At 20.5% CAGR, Solar Energy Market to Exhibit $223.3 Billion by 2026

Solar Energy Industry

Solar Energy Market

Rise in demand for alternate energy sources and government incentives for rooftop installations of solar panels drive the growth of the solar energy market

PORTLAND, OR, UNITED STATES, September 16, 2020 / — Favorable market assisting programs, governmental incentives, and growth in environmental concerns due to carbon dioxide emissions have fueled the demand for the solar energy market. Moreover, the rise in the installation of solar panels has propelled the demand for photovoltaic cells. In addition, growth in demand for electricity has accelerated the demand for concentrated solar power systems.

Allied Market Research recently published a report, titled, "Solar Energy Market by Technology (Photovoltaic Systems and Concentrated Solar Power Systems), by Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), By Application (Residential, Commercial and Industrial) and End-Use (Electricity Generation, Heating, Charging and Lighting): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global solar energy industry was pegged at $52.5 billion in 2018 and is projected to garner $223.3 billion by 2026, registering a CAGR of 20.5% from 2019 to 2026.

Access Full Summary of Report:

An increase in installations of rooftop solar panels positively impacts the growth of the solar energy market. Photovoltaic systems have gained major traction owing to an increase in applications in the residential and non-residential sector for electricity generation.

The global solar energy market is divided on the basis of technology, solar module, application, end-use, and geography.

On the basis of the solar module, the global solar energy market is divided into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others. Based on the application, the market is bifurcated into residential, commercial, and industrial.

Based on technology, the market is segmented into photovoltaic systems and concentrated solar power systems. The photovoltaic system segment is projected to portray the fastest CAGR of 25.1% from 2019 to 2026, owing to an increase in applications in the residential and nonresidential sectors for electricity generation.

Download Sample PDF (400+ Pages with More Insight):

The global solar energy market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America is anticipated to register a CAGR of 19.0% during the forecast period. however, the market across Asia-Pacific is expected to manifest the fastest CAGR of 25.0% during the forecast period, owing to the rise in demand for solar energy from the emerging countries such as China, Japan, and South Africa and increase in governmental tax incentives in the countries such as India.

Key Findings of the Solar Energy Market :
• The photovoltaic system is expected to grow at a CAGR of 25.1% from 2019 to 2026.
• The parabolic troughs under concentrated solar power systems is expected to grow at a CAGR of 10.3% during the forecast period.
• The solar power tower segment is expected to grow at a CAGR of 12.5%.
• North America is expected to register a CAGR of 19.0% during the forecast period.
• In Asia-Pacific, China expected to grow at a high CAGR of 25.0%.

Major market players
• Abengoa Solar S.A.
• Acciona Energia S.A.
• Wuxi Suntech Power Co. Ltd.
• Bright Source Energy Inc.
• Esolar Inc.
• Gintech Energy Corp.
• Kaneka Corp.
• Sunpower Corporation
• Canadian Solar Inc.
• Tata Power Solar

Get detailed COVID-19 impact analysis on the Solar Energy Market:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada): +1-800-792-5285, +1-503-446-1141
International: +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
Follow Us on LinkedIn:

About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Analytics LLP
+ +1 800-792-5285
email us here
Visit us on social media:

Source: EIN Presswire