| Source: Fortune Business Insights
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.”
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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.
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.
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.
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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).
The market is segmented into various categories, such as solar panel type (monocrystalline, polycrystalline, thin-film), application (residential, commercial, industrial), and region.
Reports may highlight current and emerging trends in the solar power industry, including technological advancements, market dynamics, and regulatory changes.
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.
Coverage of advancements in solar panel technology, energy storage, and related innovations that influence the market.
An assessment of challenges and obstacles faced by the solar power industry, including issues related to grid integration, energy storage, and intermittency.
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.
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.
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List of Key Players Profiled in the Report
Table of Content:
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