also widely used in residential and commercial settings. In addition to greater heat resistance and a silicon nitride coat to increase absorption, monocrystalline solar panels are expected to be used in rural homes and to power street lights in the forecast period.
Heating, lighting, charging, and electricity generation make up the global Solar Energy Market. The increasing demand for energy and electricity has led to an increase in solar energy installation in residential and commercial areas, advancements in PVs and concentrated solar plants, and increasing investment to speed up the development of advanced technologies to convert solar energy directly into electricity, all of which contribute to the segment’s growth.
The residential segment is expected to see significant revenue growth during the forecast period, as solar panels and solar energy systems are increasingly installed in urban and rural homes, and electricity consumption is increasing as home automation products are rapidly adopted and distributed energy systems are deployed in households. Many advantages can be gained from installing solar power systems, including lower electricity bills, reduced carbon footprint, and higher home values.
A significant share of revenue is forecast for North America over the forecast period as solar panels are being increasingly used to generate electricity, R&D activities are progressing rapidly to improve solar energy conversion efficiency, a growing emphasis on solar energy as a large-scale power source, advances in technology, and a decline in solar energy costs. By 2030, solar energy is predicted to generate nearly 20% of the nation’s total electricity. A number of factors are expected to drive market growth in the region, including the expansion of utility-scale solar farms, the growth of well-paying jobs in the solar energy sector, and the move toward cleaner energy to reduce pollution and greenhouse gas emissions.
Asia Pacific will grow at a robust 20.7% CAGR over the forecast period, owing to the rapid rise in solar technology production in countries like China, Japan, and India. Solar energy costs are falling, solar power is being used to generate electricity due to an increasing population, and support is being provided by the government. A significant increase in investment in renewable energy generation in Asia Pacific, the rapid industrialization and urbanization of the region, the increased potential and opportunities of renewable energy, and the increase in efforts to transition to a low-carbon, sustainable energy future are some other key factors that will fuel Asia Pacific revenue growth.
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Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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