Solar Power Market Updates by 2031
Solar power is the conversion of renewable energy from sunlight into electricity, either directly using photovoltaics (PV), indirectly using concentrated solar power, or a combination. Concentrated solar power systems use lenses or mirrors and solar tracking systems to focus a large area of sunlight into a small beam. Photovoltaic cells convert light into an electric current using the photovoltaic effect.
MARKET DYNAMICS
The most important factors that stimulate the growth of solar power market on the whole are unpredictable fossil fuel prices, need for disassociation of dependence on fossil fuel imports from areas of political volatility, environmental concerns over the greenhouse gas emissions associated with fossil fuel use, government incentives, other support programs making solar power more cost competitive, and shift in consumer preference. There is a high demand for solar energy in most of the residential areas due to its low maintenance costs and the reduction in the electricity bills, which is one of the major factors responsible for the growth of this market. Further, the development of various infrastructure projects across the world and the constantly increasing population worldwide has given rise to the use of solar energy on a large scale, which has resulted in this market's growth.
MARKET SCOPE
The ˜Global Solar Power Market Analysis to 2031" is a specialized and in-depth study of the consumer goods industry with a particular focus on the global market trend analysis. The report aims to provide an overview of the solar power market with detailed market segmentation by technology, and application. The global solar power market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading solar power market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
1. By Technology: On the basis of technology, the global solar power market is categorized into Solar Photovoltaic (PV) and Concentrated Solar Power (CSP).
2. By Application: On the basis of application, the solar power market is categorized into residential, non-residential and utility.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2021 to 2031 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The solar power market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the solar power market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the solar power market in these regions.
IMPACT OF COVID 19
The COVID-19 impact was mainly witnessed on the supply of solar panels resulting in delays in solar projects. The world was hit hard by the COVID-19 outbreak, which forced the governments to employ either complete or partial lockdown, resulting in disruption of the solar panels manufacturing industry during the first half of 2021. Most projects of 2021 already got the finance clearances in 2021. However, the lockdown affected the construction and the availability of the solar panels resulting in project delays. However, this situation is expected to recover in the coming years.
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The report provides a detailed overview of the industry, including both qualitative and quantitative information. It also provides market size and forecast estimates from the year 2021 to 2031 concerning five major regions, namely; North America, Europe, Asia- Pacific (APAC), Middle East and Africa (MEA), and South America. The solar power market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the solar power market from both the demand and supply sides. Further, it evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trends. The report also provides an exhaustive best analysis for all five regions, namely; North America, Europe APAC, MEA, and South America, after evaluating political, economic, social, and technological factors affecting the solar power market in these regions.
IMPACT OF COVID 19
The COVID-19 impact was mainly witnessed on the supply of solar panels resulting in delays in solar projects. The world was hit hard by the COVID-19 outbreak, which forced the governments to employ either complete or partial lockdown, resulting in disruption of the solar panels manufacturing industry during the first half of 2021. Most projects of 2021 already got the finance clearances in 2021. However, the lockdown affected the construction and the availability of the solar panels resulting in project delays. However, this situation is expected to recover in the coming years.
MARKET PLAYERS
The report covers vital developments in the solar power market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals, and others, such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions and partnerships and collaborations. These activities have paved the way for the expansion of businesses and the customer base of market players. The market players from the solar power market are anticipated to have lucrative growth opportunities in the future with the rising demand for solar power in the global market. Below mentioned is the list of a few companies engaged in the solar power market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the solar power market. Decide the report focuses on leading industry players with information such as company profiles, products, and services offered, financial information of the last three years, the critical development in the past five years.
- Abengoa
- Acciona Energia S.A.
- Azure Power
- BrightSource Energy, Inc.
- Canadian Solar Inc.
- eSolar Inc.
