The global solar energy industry is expected to reach $422 billion by 2022 from $86 billion in 2015, growing at a CAGR of 24.2% from 2016 to 2022. Solar energy is the radiant heat emitted from the sun, which is harnessed by using a wide range of technologies such as solar heating, photovoltaic cells, artificial photosynthesis, and others. It is an efficient renewable energy, and assists to mitigate greenhouse emissions.
Increase in pollution and market assisting programs such as feed in tariffs & renewable certificates have fueled the demand for solar energy with application in various domestic, industrial, and commercial applications. Photovoltaic cells have majorly driven the solar energy market owing to increase in rooftop installations and government subsidies such as feed-in tariffs that provide significant support for industrial growth. The crystalline forms of silicone cells have witnessed the major market share in 2015 owing to lower installation cost, high efficiency, and longevity. Amorphous silicon cells segment is expected to show significant growth during the forecast period owing to increase in utilization in solar panels. The agriculture & horticulture segment fueled the demand for solar collectors owing to increase in production of cultivable crops, thereby boosting the growth of the solar energy market. In addition, rise in globalization has surged the demand for solar panels in the architectural sector.
Asia-Pacific regions such as China and Japan have been the major market drivers for solar energy market owing to its growth in installations and governmental tax incentives, followed by North America and Europe. However, climatic conditions; geographical positioning; and technological advancements in other renewable forms of energy such as turbines and generators equipped with fish movement equipment for hydroelectricity generation are expected to hinder the market growth. Research and development in third-generation solar modules such as perovskite silicon cells and low installation cost of first- and second-generation solar modules are projected to boost the demand for solar cells.
Top players in solar energy market include
Abengoa Solar S.A.
Acciona Energia S.A.
Wuxi Suntech Power Co. Ltd.
Bright source Energy Inc.
Gintech Energy Corp.
Canadian Solar Inc.
Tata Power Solar
KEY BENEFITS FOR STAKEHOLDERS
This report entails the detailed quantitative analysis of current trends and future estimations from 2014 to 2022 that assist to identify the prevailing market opportunities to capitalize on the global solar energy market.
In-depth coverage of the drivers, restraints, and opportunities helps professionals to better understand the market behavior.
Detailed study of the strategies of key leaders, partnerships, and acquisitions in the market is provided.
Porter’s Five Forces analysis examines the competitive structure of the market and assists strategists in better decision-making.
Pinpoint analysis of geographical segments helps to identify opportunities for growth within the market.
