Solar Power Market Trends and Segments Forecast To 2028
The global solar market size was valued at USD 179.6 billion in 2021 and is poised to grow at a significant CAGR of 20.6 % during the forecast period 2022-28. Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on. The research report “Solar Power Market: By Technology (Solar Photovoltaic, Concentrated Solar Power), By Application (Residential, Non-Residential, Utility) and Geography- Global/Region/Country Forecast to 2028.”
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An overview on the Solar Power Market
The Solar Power Market report provides granular level information about the market size and regional market. This report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market. The report tracks recent innovations, key developments, and start-up details that are actively working in the market. The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario. The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
The global market report aims at providing a complete overview on the solar power market and can be segmented on the basis of application and technology. The solar power market has been categorized into sectors such as Concentrated Solar Power and Solar Photovoltaic based on technology. Amid these sectors, the solar photovoltaic sector is likely to be the rapidly-growing and biggest sector. The solar power market is also categorized into different segments such as Utility, Residential and Non-residential sectors based on application. Among these sectors, the residential sector is projected to witness the rapidly growing market during the forthcoming years 2022-2028. The world’s biggest solar wafer manufacturer LONGi Group manufactures mono products and announced its plan for expanding mono ingot/wafer capacity from 42 GW at the end of 2019 to 75 GW by the end of 2020.
Demand for solar cells has gained leading traction due to the surge in rooftop installations followed by increasing applications in the architectural segment. Moreover, the demand for parabolic troughs and solar power towers in electricity generation is anticipated to fuel the demand for concentrated solar power systems.
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North America got major share in the Solar Power Market:
The solar power market report provides complete outlook around the region with complete focus on major regions including Europe, Latin America, Middle East, Africa, North America and Asia Pacific. On the basis of regional analysis, the North America market is projected to witness the highest market share during the forthcoming years. In Europe and North America, most of the research has been emphasized more on maximizing solar potential. Solar energy is used for agriculture, architecture and electricity generation which have grown in popularity across the Middle East and Africa.
Competitive Analysis – Solar Power Market:
A few major players working in the solar power market are Waaree Group, Canadian Solar Inc., Abengoa, Brightsource Energy, Inc. and Tata Power Solar Systems Ltd.
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