- Nextera Energy Sources LLC
- Tata Power Solar System Ltd
- Trina Solar
- Yingli Solar
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
1.INTRODUCTION
1.1.SCOPE OF THE STUDY
1.2.THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3.MARKET SEGMENTATION
1.3.1Solar Power Market - By Technology
1.3.2Solar Power Market - By Application
1.3.3Solar Power Market - By Region
1.3.3.1By Country
2.KEY TAKEAWAYS
3.RESEARCH METHODOLOGY
4.SOLAR POWER MARKET LANDSCAPE
4.1.OVERVIEW
4.2.PEST ANALYSIS
4.2.1North America - Pest Analysis
4.2.2Europe - Pest Analysis
4.2.3Asia-Pacific - Pest Analysis
4.2.4Middle East and Africa - Pest Analysis
4.2.5South and Central America - Pest Analysis
4.3.EXPERT OPINIONS
5.SOLAR POWER MARKET - KEY MARKET DYNAMICS
5.1.KEY MARKET DRIVERS
5.2.KEY MARKET RESTRAINTS
5.3.KEY MARKET OPPORTUNITIES
5.4.FUTURE TRENDS
5.5.IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6.SOLAR POWER MARKET - GLOBAL MARKET ANALYSIS
6.1.SOLAR POWER - GLOBAL MARKET OVERVIEW
6.2.SOLAR POWER - GLOBAL MARKET AND FORECAST TO 2028
6.3.MARKET POSITIONING
7.SOLAR POWER MARKET - REVENUE AND FORECASTS TO 2028 " TECHNOLOGY
7.1.OVERVIEW
7.2.TECHNOLOGY MARKET FORECASTS AND ANALYSIS
7.3.SOLAR PHOTOVOLTAIC (PV)
7.3.1.Overview
7.3.2.Solar Photovoltaic (PV) Market Forecast and Analysis
7.4.CONCENTRATED SOLAR POWER (CSP)
7.4.1.Overview
7.4.2.Concentrated Solar Power (CSP) Market Forecast and Analysis
8.SOLAR POWER MARKET - REVENUE AND FORECASTS TO 2028 " APPLICATION
8.1.OVERVIEW
8.2.APPLICATION MARKET FORECASTS AND ANALYSIS
8.3.RESIDENTIAL
8.3.1.Overview
8.3.2.Residential Market Forecast and Analysis
8.4.NON-RESIDENTIAL
8.4.1.Overview
8.4.2.Non-residential Market Forecast and Analysis
8.5.UTILITY
8.5.1.Overview
8.5.2.Utility Market Forecast and Analysis
9.SOLAR POWER MARKET REVENUE AND FORECASTS TO 2028 " GEOGRAPHICAL ANALYSIS
9.1.NORTH AMERICA
9.1.1North America Solar Power Market Overview
9.1.2North America Solar Power Market Forecasts and Analysis
9.1.3North America Solar Power Market Forecasts and Analysis - By Technology
9.1.4North America Solar Power Market Forecasts and Analysis - By Application
9.1.5North America Solar Power Market Forecasts and Analysis - By Countries
9.1.5.1United States Solar Power Market
9.1.5.1.1United States Solar Power Market by Technology
9.1.5.1.2United States Solar Power Market by Application
9.1.5.2Canada Solar Power Market
9.1.5.2.1Canada Solar Power Market by Technology
9.1.5.2.2Canada Solar Power Market by Application
9.1.5.3Mexico Solar Power Market
9.1.5.3.1Mexico Solar Power Market by Technology
9.1.5.3.2Mexico Solar Power Market by Application
9.2.EUROPE
9.2.1Europe Solar Power Market Overview
9.2.2Europe Solar Power Market Forecasts and Analysis
9.2.3Europe Solar Power Market Forecasts and Analysis - By Technology
9.2.4Europe Solar Power Market Forecasts and Analysis - By Application
9.2.5Europe Solar Power Market Forecasts and Analysis - By Countries
9.2.5.1Germany Solar Power Market
9.2.5.1.1Germany Solar Power Market by Technology
9.2.5.1.2Germany Solar Power Market by Application
9.2.5.2France Solar Power Market