KEY MARKET SEGMENTS
Concentrated Solar Power Systems
By Solar Module
Monocrystalline Silicon Cells
Polycrystalline Silicon Cells
Amorphous Silicon Cells
Agriculture & Horticulture
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
1.1. Report Description
1.2. Key Benefits For Stakeholders
1.3. Key Market Segments
Chapter 2 Executive Summary
2.1. CXO Perspective
Chapter 3 Market Overview
3.1. Market Definition And Scope
3.2. Solar Energy Incentive Programs
3.2.1. Solar Renewable Energy Certificates (Srec)
3.2.2. Feed In Tariffs (Fit)
3.3. Key Findings
3.3.1. Top Investment Pockets
3.3.2. Top Winning Strategy
3.4. Porter's Five Force's Analysis
3.4.1. Moderate Bargaining Power Of Buyers
3.4.2. Low Bargaining Power Of Suppliers
3.4.3. High Threat Of New Entrants
3.4.4. Low Threat Of Substitutes
3.4.5. High Intensity Of Competitive Rivalry
3.5. Market Dynamics
126.96.36.199. Decrease In Price Of Solar Modules.
188.8.131.52. Increase In Legislative And Financial Initiatives
184.108.40.206. Conversion Efficiency Of Pv System Technology
220.127.116.11. Energy Inefficiency For Broad Commercialization Of Thin Film Solar Technologies
18.104.22.168. Research And Development In Solar Cell Technologies.
22.214.171.124. Solar Storage Systems
Chapter 4 Global Solar Energy Market, By Technology
4.1.1. Market Size And Forecast
4.2. Photovoltaic Cells
4.2.1. Key Market Trends, Growth Factor And Opportunities
4.2.2. Market Size And Forecast
4.2.3. Organic Photovoltaic Technology
126.96.36.199. Market Size And Forecast
4.2.4. Inorganic Photovoltaic Technology
188.8.131.52. Market Size And Forecast
4.3. Concentrated Solar Power Systems
4.3.1. Key Market Trends, Growth Factors And Opportunities
4.3.2. Market Size And Forecast
4.3.3. Parabolic Throughs
184.108.40.206. Market Size And Forecast
4.3.4. Solar Power Towers
220.127.116.11. Market Size And Forecast
18.104.22.168. Market Size And Forecast
Chapter 5 Global Solar Energy Market, By Solar Module
5.1.1. Market Size And Forecast
5.2. Monocystalline Silicon
5.2.1. Key Market Trends, Growth Factors And Opportunities
5.2.2. Market Size And Forecast
5.3. Polycrystalline Silicon
5.3.1. Key Market Trends, Growth Factors And Opportunities
5.3.2. Market Size And Forecast
5.4. Cadmium Telluride
5.4.1. Key Market Trends, Growth Opportunity And Forecast
5.4.2. Market Size And Forecast
5.5. Amorphous Silicon
5.5.1. Key Market Trends, Growth Factors And Opportunities
5.5.2. Market Size And Forecast
5.6. Others (Cigs)
5.6.1. Key Market Trends, Growth Factors And Opportunities
5.6.2. Market Size And Forecast
Chapter 6 Global Solar Energy Market , By Generation
6.1.1. Market Size And Forecast
6.2. First Generation
6.2.1. Key Market Trends, Growth Factors, And Opportunities
6.2.2. Market Size And Forecast
6.3. Second Generation
6.3.1. Key Market Trends, Growth Factors And Opportunities
6.3.2. Market Size And Forecast
6.4. Third Generation
6.4.1. Key Market Trends, Growth Factors And Opportunities
6.4.2. Market Size And Forecast
Chapter 7 Global Solar Energy Market, By Application
7.1.1. Market Size And Forecast
7.2. Agriculture And Horticulture
7.2.1. Key Market Trends, Growth Factors And Opportunities
7.2.2. Market Size And Forecast
7.3.1. Key Market Trends, Growth Factors And Opportunities
7.3.2. Market Size And Forecast
7.4.1. Key Market Trends, Growth Factors And Opportunities
7.4.2. Market Size And Forecast
7.5.1. Key Market Trends, Growth Factors And Opportunities
7.5.2 Market Size And Forecast
Chapter 8 Global Solar Energy Market, By Geography
8.1.1. Market Size And Forecast
8.2. North America
8.2.1. Key Market Trends, Growth Factors And Opportunities
8.2.2. Market Size And Forecast
22.214.171.124. Market Size And Forecast
126.96.36.199. Market Size And Forecast
188.8.131.52. Market Size And Forecast
8.3.1. Key Market Trends, Growth Factors And Opportunities
8.3.2. Market Size And Forecast
184.108.40.206. Market Size And Forecast
220.127.116.11. Market Size And Forecast
18.104.22.168. Market Size And Forecast
22.214.171.124. Market Size And Forecast
126.96.36.199. Market Size And Forecast
8.3.8. Rest Of Europe
188.8.131.52. Market Size And Forecast
8.4.1. Key Market Trends Growth Factors And Opportunities
8.4.2. Market Size And Forecast
184.108.40.206. Market Size And Forecast
220.127.116.11. Market Size And Forecast
18.104.22.168. Market Size And Forecast
8.4.6. South Korea
22.214.171.124. Market Size And Forecast
126.96.36.199. Market Size And Forecast
8.4.8. Rest Of Asia-Pacific
8.5.1. Key Market Trends, Growth Factors And Opportunities
8.5.2. Market Size And Forecast
188.8.131.52. Market Size And Forecast
184.108.40.206. Market Size And Forecast
8.5.5. South Africa
