Ever increasing demand for electricity coupled with government policies promoting the use of renewable source of energy can have the positive impact on the global solar energy market. Being abundant in nature the solar energy acts as a long-lasting and clean energy source of energy that can prove an effective alternative to the current non renewable sources such as coal, oil and gas.
Today, the solar energy emitted from the sun can be harnessed using the technologies such as solar photovoltaics, solar heating, solar thermal electricity and artificial photosynthesis. Government support in the form of tax benefits and subsidies can further lead to the growth of the solar energy market in the near future. The growth of the solar industry especially in the developing economies such as China and India has opened new avenues for the solar energy market. Rapid industrialization coupled with lack of fossil fuel reserves (Oil and Gas) in countries such as India and Japan can create a surge in the demand for the solar energy harnessing devices in these countries.
The solar energy market can be segmented on the basis of technology used for the purpose of capturing and harnessing the solar energy, applications, end user industry and geography. Solar energy can be harnessed using the technologies such as solar photovoltaics, solar heating, solar thermal electricity and artificial photosynthesis. The solar radiations emitted from the sun can be captured by using either active or passive solar technologies. An active solar technology makes the use of solar panels and solar thermal collectors to collect the infra red radiations emitted by the sun. The passive solar technology captures solar radiations by using a material with favorable light dispersing properties. Solar energy harnessed from the sun can be used for the purpose of space heating, water heating, cooking, water treatment and producing electricity. Today the solar energy can be used in the residential, commercial and industrial sectors.
As electricity production is the foremost application of the solar energy therefore, the regional segmentation of the solar energy market can be done by identifying the major countries involved in the production of electricity using the solar energy. Major countries include the United States and Canada in North America; China, India, Taiwan, Japan, Thailand, South Korea and Australia in Asia Pacific; Germany, Spain, Italy, Czech Republic and France in Europe; Rest of the World includes the countries from Middle East and Africa (MEA) and the Latin America.
Rapid industrialization, stringent government regulations towards the use of environment polluting fuels, government incentives in the form of tax benefits and subsidies and effective utilization of barren land for the purpose of installation of utility scale solar power projects are the major driver to the solar energy market. Advancement in the solar cell technologies enabling higher solar to electric conversion efficiencies is another factor that has positively affected the solar energy market. Economic meltdown in the European countries leading to government decisions toward reducing the subsidies is one of the major restraints to the solar energy market. Untapped equatorial regions in Africa and Latin America can act as the opportunities for the new and existing companies in the solar energy market.
Some of the key players in the solar energy market include companies such as Yingli Solar, First Solar, Inc., Suntech Power Holdings Co., Ltd., Trina Solar Limited and Sharp Corporation.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Rest of the World
This report provides comprehensive analysis of
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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