9.2.5.2.1France Solar Power Market by Technology
9.2.5.2.2France Solar Power Market by Application
9.2.5.3Italy Solar Power Market
9.2.5.3.1Italy Solar Power Market by Technology
9.2.5.3.2Italy Solar Power Market by Application
9.2.5.4Spain Solar Power Market
9.2.5.4.1Spain Solar Power Market by Technology
9.2.5.4.2Spain Solar Power Market by Application
9.2.5.5United Kingdom Solar Power Market
9.2.5.5.1United Kingdom Solar Power Market by Technology
9.2.5.5.2United Kingdom Solar Power Market by Application
9.2.5.6Russia Solar Power Market
9.2.5.6.1Russia Solar Power Market by Technology
9.2.5.6.2Russia Solar Power Market by Application
9.2.5.7Rest of Europe Solar Power Market
9.2.5.7.1Rest of Europe Solar Power Market by Technology
9.2.5.7.2Rest of Europe Solar Power Market by Application
9.3.ASIA-PACIFIC
9.3.1Asia-Pacific Solar Power Market Overview
9.3.2Asia-Pacific Solar Power Market Forecasts and Analysis
9.3.3Asia-Pacific Solar Power Market Forecasts and Analysis - By Technology
9.3.4Asia-Pacific Solar Power Market Forecasts and Analysis - By Application
9.3.5Asia-Pacific Solar Power Market Forecasts and Analysis - By Countries
9.3.5.1Australia Solar Power Market
9.3.5.1.1Australia Solar Power Market by Technology
9.3.5.1.2Australia Solar Power Market by Application
9.3.5.2China Solar Power Market
9.3.5.2.1China Solar Power Market by Technology
9.3.5.2.2China Solar Power Market by Application
9.3.5.3India Solar Power Market
9.3.5.3.1India Solar Power Market by Technology
9.3.5.3.2India Solar Power Market by Application
9.3.5.4Japan Solar Power Market
9.3.5.4.1Japan Solar Power Market by Technology
9.3.5.4.2Japan Solar Power Market by Application
9.3.5.5South Korea Solar Power Market
9.3.5.5.1South Korea Solar Power Market by Technology
9.3.5.5.2South Korea Solar Power Market by Application
9.3.5.6Rest of Asia-Pacific Solar Power Market
9.3.5.6.1Rest of Asia-Pacific Solar Power Market by Technology
9.3.5.6.2Rest of Asia-Pacific Solar Power Market by Application
9.4.MIDDLE EAST AND AFRICA
9.4.1Middle East and Africa Solar Power Market Overview
9.4.2Middle East and Africa Solar Power Market Forecasts and Analysis
9.4.3Middle East and Africa Solar Power Market Forecasts and Analysis - By Technology
9.4.4Middle East and Africa Solar Power Market Forecasts and Analysis - By Application
9.4.5Middle East and Africa Solar Power Market Forecasts and Analysis - By Countries
9.4.5.1South Africa Solar Power Market
9.4.5.1.1South Africa Solar Power Market by Technology
9.4.5.1.2South Africa Solar Power Market by Application
9.4.5.2Saudi Arabia Solar Power Market
9.4.5.2.1Saudi Arabia Solar Power Market by Technology
9.4.5.2.2Saudi Arabia Solar Power Market by Application
9.4.5.3U.A.E Solar Power Market
9.4.5.3.1U.A.E Solar Power Market by Technology
9.4.5.3.2U.A.E Solar Power Market by Application
9.4.5.4Rest of Middle East and Africa Solar Power Market
9.4.5.4.1Rest of Middle East and Africa Solar Power Market by Technology
9.4.5.4.2Rest of Middle East and Africa Solar Power Market by Application
9.5.SOUTH AND CENTRAL AMERICA
9.5.1South and Central America Solar Power Market Overview
