Solar Power Market Size to Surpass USD 373.84 Billion by 2029 … – GlobeNewswire

| Source: Fortune Business Insights Fortune Business Insights
Pune INDIA
India, Pune , Oct. 26, 2023 (GLOBE NEWSWIRE) — The global Solar Power Market size was valued at USD 234.86 billion in 2022, and Solar Power Market is projected to reach USD 373.84 billion by 2029, growing at a CAGR of 6.9% from 2022 to 2029. An increase in carbon reduction and power generation using renewable sources is considered one of the best substitutions and is anticipated to drive market growth.

Increasing concerns about reducing the dependency on fossil fuels and minimizing carbon emissions from burning them are expected to propel the market course in a growing direction. The growing adoption of renewable sources for power generation is expected to facilitate market development. Fortune Business Insights™ shares this information in its report titled “Solar Power Market, 2022-2029.
Request a Sample Copy of the Research Report:  https://www.fortunebusinessinsights.com/enquiry/sample/solar-power-market-100764
Report Highlights:
Drivers
Environmental Concerns:
Growing awareness of the environmental impact of traditional energy sources, such as fossil fuels, has driven a significant demand for cleaner and more sustainable energy alternatives, with solar power being a prominent choice.
Urbanization and Population Growth:
The global trend of urbanization and population growth has increased the need for sustainable and decentralized energy sources, making solar power an attractive option.
Energy Transition:
As countries seek to transition to more sustainable energy sources, solar power is a key component in achieving these energy transition goals.
Reduced Solar Panel Costs:
The decreasing cost of solar panels and associated technology has made solar power more affordable for residential and commercial customers, thereby increasing demand.
COVID-19 Impact:
Impact on Solar Activity During Pandemic to Have Negative Market Growth
The COVID-19 pandemic significantly impacted various verticals of the industry. It slowed down economic activities, transport, and trade, bringing energy usage down by 4%. According to the Solar Energy Industries Association, the number of solar permits issued in the week beginning March 30th, 2020, in the U.S. was 32% lower than the first week of February, which indicated the impact on solar activity due to restrictions and decreased business and consumer confidence. 
Click here to get the short-term and long-term impact of COVID-19 on this market.
Please visit: https://www.fortunebusinessinsights.com/industry-reports/solar-power-market-100764
Quick Buy – Solar Power Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100764
Market Size and Growth: Reports often provide an analysis of the current market size, historical growth, and future growth projections, including forecasts and compound annual growth rates (CAGR).
Market Segmentation:
The market is segmented into various categories, such as solar panel type (monocrystalline, polycrystalline, thin-film), application (residential, commercial, industrial), and region.
Market Trends:
Reports may highlight current and emerging trends in the solar power industry, including technological advancements, market dynamics, and regulatory changes.
Key Players:
An overview of major companies and organizations involved in the solar power market, including their market share, product offerings, and strategic initiatives.
Government Policies and Incentives:
Information on government policies, regulations, and incentives that impact the solar power market, such as subsidies, tax credits, and renewable energy targets.
Technological Advancements:
Coverage of advancements in solar panel technology, energy storage, and related innovations that influence the market.
Market Challenges:
An assessment of challenges and obstacles faced by the solar power industry, including issues related to grid integration, energy storage, and intermittency.
Regional Insights
Asia Pacific to Lead Market Share Due to Increasing Dependency on Renewable Sources
Asia Pacific is expected to govern the solar power market share due to increasing demand from China. The country is one of the major producers and consumers of solar energy. The region reached a valuation of USD 69.94 billion in 2021 due to reduction in the dependency on conventional resources and installing more renewable sources. Solar energy installations have increased owing to rapidly growing energy demand from various sectors.
North America is also set to hold a noteworthy position in the market due to increasing energy demand from various sectors.  
Competitive Landscape
Acquisition Strategies by Key Players to Advance Market Course
Various players of the market have been focusing on the adoption of various renewable sources. The industry is also set to witness the involvement of critical global and regional players and several small & medium-scale system integrators. In April 2022, Trina Solar achieved the milestone of having shipped 100 GW of modules in 25 years. In addition, companies have been entering into acquisition strategies to increase the demand for solar power energy sources. Canadian Solar announced that its subsidiary, Recurrent Energy, LLC, has entered into a purchase and sale agreement with Appalachian Power for the Recurrent Firefly Energy solar project in Pittsylvania County, Virginia.
Have Any Query? Ask Our Experts:  https://www.fortunebusinessinsights.com/enquiry/customization/solar-power-market-100764
 List of Key Players Profiled in the Report
Table of Content:
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/solar-power-market-100764
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them in addressing various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
Phone:
U.S.:+1 424 253 0390
U.K.: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com

source


Posted

in

by

Tags:

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *