Global Solar Energy Market: Overview
The abundant availability of solar energy is making it an ideal long-term source of clean energy that can be used as a viable alternative to currently prevalent nonrenewable sources such as coal, gas, and oil. Solar energy is being increasingly used in the commercial, industrial, and residential sectors. Solar photovoltaics is amongst the most commonly used systems to convert solar energy into electrical energy. Various studies suggest that the in 2015, the total installed capacity of solar PV was more than 250 GW, while the added capacity was recorded to be approximately 59 GW. The increasing investments in renewable energy and rising environmental concerns regarding the greenhouse gases (GHG) emissions are driving the global solar energy market.
The report provides a comprehensive overview of the global solar energy market through industry chain structure, definitions, classifications, applications, and technology. It presents insights into short-term and long-term market growth by methodically examining its current market scenario and historical data. The competitive landscape of the global solar energy market is also discussed in the report. It profiles key players along with their latest developments, business strategies, cost and revenue structures, and contact information.
Global Solar Energy Market: Drivers and Restraints
Fuelled by the ever-increasing demand for electricity in conjunction with government initiatives promoting the use of renewable energy sources, the global solar energy is expected to trace a positive exponential curve from 2014 to 2020. Moreover, subsidies and tax benefits offered by governments for effectively utilizing barren land for solar power plants are propelling the growth of the market. Other factors such as rapid industrialization in emerging countries and low operating and maintenance cost of solar power projects are working in favor of the global market.
Despite these favorable growth conditions, the economic slowdown in several parts of the world is adversely affecting the growth of the market. In Europe, the economic meltdown has compelled previously supportive European governments to cut down on subsidies on solar energy production. Furthermore, high harnessing cost and low production capacity of solar power plants are negatively impacting the dynamics of the global solar energy market.
Global Solar Energy Market: Geographical Segmentation
On the basis of geography, the global solar energy market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Europe and North America are, collectively, anticipated to command a large share in the market in terms of revenue throughout the forecast period. The growth of these regions can be attributed to favorable government initiatives and increasing awareness regarding environmental conservation. Moreover, strong demand from countries such as the U.S., France, Germany, and Canada is fuelling the growth of these regions. The deployment of solar power plants is gaining momentum in Asia Pacific. The expansion of solar power production in countries such as Japan, India, and China is contributing to the growth of the APAC region. Another factor bolstering the market is the increasing demand for electricity owing to population growth and rapid industrialization.
Companies Mentioned in the Report
The leading players in the market are First Solar Inc., Suntech Power Holdings Co. Ltd., Sharp Corporation, Trina Solar Limited, and Yingli Solar. With technological advancements and availability of bountiful resources in equatorial countries in Latin America and Africa, the new and existing companies are estimated to enjoy sustainable growth in the near future.
Global Solar Energy Market, by Harnessing Technology:
- Solar Photovoltaics
- Solar Thermal Electricity
- Artificial Photosynthesis
- Solar Heating
Global Solar Energy Market, by Capturing Technology:
- Active Solar Technologies
- Passive Solar Technologies
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.