According to the report published by Allied Market Research, the global solar energy market generated $52.5 billion in 2018, and is expected to generate $223.3 billion by 2026, witnessing a CAGR of 20.5% from 2019 to 2026. The report provides a detailed analysis of changing market dynamics, major segments, top investment pockets, regional landscape, value chain, and competitive scenario.
Surge in demand for alternate energy sources and supportive government policies for rooftop installations of solar panels drive the growth of the global solar energy market. However, rise in tariff plans by governments hinder the market growth. On the other hand, increase in investments in R&D for development of high-efficiency third-generation solar modules provides opportunities in the next few years.
- Daily activities of solar energy plants came to halt due to lockdown imposed by governments of many countries. In addition, there has been lack of sufficient manpower.
- The installation of new solar modules for different application stopped during the lockdown. Moreover, maintenance activities of already installed modules have been postponed.
- During the post-lockdown period, operations of solar energy plants and installation of new modules began. The daily activities are expected to get back on track.
PV systems lead the market
Based on technology, the photovoltaic system segment is estimated to witness the highest CAGR of 25.1% from 2019 to 2026. However, the parabolic troughs segment, which is sub-segment of the concentration solar power systems segment, is projected to grow at a CAGR of 10.3% during the forecast period.
Based on solar module, the report segments the global solar energy market into monocrystalline, cadmium telluride, polycrystalline, amorphous silicon cells, and others. By application, the market is divided into commercial, residential, and industrial.
Based on region, the market is divided into North America, Europe, Asia-Pacific, and LAMEA. North America is estimated to portray a CAGR of 19.0% from 2019 to 2026. However, Asia-Pacific is projected to grow at the largest CAGR of 25.0% during the forecast period.
Leading players of the global solar energy market analyzed in the research include Abengoa Solar S.A., Wuxi Suntech Power Co. Ltd., Acciona Energia S.A., Esolar Inc., Bright source Energy Inc., Kaneka Corp., Gintech Energy Corp., Canadian Solar Inc., Sunpower Corporation, and Tata Power Solar.