9.5.2South and Central America Solar Power Market Forecasts and Analysis
9.5.3South and Central America Solar Power Market Forecasts and Analysis - By Technology
9.5.4South and Central America Solar Power Market Forecasts and Analysis - By Application
9.5.5South and Central America Solar Power Market Forecasts and Analysis - By Countries
9.5.5.1Brazil Solar Power Market
9.5.5.1.1Brazil Solar Power Market by Technology
9.5.5.1.2Brazil Solar Power Market by Application
9.5.5.2Argentina Solar Power Market
9.5.5.2.1Argentina Solar Power Market by Technology
9.5.5.2.2Argentina Solar Power Market by Application
9.5.5.3Rest of South and Central America Solar Power Market
9.5.5.3.1Rest of South and Central America Solar Power Market by Technology
9.5.5.3.2Rest of South and Central America Solar Power Market by Application
10.INDUSTRY LANDSCAPE
10.1.MERGERS AND ACQUISITIONS
10.2.AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3.NEW PRODUCT LAUNCHES
10.4.EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11.SOLAR POWER MARKET, KEY COMPANY PROFILES
11.1.ABENGOA
11.1.1.Key Facts
11.1.2.Business Description
11.1.3.Products and Services
11.1.4.Financial Overview
11.1.5.SWOT Analysis
11.1.6.Key Developments
11.2.ACCIONA ENERGIA S.A.
11.2.1.Key Facts
11.2.2.Business Description
11.2.3.Products and Services
11.2.4.Financial Overview
11.2.5.SWOT Analysis
11.2.6.Key Developments
11.3.AZURE POWER
11.3.1.Key Facts
11.3.2.Business Description
11.3.3.Products and Services
11.3.4.Financial Overview
11.3.5.SWOT Analysis
11.3.6.Key Developments
11.4.BRIGHTSOURCE ENERGY, INC.
11.4.1.Key Facts
11.4.2.Business Description
11.4.3.Products and Services
11.4.4.Financial Overview
11.4.5.SWOT Analysis
11.4.6.Key Developments
11.5.CANADIAN SOLAR INC.
11.5.1.Key Facts
11.5.2.Business Description
11.5.3.Products and Services
11.5.4.Financial Overview
11.5.5.SWOT Analysis
11.5.6.Key Developments
11.6.ESOLAR INC.
11.6.1.Key Facts
11.6.2.Business Description
11.6.3.Products and Services
11.6.4.Financial Overview
11.6.5.SWOT Analysis
11.6.6.Key Developments
11.7.NEXTERA ENERGY SOURCES LLC
11.7.1.Key Facts
11.7.2.Business Description
11.7.3.Products and Services
11.7.4.Financial Overview
11.7.5.SWOT Analysis
11.7.6.Key Developments
11.8.TATA POWER SOLAR SYSTEM LTD
11.8.1.Key Facts
11.8.2.Business Description
11.8.3.Products and Services
11.8.4.Financial Overview
11.8.5.SWOT Analysis
11.8.6.Key Developments
11.9.TRINA SOLAR
11.9.1.Key Facts
11.9.2.Business Description
11.9.3.Products and Services
11.9.4.Financial Overview
11.9.5.SWOT Analysis
11.9.6.Key Developments
11.10.YINGLI SOLAR
11.10.1.Key Facts
11.10.2.Business Description
11.10.3.Products and Services
11.10.4.Financial Overview
11.10.5.SWOT Analysis
11.10.6.Key Developments
12.APPENDIX
12.1.ABOUT THE INSIGHT PARTNERS
12.2.GLOSSARY OF TERMS
1.Abengoa
2.Acciona Energia S.A.
3.Azure Power
4.BrightSource Energy, Inc.
5.Canadian Solar Inc.
6.eSolar Inc.
7.Nextera Energy Sources LLC
8.Tata Power Solar System Ltd
9.Trina Solar
10.Yingli Solar
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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