Energy consumption continues to show signs of vigorous growth year-on-year, with the pressure on fossil fuel reserves now becoming palpable.As countries turn toward sustainable energy for a solution, solar energy stands out for being among the most preferred renewable energy sources.
The report on the global solar energy market conducts a systematic and thorough analysis of the industry capacity, growth rate, emerging technologies, threats, opportunities, and competitive energetics.
The solar energy market study makes use of industry-leading research methodologies and databases to offer definitive analyses to manufacturers, suppliers, investors and consumers in the solar energy domain.
Overview of the Global Solar Energy Market
As nations try to strike a balance between judiciously exploiting fossil fuel reserves without hampering energy supply, renewable energy has emerged as the only sustainable solution. The U.S. Energy Information Administration’s estimates tell us that globally, energy consumption will soar by 56% in three decades from 2010 to 2040. In 2013, about 22% of all electricity generated worldwide came from renewable energy sources, with solar energy accounting for 1% of this.
By 2040, a quarter of world electricity will be generated from renewable energy sources. Solar energy is perhaps the only form of renewable energy that is being widely used across the world, and has been employed since 1996. Italy, Germany and Japan hold the distinction of being the first movers in the global solar energy market. A strong emphasis on solar energy generation can be observed in China, the U.S., and developed European countries. From the standpoint of total installed solar PV capacity, Germany led the world as of 2013, with China and Italy following suit. But, when considered from the perspective of cumulative annual installations, China beats Germany by a wide margin. Sample this: In 2013, China installed 13 GW of solar energy generation capacity, whereas Germany reported annual installed solar energy capacity of 3.3 GW.
The fact that solar energy is close to achieving grid parity works immensely in its favor. This change has been made possible by market players who invested millions of dollars in solar energy farms, thus helping curtail the cost of solar PV panels.
From the regional standpoint, China ranks as one of the largest solar energy markets by annual installed solar energy generation capacity. However, the solar energy market is China is currently grappling with an oversupply of domestically-manufactured solar panels. Prices of solar panels are poised to slide as a result not just in China, but likely worldwide.
Public and government sentiment toward solar energy remains positive, thus facilitating ease of investments. A number of solar energy projects are currently being planned in the Middle East and Gulf region, as well as Latin American nations such as Brazil and Chile. Besides China, U.S. is a massively attractive market for solar energy players given the favorable regulatory energetics here.
Based on technology, the global solar energy market can be split into crystalline and thin film
photovoltaics. The former can be segmented further as poly-crystalline and mono-crystalline photovoltaics. The supply of solar energy can be configured as either a utility or decentralized model. Rooftop solar installations are commonly seen in the latter, and these are poised to become increasingly popular in the coming years.
This Market Research Report Analyzes the Following Geographies:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments