Global Solar Power  Market Size with Growth Opportunities, Top Countries Data, Future Trends and Share with Revenue Forecast 2022 to 2031

Kenneth Research published a report on the Global Solar Power Market which gives a detailed analysis of the present market landscape. The report which is evaluated for the forecast period, i.e., 2022-2031, provides an in-depth analysis of the market, based on size, volume, latest trends, opportunities and challenges are associated.

U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for Global Solar Power Market products.

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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.

Global Solar Power Market is valued approximately USD 63.26 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 20.50% over the forecast period 2020-2027. The solar energy is the radiant energy which is emitted from sun. It is harnessed with the help of technologies that includes solar heating, photovoltaic cells, and others. It is an efficient form of unconventional energy and a convenient renewable solution towards rising greenhouse emission and global warming. The global outbreak of COVID-19 adversely affected the market of solar power, as many economies announced lockdown that deter the supply of essential raw materials and equipment used to generate solar power. The rising concern toward greenhouse emission and global warming, government across the globe are framing favorable policies regarding usage of renewable energy for environment protection are the factors propelling the growth of the global solar power market over the forecast years. For instance: the Government of India, initiated for Jawaharlal Nehru National Solar Mission in 2010 to encourage the development of rooftop and ground mounted solar systems. And further revised with considering the new target for installing 100GW capacity of solar electricity by 2022. Similarly, In the United States, the Department of Energy since 2008, installations of solar panels have increased seventeen-fold from 1.2 GW to nearly 30GW. Whereas, development of remote region is creating a lucrative opportunity for the market growth over the forecast years. However, higher electricity cost as compared to other source is the factor hamper the market growth.

The regional analysis of global Solar Power market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the presence of stringent government regulations regarding usage of solar power. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising environmental concerns and increasing investment in clean energy would create lucrative growth prospects for the Solar Power market across Asia-Pacific region.

Major market player included in this report are:
Acciona Energia S.A.
Wuxi Suntech Power Co. Ltd
Bright Source Energy Inc Ltd
Esolar Inc
InTech Energy Corp
Sunpower Corporation
Canadian Solar Inc
Tata Power Solar
Kaneka Group

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology:
Photovoltaic System
Concentrated Solar power system (CSP)

By Solar Module:
Cadmium Telluride
Amorphous Silicon Cells

By Application:

By End-user:
Electricity generation

By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2022 to 2031

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Target Audience of the Global Solar Power Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

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