Solar Power Market Trends, Share, Demand, Growth Drivers, CAGR Status, Challenges, Business Opportunities and Forecast Analysis Till 2033


Solar Power Market Trends, Share, Demand, Growth Drivers, CAGR Status, Challenges, Business Opportunities and Forecast Analysis Till 2033: SPER Market Research

 Category : Power & Energy

 Published: Oct-2023
 Author: SPER Analyst

Solar Energy Market is projected to be worth USD 337.84 billion by 2033 and is anticipated to surge at a CAGR of 12.5%.

Solar energy is a clean and regenerative energy source. Solar panels, which produce power, transform solar energy into electricity. Due to the fact that it doesn't release any harmful elements into the atmosphere, solar energy is a clean source of energy. The sun is an infinite source of power since it produces enough energy to meet the demands of the entire world. Your electricity costs are greatly reduced, which minimises your monthly expenses.  

Global Solar Energy Market Driving Factors and Challenges

The escalating environmental apprehensions stemming from the release of detrimental greenhouse gases causing air pollution are anticipated to propel the demand for solar energy. Recognized as a renewable and eco-friendly energy source, solar panels are deemed capable of significantly diminishing carbon dioxide emissions responsible for global temperature escalation and consequential climate change. This phenomenon induces severe weather patterns, including elevated sea levels, glacier melt, and ecological alterations. Opting for solar energy minimizes reliance on fossil fuels, curbing greenhouse gas emissions and subsequently lessening the carbon footprint. Furthermore, solar energy adoption in electricity generation contributes to water conservation, a critical natural resource. Traditional electricity production utilizes substantial water volumes daily, whereas solar energy processes eliminate this requirement. The evolving technology in solar energy has led to diverse innovations such as solar-powered water purifiers, air conditioners, trees, outlets, etc., presenting substantial growth prospects. Noteworthy examples include Suryagen Renewables' solar-powered water purifier and air conditioner, showcasing advancements that purify various water sources and reduce energy consumption and costs, respectively. Such innovations are anticipated to drive significant growth in the solar energy market in the forecast period.

However there are several challenges that limit the expansion of solar energy market. Solar energy still faces difficulties being implemented in developing nations, despite the many advantages it offers. The shortage of staff with the necessary technical knowledge and training to maintain and operate solar energy installations is one of the major issues. This is especially true for rural areas where there may be little access to technical support and training. However, some businesses and organisations try to address this issue by assisting local communities in taking control of their energy systems and becoming self-sufficient by offering them help and training.

Impact of COVID-19 on Global Solar Energy Market
The COVID-19 pandemic had a substantial negative impact on a number of businesses, including the solar energy sector. It caused economic unrest, supply chain interruptions, and labour shortages, which delayed solar project completion. The difficulties included decreased personnel as a result of social exclusion, equipment shortages brought on by import-export restrictions, and rising expenses. Manufacturing and shipping were disrupted since China, a significant supplier of solar components, was the pandemic's focal point. These problems disrupted business operations, caused health issues, and hampered market expansion. Governments and businesses responded with stimulus programmes to jump-start the world economy, reducing some port operations and logistics regulations to speed up the delivery of blocked parts and assisting the recovery.

Solar Energy Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Abengoa SA, Acciona SA, ACWA Power, Brightsource Energy Inc., Canadian Solar Inc., Engie SA, First Solar Inc., Hanwha Corporation, JA Solar Holding, JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., NextEra Energy Inc., REC Solar Holdings AS, Sharp Corporation, SunPower Corporation, Trina Solar Co. Ltd., Others.

Global Solar Energy Market Segmentation:

By Technology: Based on the Technology, Global Solar Energy Market is segmented as; Concentrated Solar Power Systems (Dish Stirling, Fresnel Reflectors, Parabolic Through, Solar Power Tower), Photovoltaic Systems.

By Solar Module: Based on the Solar Module, Global Solar Energy Market is segmented as; Amorphous Silicon Cells, Cadmium Telluride, Monocrystalline, Polycrystalline, Others.

By Application: Based on the Application, Global Solar Energy Market is segmented as; Residential, Commercial, Industrial.

By End Use: Based on the End Use, Global Solar Energy Market is segmented as; Charging, Electricity Generation, Heating, Lighting.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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