Solar Energy Market – Overview
Solar energy is the energy produced from the sun, which is an outfit by utilizing different advancements like solar warming, photovoltaic cells, and others. It is a productive type of flighty energy and an advantageous renewable solution toward developing nursery discharges and a worldwide temperature alteration. The development of the solar energy market is driven by an increment in environmental pollution and the arrangement of government motivating forces and tax refunds to introduce solar boards.
Major decline in the water impression related with solar energy systems has propelled their interest in power age sectors. The interest for solar cells has acquired significant footing attributable to a flood in roof establishments, trailed by an expansion in applications in the architectural sector. Besides this, the interest for allegorical box and solar power towers in the power age is relied upon to help the interest for concentrated solar power systems.
The report on the global solar energy market is based on a comprehensive overview and provides qualitative and quantitative analysis of the market and the factors attributing to its growth or downfall. This includes drivers, restraints, challenges, and upcoming growth opportunities. The report also discusses the impact of the novel COVID19 pandemic on this market and the key strategies adopted by players to attract high revenues during this period. Additionally, it also provides the list of segments and all players operating in this market with key emphasis on their chief contributions in the form of product launch, and significant collaborations.
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Solar Energy Market – Competitive Landscape
The nature of the global solar energy market is very intense among manufacturers with the advancement of photovoltaic-based power circulation systems. Various companies are indulging themselves in significant collaborations and merger and acquisition strategies for attracting high revenues in the forthcoming years. Other players are making major investments and focusing on the expansion of their geographical outreach to obtain high position in the overall market competition.
Some of the key players of the global solar energy market include:
- Kaneka Corp.
- Acciona Energia S.A.
- Abengoa Solar S.A.
- Bright source Energy Inc.
- Tata Power Solar
- Wuxi Suntech Power Co. Ltd.
- Canadian Solar Inc.
- Sunpower Corporation
- Esolar Inc.
- Gintech Energy Corp.
- Other players
Solar Energy Market – List of Innovations
August 2020 – Construction of one of the largest industrial and commercial rooftop solar projects in Malaysia was announced by Canadian Solar in partnership with Eleaps Sdn. Bhd, AND Antah Solar Bhd. This project is located in Penang, Malaysia and spans over an area of 26,000 square metres.
Solar Energy Market – Growth Drivers
The imposition of stringent regulations about installing renewable energy sources across major industrial and commercial sectors stands as the key growth driver boosting the global solar energy market. Besides this, the increasing rate of environment pollution, and the rising need to control carbon emissions worldwide will also promote the growth of solar energy market. Additionally, rise in living standards, coupled with the infrastructural development and high adoption of new solar plants will further help this market witness new growth opportunities in the forecast duration set between 2021 and 2031.
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Solar Energy Market – Regional Analysis
The cost of solar modules is different as per the region on account of the sun's latitudes and longitudes. The market in Europe and Asia-Pacific holds the top positions competition-wise on account of being the hemisphere with more share with the sun, a fact that has only favored nature. Additionally, the discounted benefit of module producers and market procurement stress leads to a decrease in the costs of solar panels. Moreover, fluctuating cost of silver, which is a significant unrefined substance in solar module, drives the interest for solar panel establishments and helps the solar energy market development. Thus, owing to the factors listed above, the Asia Pacific and Europe markets are likely to continue enjoying the top position in the overall market scenario.
Disclaimer: This ongoing market research study is a meticulously planned activity where a broad array of factors and aspects that shape the marketing environment and industry are taken into account. However, keeping in mind the constantly changing nature of business dynamics and changing strategic intents, we are always actively making iterations and modifications in our approaches. As always, we are ready to tailor our insights and guidance to suit your requirements. Engage with us to know what more is there for your CXOs.