Solar is one of the renewable energy sources that has grown significantly over the last four years, with nearly 100 gigawatts (GW) of solar power addition each year. In 2021, the solar energy installed capacity grew by almost 20.6% compared to the previous year. Solar photovoltaic and Concentrated Solar Power (CSP) are the key technologies available in the market to absorb solar energy and to utilize it for different purposes. Factors, such as favorable government policies and increasing adoption of solar process, with the declining price of solar panels and installation cost, are likely to support the global solar energy market.
Solar Energy Market was estimated to be USD 79.56 Bn. in 2021. It is expected to reach 419.52 Bn. by 2029, registering a CAGR of 23.1% from 2022 to 2029.
Solar Energy Market overview:
The Solar Energy market’s competitive landscape comprises information about rivals. The topics covered include a firm overview, financials, revenue produced, market potential, R&D investment, new market efforts, geographical presence, business strengths and weaknesses, product launch, and application domination. The following information is only relevant to the organization’s focus on the Solar Energy market.
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Solar Energy Market scope:
To validate the market size and estimate the market size by different segments, top-down and bottom-up methodologies are utilized. The research’s market estimates are based on the sale price (excluding any discounts provided by the manufacturer, distributor, wholesaler, or traders). To create percentage splits, market shares, and segment breakdowns, weights based on usage rate and average sale price are applied to each location. The percentage acceptance or usage of the given market Size in the relevant area or nation determines the country-wise segmentation of the main market and its sub-segments.
Segmentation:
On the basis of technology, Solar Energy market is segmented into solar photovoltaic (PV) and Concentrated solar power (CSP). Solar photovoltaic (PV) is expected to account for the largest annual capacity additions for renewables, well above wind and hydro, for the next five years. According to IEA, solar PV generation increased by 22% in 2021, reaching 720 TWh, representing the second-largest absolute generation growth of all renewable technologies, slightly behind wind. With this increase, the solar PV share in global electricity generation is now almost 3%.
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Key Players: Market leaders are identified by primary and secondary research, and market revenue is calculated using primary and secondary research. The core study included in-depth interviews with key thought leaders and industry experts such as experienced front-line personnel, CEOs, and marketing executives. In-depth interviews with important thought leaders and industry experts, such as experienced front-line personnel, CEOs, and marketing executives, were conducted as part of primary research, while secondary research included a review of the major manufacturers’ annual and financial reports. Secondary data is utilized to calculate percentage splits, market shares, growth rates, and global market breakdowns, which are then verified against primary data. The following are the key players of the Solar Energy market-
- Blue Frog Robotics
• Dassault Systèmes
• DFRobot
• Furhat Robotics
• Hanson Robotics
• Hitachi, Ltd.
• International Business Machines Corporation
• Intuition Robotics
• Knightscope, Inc
• Reach Robotics
• Uber Technologies, Inc.
• UBTECH Robotics, Inc.
Regional Analysis:
Individual market influencing components and changes in market rules that affect current and future market trends are also investigated in the geographical component of the research. Some of the factors used to forecast market scenarios for various countries include downstream and upstream value chain analysis, technological trends, Porter’s five forces analysis, and case studies.
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COVID-19 Impact Analysis on Solar Energy Market: Furthermore, the research assesses the impact of COVID-19 on the Solar Energy market. The fundamental purpose of this research is to help users understand the market in terms of definition, segmentation, market potential, key trends, and difficulties that the industry confronts across major regions. The paper provides a microeconomic and macroeconomic analysis of the overall impact of COVID-19 on the Solar Energy Market. The report focuses on market share and size, clearly demonstrating the pandemic’s influence on the worldwide Solar Energy Market in the next years.
Key Questions Answered in the Solar Energy Market Report are:
- What will be the Solar Energy market’s CAGR throughout the projected period (2021-2027)?
- Which market category emerged as the market leader in the Solar Energy industry?
- Who are the key players in the Solar Energy market?
- What important trends in the Solar Energy industry are anticipated to develop throughout the forecast period?
- How big will the Solar Energy market be in 2027?
- In 2020, which business segment had the highest proportion of the Solar Energy market?
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