Global Solar Power Market to Expand at an Impeccable 5.9% CAGR; Oxford PV's Breakthrough Solar Panel Concept Will Enable Growth, says Fortune ...
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Source: Fortune Business Insights
March 03, 2021 05:08 ET
Global Solar Power Market to Expand at an Impeccable 5.9% CAGR;
Oxford PV’s Breakthrough Solar Panel Concept Will Enable Growth, says
Fortune Business Insights
Top Players in Solar Power Market are Abengoa Solar S.A., Acciona Energia S.A., Wuxi Suntech Power Co. Ltd.,
Bright Source Energy Inc., Esolar Inc., Gintech Energy Corp, Kaneka Corp, Sunpower Corporation, Canadian
Solar Inc, First Solar, Jinko Solar, Hanwha Q Cells, Trina Solar, Renesola, JA Solar Co. Ltd., LONGi Solar, Sharp
Corporation, Risen Energy Co. Ltd., Auxin Solar inc., Sunpro Power Co., Ltd, CSG PVTECH CO., LTD., Kyocera
Corporation, SolarWorld, Panasonic Corporation, DMEGC Germany GmbH
Pune, India, March 03, 2021 (GLOBE NEWSWIRE) -- The global solar power market size is projected to reach
USD 194.75 billion by 2028, exhibiting a CAGR of 5.9% during the forecast period. Expanding the share of solar
power in electricity generation worldwide will be a leading growth determinant for this market, states 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, 2021-2028”. The contribution of solar energy towards electricity production has grown
over the past few years. According to the International Renewable Energy Agency (IRENA), renewables
generated 6,586 TWh of electricity in 2021. Of this, solar energy accounted for 562 TWh, reflecting a 28%
increase in solar power generation from 2021 levels, while the overall public investment in renewables reached
USD 21 billion in 2021. This level of growth in the installed capacity of solar energy is expected to create multiple
opportunities for players in the solar industry, which will grow even wider with supportive policy frameworks.
Click here to get the short-term and long-term impact of COVID-19 on this
market https://www.fortunebusinessinsights.com/industry-reports/solar-power-market-100764
The report states that the global market value was at USD 163.70 billion in 2021 and provides the following:
Detailed insights into the various segments of the market;
Comprehensive analysis of the growth drivers and restraints in the market;
Careful examination of the key market players and their strategies; and
Actionable research into the regional outlook and dynamics influencing the market.
Market Restraint
Delays & Cancellations of Solar Projects amid COVID-19 to Dampen Market Outlook
One of the main factors restricting the solar power market growth is the disruptions, delays, and cancellations of
solar projects triggered by the COVID-19 pandemic. In the US, for example, additions to solar capacity are
expected to be lower by 37% from pre-coronavirus projections. Moreover, the predicted solar deployment losses
are estimated to be equivalent to powering 288,000 homes and an investment of USD 3.2 billion in the country.
The situation is dire in other countries as well, because the pandemic has had deleterious effects on countries’
plans to expand their renewable capacities. For example, China was expected to phase out its feed-in-tariff
system, which was in turn expected to create a rush for completion of solar and wind projects in 2021. However,
sudden economic downturn and reduced workforce are likely to thwart China’s plans. In India, power companies
are withdrawing investments in renewables, citing the sharp decline in power demand since the pandemic began.For example, ACME Solar cancelled a contract with the Indian government owing to the falling demand for power
nationwide, which forced the government to lower tariffs.
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market-100764
Regional Insights
Asia Pacific to Lead the Market Supported by Low Manufacturing Cost of Components
Asia Pacific is expected to dominate the solar power market share during the forecast period on account of
manufacturing of solar components at low costs. Moreover, China and India have emerged as two of the largest
markets, with China leading charge, installing 30.1 GW of solar in 2021. The region’s market size in 2021 was at
USD 74.81 billion.
In Europe, favorable regulations, such as the Europe Renewable Energy Directive, governing the renewables
sector in the region are anticipated to propel the regional market. These regulations and policies are also designed
to attract public and private investments in the solar industry, which will further bolster the market prospects in
Europe.
Competitive Landscape
Top Players to Concentrate on Establishing Operations in Diverse Regions
Competitors in the solar power industry are focusing on expanding and establishing their presence in countries in
the Middle East and South and Southeast Asia, where sunlight is available for the most part of the year. As a
result, key players are designing products and implementing strategies to capture the growing market for solar
devices and components in these countries.
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power-market-100764
Industry Developments:
September 2021: Abengoa announced the completion of the first of the three solar fields the company is
building in the Mohammed bin Rashid Al Maktoum Solar Park, the world’s largest solar complex based in
Dubai. The company is providing technology, engineering, and construction services of three parabolic
trough plants of 200 MW each.
August 2021: Canadian Solar announced the start of the construction of one of the biggest commercial &
industrial rooftop solar projects in Malaysia in partnership with Antah Solar and Eleaps. The project will have
a capacity of 5 MW and cover an
area of 26,000sq.m.
List of Key Companies Profiled in Solar Power Market Report:
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)
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)
Quick Buy – Solar Power Market Research Report: https://www.fortunebusinessinsights.com/checkout-
page/100764
Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Regulatory Landscape
Porters Five Forces Analysis
Qualitative Analysis – Impact of COVID-19
Impact of COVID-19 on the Solar Power Market
Steps Taken by the Government to Overcome the Impact
Key Developments in the Industry in Response to COVID-19
Potential Opportunities and Challenges due to COVID-19 Outbreak
Global Solar Power Market Analysis (USD Billion) (GW), Insights and Forecast, 2016-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Technology
Solar Photovoltaic
Mono-Si
Thin Film
Multi-Si
Others
Concentrated Solar Power
Parabolic Trough
Power TowerLinear Fresnel
Market Analysis, Insights and Forecast – By Application
Residential
Non-residential
Utility
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
Continued…!
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100764
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About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes
make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to
their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of
the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve
sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and
techniques to compile comprehensive market studies, interspersed with relevant data.At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges. Contact Us: Fortune Business Insights™ Pvt. Ltd. 308, Supreme Headquarters, Survey No. 36, Baner, Pune-Bangalore Highway, Pune - 411045, Maharashtra, India. Phone: US: +1-424-253-0390 UK: +44-2071-939123 APAC: +91-744-740-1245 Email: sales@fortunebusinessinsights.com Fortune Business Insights™ LinkedIn | Twitter | Blogs Read Press Release https://www.fortunebusinessinsights.com/press-release/solar-power-market-9147
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