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Solar Power Market to Grow at 5.9% CAGR till 2027; Speedy Advancements in Solar PV Technologies to Positively Impact the Market

November 02, 2020 | Energy & Power

The global solar power market size is projected to reach USD 194.75 billion by 2027 as the movement towards sustainable development intensifies worldwide, observes Fortune Business Insights™ in its report, titled “Solar Power Market Size, Share and COVID-19 Impact Analysis, By Technology (Solar Photovoltaic {Mono-Si, Thin Film, Multi-Si, and Others}, and Concentrated Solar Power {Parabolic Trough, Power Tower, and Linear Fresnel}), By Application (Residential, Non-Residential and Utility), and Regional Forecast, 2020-2027”. As per the report findings, the value of the market stood at USD 163.70 billion in 2019 and is expected to register a CAGR of 5.9% from 2020 to 2027.


The outbreak of the COVID-19 pandemic is negatively impacting the solar power market growth, with the supply chains of solar components from China having gotten massively disrupted owing to lockdowns, trade & travel restrictions, and suspension of industrial activities.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/solar-power-market-100764


Eni Begins Production at the Photovoltaic Plant in Volpiano, Italy


The Italian oil & gas conglomerate, Eni, announced in July 2020 the commencement of power production at its new photovoltaic (PV) plant in Volpiano, which has a capacity of 18 MW. Developed inside Eni’s Fuel Depot in Volpiano, the plant is part of the company’s Progretto Italia initiative. This scheme was launched in 2016 and aims at transforming conventional industrial sites that are part of Eni’s assets into renewable energy projects, generating novel opportunities in the district. The plant is designed to produce more than 27 GWh of power, of which 10% will supplied to Eni’s site, while the rest will be sold in the market.   


Strong Investments in Concentrated Solar Power Projects to Fuel the Market


Concentrated solar power (CSP) plants utilize mirrors to concentrate the sun’s energy to run engines or steam turbines to generate electricity. Several countries have made heavy investments in CSP technology and have fully operational CSP farms and fields. Spain, for instance, houses 53 CSP projects, with the biggest one being the 200 MW Solaben Solar Power Station in Logrosán. Spain’s total CSP installations currently stand at 2.3 GW. The US is another country that has heavily invested in CSP technologies and innovations. The country is home to 52 CSP projects, with the Ivanpah Solar Power Facility in California being the second-largest CSP project in the world. In Africa, Morocco is the leading country in CSP projects, being home to the world’s largest CSP project, the Noor Power Station, which has a capacity of 510 MW. Other developing countries such as India and South Africa are also making considerable investments in enhancing their CSP capacities, which augurs well for this market.


Strategic Operational Expansion across Geographies by Players to Spur Competition


Key players in this market are adopting strategies to enhance and diversify their operations across different geographic regions. One of the main regions of interest for companies is Europe, where supportive policies and regulations have created conducive atmosphere for renewable energy businesses. Players are also entering into strategic collaborations with regional companies to leverage their distribution networks and consumer base, thereby strengthening their global presence.


Industry Development:



  • August 2020: Canadian Solar began construction of the 10 MWp Groß Siemz solar project in Germany.  The company is the provider of turnkey solutions for the project, providing construction, procurement, design, and engineering services.


List of Key Players Covered in the Market Report:



  • Azure Power (India)

  • Wuxi Suntech Power Co. Ltd. (China)

  • Yingli Solar (China)

  • SunPower Corporation (U.S.)

  • First Solar (U.S.)

  • BrightSource Energy, Inc. (U.S.)

  • Canadian Solar Inc. (Canada)

  • Urja Global Limited (India)

  • Vivaan Solar (India)

  • Nextera Energy Sources LLC (U.S.)

  • Acciona Energia S.A.(Spain)

  • Trina Solar (China)

  • eSolar Inc. (U.S.)

  • Tata Power Solar Systems Ltd. (India)

  • Abengoa (Spain)

  • Waaree Group (India)


Further Report Findings:



  • The residential segment is expected to grow steadily during the forecast period owing to the increasing preference of home-buyers for rooftop solar panels for household activities. The segment held a share of 33.6% in 2019.

  • With a market size of USD 74.81 billion in 2019, Asia Pacific is set to dominate the market share over the forecast period on account of robust presence of solar component manufacturers in India and China.


Table of Segmentation:








































ATTRIBUTES    



DETAILS        



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion) & Volume (GW)



 


Segmentation



By Technology



  • Solar Photovoltaic

    • Mono-Si

    • Thin Film

    • Multi-Si

    • Others



  • Concentrated Solar Power

    • Parabolic Trough

    • Power Tower

    • Linear Fresnel





By Application



  • Residential

  • Non-Residential

  • Utility



By Region



  • North America (the U.S., and Canada)

  • Europe (the UK, Germany, France, Spain, Netherland, and Rest of Europe)

  • Asia Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia Pacific)

  • The Middle East & Africa (South Africa, UAE, Israel, Egypt, and Rest of the Middle East & Africa)

  • Latin America (Brazil, Mexico, and Rest of Latin America)


Solar Power Market
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  • 2019
  • 2016-2018
  • 140

    CHOOSE LICENSE TYPE

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