220.127.116.11. Market Size And Forecast
8.5.6. Rest Of Lamea
18.104.22.168. Market Size And Forecast
Chapter 9 Company Profiles
9.1.1. Company Overview
9.1.2. Operating Business Segments
9.1.3. Business Performance
9.1.4. Key Strategies And Developments
9.2. Acciona Energia S.A.
9.2.1. Company Overview
9.2.2. Operating Business Segments
9.2.3. Business Performance
9.2.4. Key Strategies And Developments
9.3. Wuxi Suntech Power
9.3.1. Company Overview
9.3.2. Operating Business Segments
9.3.3. Business Performance
9.3.4. Key Strategies And Developments
9.4. Bright Source Energy Inc Ltd
9.4.1. Company Overview
9.4.2. Operating Business Segments
9.4.3. Business Performance
9.4.4. Key Strategies And Developments
9.5. Esolar Inc
9.5.1. Company Overview
9.5.2. Operating Business Segments
9.5.3. Business Performance
9.5.4. Key Strategies And Developments
9.6. Gintech Energy Corp
9.6.1. Company Overview
9.6.2. Operating Business Segments
9.6.3. Business Performance
9.6.4. Key Strategies And Developments
9.7. Kaneka Group
9.7.1. Company Overview
9.7.2. Operating Business Segments
9.7.3. Business Performance
9.7.4. Key Strategies And Developments
9.8. Sunpower Corporation
9.8.1. Company Overview
9.8.2. Operating Business Segments
9.8.3. Business Performance
9.8.4. Key Strategies And Developments
9.9. Canadian Solar Inc
9.9.1. Company Overview
9.9.2. Operating Business Segments
9.9.3. Business Performance
9.9.4. Key Strategies And Developments
9.10. Tata Power Solar
9.10.1. Company Overview
9.10.2. Operating Business Segments
9.10.3. Business Performance
9.10.4. Key Strategies And Developments
Solar energy system is used to harness the energy emitted from the sun. It is an efficient renewable energy, and mitigates environmental risks that arise from greenhouse gas emissions.
The global rise in demand for alternative energy source has propelled the demand for solar energy. Moreover, market assisting programs and government incentives for rooftop installations of solar panels drive the growth of the market, with increasing applications in residential, nonresidential, and commercial sectors. However, geographical footprint has affected the growth of solar energy market, owing to decrease in conversion efficiency of solar panels. Increase in governmental tariff plans and renewable energy certificates such as solar energy renewable certificates (SREC) are expected to drive the market growth. In addition, investments in R&D to develop high-efficiency third-generation solar modules such as perovskites is projected to provide growth opportunities for the market.
Increase in installations of rooftop solar panels positively impacts the growth of the solar energy market. Photovoltaic cells have gained major traction owing to increase in applications in residential and nonresidential sector for electricity generation. Furthermore, increase in installation of concentrated solar power systems (CSPs) in forms of parabolic troughs and solar power towers is anticipated to fuel the growth of the market, owing to increase in application for electricity generation. Photovoltaic cells segment has dominated the market in 2015. The concentrated solar power systems segment is expected to grow at a CAGR of 41.6% during the forecast period. Polycrystalline silicon cells occupied more than half of the total share in 2015. The agriculture & horticulture segment is expected to grow at a CAGR of 25.9% during the study period.
Key Findings of the Solar Energy Market:
The photovoltaic cell technology is expected to grow at a CAGR of 23.1% from 2016 to 2022.
The organic and inorganic photovoltaic cells segments are expected to register CAGRs of 26.6% and 23.1%, respectively.
The parabolic troughs under concentrated solar power systems is expected to grow at a CAGR of 41.8% during the analysis period.
The amorphous silicon cells segment is expected to grow at a CAGR of 28.4%.
The third-generation solar module segment is anticipated to register a CAGR of 42.7%.
North America is expected to register a CAGR of 25.2% during the analysis period.
In Asia-Pacific, China expected to grow at a high CAGR of 24.7%.
LAMEA is projected to grow at a CAGR of 25.7% during the analysis period, owing to increase in photovoltaic installations. Furthermore, tax incentives for rooftop installations in Asia-Pacific region, such as India, is expected to drive the market growth. The photovoltaic cells segment in India is expected to grow at a CAGR of 24.0%.
Top players in operating in the market include 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., and Tata Power Solar.
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
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