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The global solar power market size was estimated to be 680.22 GW in 2019 and is projected to reach 4766.82 GW by 2026, exhibiting a CAGR of 30.7%.
The global market is gaining momentum owing to technological advancement including photovoltaic (PV) technology, also termed as green technologies and thin-film technology. The energy generation from solar panels is gaining increasing investments by developing economies owing to the demand from the manufacturing industry.
Furthermore, it offers opportunities to commercial real estate property owners to boost their cash flow by reducing the increasing rents, expenditures and increase in common areas maintenance (CAM) reimbursements. The key factors driving the market growth are electrochemical solar cells, dye sensitizers, ultra-thin wafer solar cells, and anti-reflection coating. Thus growing demand for renewable energy is further expected to expand the global solar power market share in the near future.
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"Mono-si technology is expected to emerge as the most preferred technology in Market"
Mono-si (Monocrystalline) sometimes is also called a single crystalline that has 15% of operating efficiency. The increasing investments in the solar panels and PV cells result in growing demand from the industrial sectors is expected to drive the market. Features resulting in increased usage of mono-si solar panels include space-efficiency, longer shelf life and highest efficiency rates as it is manufactured using the highest grade of silicon. For instance, Bright Source Energy, Inc. has partnered with General Electric (GE) and NOY Infrastructure & Energy Investment Fund for building a 121 MW solar thermal power plant station in Ashalim, Israel’s Negev desert.
The rising demand for renewable energy generation is further expected to drive the growth of solar power generation industry. The governments from across the world are encouraging renewable energy sources by introducing efficient and environment-friendly techniques for industrial as well as household applications. Furthermore, the increasing shift of environmentally conscious customers towards green label products are further expected to result in greater demand for solar power generation in the near future.
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Based on technology, the global market is segmented into mono-si (monocrystalline), thin-film and multi-si (polycrystalline) silicon cells. Both monocrystalline and polycrystalline silicon cells have perceived high demand in residential applications. Increase in these applications surges the demand for first-generation cells, thus leading to solar power market growth over the forecast period. ve increasing investments in R&D focused on power efficiency is expected to result in the growth of solar panels. The overall global R&D investments in the market were estimated to be approximately US$ 967.28 million in 2017. Thus manufacturers are focusing on the up-gradation of technology to cater the power generation and transmission requirements better. For instance, Sunpower Corporation has invested an average of US$ 14.99 million in research & development for the market.
The demand for the market in developing economies such as China and India is expected to show significant growth as a result of government policy in renewable energy, and increasing awareness of innovative green technologies. For instance, the subsidy-free renewable policy in China has to lead the solar panel manufacturers to adopt new environment-friendly techniques. Europe generated substantial solar power market revenue due to its excellent PV R&D infrastructure, including the manufacturing and supply of solar PV panels. It is expected that Europe will invest approximately 185.11 GW of a solar project in 2019. The market is expected to witness hindrance due to geographical latitudes restrain and climatic conditions, especially in rainfall-prone and snowfall regions. However, the development of PV storage system is expected to be the key driving factor for the market.
North America Solar Power Market, 2019
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The report provides qualitative and quantitative solar power industry insights and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by technology and applications on global as well as regional level. Based on technology, the global solar power market is categorized into mono-si, thin-film, multi-si and others. Based on the application, the market is drilled down into residential, non-residential, and utilities. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the prevalence of coagulation factor deficiency, recent industry developments such as mergers & acquisitions, and key industry trends.
o Mono-si (Monocrystalline)
o Multi-si (Polycrystalline)
o Parabolic Trough
o Power Tower
o Linear Fresnel
Fortune Business Insights says that the solar power market was valued at 687.18 GW in 2018.
The global solar power market is projected to reach 4779.60 GW in 2026.
Growing at a CAGR of 31.93%, the global solar power market will exhibit steady growth in the forecast.
North America was valued at 95.05 GW in the global solar power market in 2018
Photovoltaic solar power is expected to dominate the global solar power market during the given forecast period.
Demand shift towards clean energy will drive the solar power market growth. High initial investments required may hamper the global solar power market growth.
Wuxi Suntech Power Co. Ltd., Acciona Energia S.A, Abengoa solar S.A are among the top companies in the solar power market.
Solar power market has maximum penetration in the residential sector which will continue to grow during the given forecast period.