GVR Report cover Solar Energy System Market Size, Share & Trends Report

Solar Energy System Market Size, Share & Trends Analysis Report By Technology Type, By Application, By Region, And Segment Forecasts, 2021 To 2028

  • Published Date: ---
  • Base Year for Estimate: 2020
  • Report ID: GVR452045
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 0

The global solar energy system market is expected to witness significant growth during the forecast period of 2021 to 2028. It can be defined as the complete set of machinery or technology which involves collecting radiant energy from sun, storing it and dissipating at the required points. It is one of the most efficient source of unconventional or renewable source of energy.

Global market is expected to be driven by the rise in the pollution levels caused by conventional or non-renewable source of energy, such as coal, natural gas or crude oil. Government assistance and policies to subsidize the market by offering higher consumption should bolster the demand in the coming years. Its efforts to reduce carbon footprint along with recent technological upgrade observed in the solar energy sector should have a positive impact on the market.

According to IRENA, global investment in solar energy is expected to increase by 68% annually uptill 2050. Fall in installation cost, reduction in the prices of raw material, organizational targets to reduce carbon emission and adopting sustainable solution for the coming years should further strengthen the demand of market. The market is currently under focus due to the everchanging technological landscape which is majorly being attenuated by the research and development undertaken by companies and government alike.

Climate change has been a major factor which should assist the demand for solar energy systems in the global market. The need to adhere Paris Agreement by the countries being a part of the conclave where these countries need to lower the global temperature by 2 degree centigrade compared to pre-industrial levels. Such transformations require aggressive deployment of low-carbon technologies and replacing conventional fossil fuel with non-conventional sources of energy.

Global solar energy system market can be segmented by technology type which includes photovoltaic systems and concentrated solar power (CSP) system. CSP being more efficient and larger scalability is more attractive compared to PV systems. CSP systems produce excess energy during the day which can be later used over the night making it the most popular choice over PV systems.

CSP systems use thermal energy storage technology (TES) at times when there is no light or sunlight. This increases the penetration of solar technology to household and commercial applications alike and hence supports to overcome intermittency problems, like environment fluctuations. On the other hand, PV systems cannot store power and directly generate electricity which limits its application and hence occupies lower market share and growth.

In terms of application, global market can be segmented into residential, industrial and commercial application. Integration of solar systems into architecture along with increased awareness among people to adopt renewable source of energy drives the growth and adoptability of solar energy systems market in the forecast period.

India solar energy system market is expected to witness significant gains in the forecast period of 2021 to 2028. This gain can be attributed to the market attractiveness, according to IBEF, India ranked fourth in wind power and fifth in solar power installed capacity in 2020. The country also has witness strong growth rating at over the last years owing to governmental support and subsidies offered.

COVID-19 however had a restraining effect on the Indian and Global solar energy system market, this is was mainly due to the fact that most of the countries including India went on to a complete or partial lockdown post widespread impacts of COVID-19. This led to slowdown in production and procurement of materials required, this led to fall in the consumption levels of the system and henceforth impacted the market during that financial year.

Cost of installing solar energy in the U.S. is getting more affordable, accessible and prevalent. Total installed capacity of solar energy in the U.S. has grown at a very steady and fast rate which supports the market trend in the forecast period. Easy availability of solar technology i.e. CSP systems in the country along with fall in the price of generation has led to increased demand of solar energy systems market in the country.

Some of the key market players participating in market include Luminous, ABENGOA SE, Canadian Solar, Inc., ESOLAR, INC., SUNPOWER CORPORATION, UNITED RENEWABLE ENERGY CO. LTD., BRIGHTSOURCE ENERGY, INC., EmmVee Solar, First Solar Inc., Adani Group among others. Companies in this sector are focused majorly on to develop new technologies which can reduce the cost of installation.         

UV Stabilized Market Report Scope

Report Attribute

Details

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Technology type, application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; Italy; UK; France; Spain; China; India; Japan; South Korea; Indonesia; Brazil; Argentina; Saudi Arabia; South Africa

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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