The solar energy industry growing at a CAGR of 20.9% from 2020 to 2027. Solar energy is the radiant energy emitted from the sun, which is harnessed by using various technologies such as solar heating, photovoltaic cells, and others.
It is an efficient form of unconventional energy and a convenient renewable solution toward growing greenhouse emissions and global warming.
A radiant energy generated by the sun is solar energy, harnessed by the use of various technologies such as photovoltaic cells, solar heating, solar architecture, solar thermal energy, and others. It is an effective source of unconventional energy and a convenient sustainable solution for rising greenhouse and global warming emissions. Solar energy is used for the production of solar electricity. Solar energy is used in a number of ways such as heating water and cooking, generating electricity, etc. The traditional solar cells are manufactured from silicon while second-generation solar cells are made from amorphous silicon which is also called a thin-film solar cell.
This specialized and expertise-oriented industry research report scrutinizes the technical and commercial business outlook of the solar energy industry. The report analyzes and declares the historical and current trends analysis of the solar energy industry and subsequently recommends the projected trends anticipated to be observed in the solar energy market during the upcoming years.
The growth of the solar energy market is driven by increase in environmental pollution and provision of government incentives & tax rebates to install solar panels. In addition, decrease in water footprint associated with solar energy systems has fueled their demand in power generation sectors. The demand for solar cells has gained major traction owing to surge in rooftop installations, followed by increase in applications in the architectural sector. Furthermore, the demand for parabolic troughs and solar power towers in electricity generation is expected to boost the demand for concentrated solar power systems.
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The development of photovoltaic (PV) storage systems is essential to increase the ability of PV systems to replace the existing conventional sources. With the rise in demand for PV installations, the adoption of storage grid is projected to increase, which fuels the demand for lithium ion-powered battery for solar energy storage and increase the solar energy market growth.
The amorphous silicon cells segment is expected to witness maximum growth owing to increase in installations and utilization in solar panels. Moreover, the demand for copper indium gallium selenide (CIGS) is expected to increase during the forecast period, owing to rise in cost-effective solar panels. Furthermore, low-cost manufacturing and increase in efficiency of solar modules are projected to boost the demand for cadmium telluride during the forecast period in the solar energy industry.
The competition has significantly increased among manufacturers with the development in photovoltaic-based power distribution systems. Moreover, the price of solar modules differs significantly in regions of Europe and Asia-Pacific, as the market is demand oriented. In addition, reduced profitability of module manufacturers and market acquisition stress lead to decline in the prices of solar panels. Furthermore, fluctuating price of silver, which is a major raw material in solar module, drives the demand for solar panel installations and assist the solar energy market growth.
The adoption of PV system technology is marginally affected by factors such as reliability, overall production, and competitiveness. In addition, overall climatic conditions and geographical latitudes restrain the solar energy market growth, especially in snowfall- and rainfall-prone regions.
Top companies operating in the solar energy 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.