Solar Energy System Market Size Worth USD 255.3 Billion, Globally, by 2028 at 20.1% CAGR – Solar Energy System Industry Report by Vantage Market Research
Vantage Market Research
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WASHINGTON, July 14, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis of the global Solar Energy System Market finds that the increasing investment in solar energy is expediting market growth. In addition, supportive government initiatives and policies are accelerating the development of the Solar Energy System Market in the coming years.
The Global Solar Energy System Market revenue is expected to reach a value USD 255.3 Billion in the year 2028.
The Global Market revenue stood at a value USD 85.1 Billion in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 20.1% during the forecast period; states Vantage Market Research, in a report, titled “Solar Energy System Market Size, Share & Trends Analysis Report by Technology (Photovoltaic Systems, Concentrated Solar Power Systems), by Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells), by Application (Residential, Commercial, Industrial), by End Use (Electricity Generation, Lighting, Heating, Charging), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
According to our primary respondents’ research, the Solar Energy System market is predicted to grow at a CAGR of roughly 20.1% during the forecast period.
The Solar Energy System market was estimated to be worth roughly USD 85.1 Billion in 2021 and is expected to reach USD 255.3 Billion by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Solar Energy System market.
Market Dynamics:
Drivers:
Increased Investment in Solar Energy to Stimulate the Market Growth
Several companies are installing renewable energy plants as a result of environmental regulations. Several countries also focus on environmentally friendly power generation solutions to reduce carbon emissions. Moreover, solar energy is considered one of the most affordable renewable energy sources. As a result, many countries are investing heavily in solar energy. For example, Asia Pacific installed more than 67 GW of new solar projects in 2019. As a result, establishing such an eccentric annual PV facility will benefit the global market's growth.
Supportive Government Initiatives and Policies to Promote the Growth of the Market
Government support policies play an essential role in the introduction of renewable energy. In many countries, such as the United States, China, and the EU, procedures such as FIT, investment tax credits, and capital subsidies are essential to promote solar installation. For example, China's National Development and Reform Commission (NDRC) declared solar FIT payments for significant projects in May 2019. In addition, feed-in tariffs of 0.10 RMB / kWh apply to commercial and industrial PV projects created for self-consumption and additional electricity fed back to the grid.
The Decline in Prices of Solar System Components
With the development of photovoltaic grounded distribution systems, competition among manufacturers is intensifying. In addition, the prices of solar components in the Asia Pacific and Europe regions vary significantly due to the demand-driven market. In addition, the cost of solar modules has fallen due to the decline in market entry profitability and module manufacturers' stress. In addition, price fluctuations in silver, the primary raw material for solar panels, are driving demand for solar panel installations and supporting the growth of the solar energy market.
The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the pandemic’s swift spread. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the renewable energy industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
The Report on Solar Energy System Market Highlights:
Asia Pacific to Witness the Fastest Growth of the Market
Asia Pacific is expected to grow at the fastest CAGR and will likely continue the same trend during the forecast period. The region is home to more than half of the world's population and provides a vast consumer base. China, Japan, and India are the top countries with high solar energy utilization. Rapid urbanization, a growing number of innovative city projects, lack of coal resources, rising electricity costs, rising solar system adoption in the residential sector, and the ever-increasing number of solar system manufacturing companies are some key factors driving the growth of the market in the region. In addition, a large population and rising demand for renewable energy and sustainable development are again boosting the market growth. Countries such as China and India show promising growth opportunities for market participants due to the region's strong economic growth.
List of Prominent Players in Solar Energy System Market:
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.
Tata Power Solar
Recent Developments:
March 2019: The US Department of Energy (DOE) has funded $ 40 million in 22 projects related to research and development (R & D), manufacturing, and performance verification of advanced perovskite photovoltaic (PV) devices.
January 2019: Shell PLC has outsourced a 25 MW Qabas solar power plant. Located on a 50-hectare site in the Sohar Free Trade Area in northern Oman, the facility comprises over 88,000 solar panels. Helps avoid more than 25,000 tons of CO2 emissions annually.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Solar Energy System Market?
How will the Solar Energy System Market change in the upcoming six years?
Which application and product will take a lion’s share of the Solar Energy System Market?
What is the Solar Energy System market drivers and restrictions?
What will be the CAGR and size of the Solar Energy System Market throughout the forecast period?
This market, titled “Solar Energy System Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
• Technology
° Photovoltaic Systems
° Concentrated Solar Power Systems
• Solar Module
° Monocrystalline
° Polycrystalline
° Cadmium Telluride
° Amorphous Silicon Cells
° Others
• Application
° Residential
° Commercial
° Industrial
• End Use
° Electricity Generation
° Lighting
° Heating
° Charging
• Region
° North America
° Europe
° Asia Pacific
° Latin America
° Middle East & Africa
Region & Counties Covered
• North America
° U.S.
° Canada
° Mexico
• Europe
° U.K
° France
° Germany
° Italy
° Spain
° Rest Of Europe
• Asia Pacific
° China
° Japan
° India
° South Korea
° South East Asia
° Rest Of Asia Pacific
• Latin America
° Brazil
° Argentina
° Rest Of Latin America
• Middle East & Africa
° GCC Countries
° South Africa
° Rest Of Middle East & Africa
Companies Covered
• 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.
• Tata Power Solar
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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