(MENAFN- GlobeNewsWire – Nasdaq) The length of the global solar energy market is valued at $92. 45 billion in 2023 and is expected to reach $285. 89 billion by 2033, according to a study report published through Spherical Insights.
New York, United States, Jan. 30, 2024 (GLOBE NEWSWIRE) — The Global Solar Energy Market Size is to Grow from USD 92.45 Billion in 2023 to USD 285.89 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 11.95% during the projected period.
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Solar energy is the energy created by the sun’s rays, which can be collected and converted into various forms of energy such as electricity and heat. This energy is a desirable replacement for traditional fossil fuels, which are scarce and contribute to climate change. It is also plentiful and renewable. There are numerous methods for capturing solar energy. Furthermore, the global solar energy sector is growing mostly due to an increase in energy consumption caused by population growth. In addition, there has been an increase in worldwide demand for sustainable energy resources, which has been supported by supporting government policies that have extended the market. These rules help to reduce pollution and highlight a reduction in reliance on fossil fuels. As a result, consumer demand for renewable energy sources such as solar power rises. As a result of urbanization, population growth, and the electrification of several industries, including transportation, the global demand for energy is rapidly increasing. Solar energy provides a scalable and decentralized alternative to meet expanding energy demand, particularly in locations with scarce or unstable grid infrastructure. However, the high price of installation, storage, and power conversion equipment, as well as the low efficiency of solar modules, are expected to hamper industry expansion.
Explore key industry data spread across two hundred pages with 120 market knowledge tables, figures, and graphs taken from the report on “Analysis of Size, Share, and Impact of COVID-19 on the Global Solar Energy Market, Through Technology (Concentrated Solar Power Systems). , photovoltaic systems), by solar module (monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, others), through the end-user (residential, commercial, industrial) and through region (North America, Europe, Asia-Pacific, Latin America, Central America, East and Africa), Analysis and Forecast 2023 – 2033. “
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The photovoltaic formulas segment dominates the market with the highest percentage of profit during the projection period. On the basis of technology, the global solar energy market is segmented into concentrated solar power formulas and photovoltaic formulas. Among these, the photovoltaic formulas segment dominates the market with the highest percentage of profit from the projection period. The immediate expansion of the EV sector is driving the demand for charging infrastructure for sun-powered EVs, which is reaping benefits in the solar power market. In addition, falling prices and government incentives have contributed to a significant expansion of the global PV formulas market in recent years.
The polycrystalline segment is undergoing significant CAGR expansion during the forecast period. On the basis of solar module, the global solar energy market is segmented into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and others. Among these, the polycrystalline segment is undergoing a significant expansion of the forecast period. Consumers’ income and life criteria have improved, which has led to an increase in demand for smart devices and gadgets, which is expected to lead to an increase in demand for polycrystalline solar mobile technology.
The residential segment is estimated to hold the largest share in the global solar energy market during the projection period. On the basis of end-user, the global solar energy market is categorized into residential, commercial, and industrial. Of these, the residential segment is expected to hold the largest percentage in the solar energy market during the projection period. The number of residential progression projects is expanding along with public awareness of the benefits of employing renewable and effective energy resources for residential uses. As a result, those elements are expected to drive the expansion of the residential segment.
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Asia-Pacific dominates the market with the largest market share during the forecast period.
Asia-Pacific dominates the market with the largest market share during the forecast period. The site is attempting to become more dependent on renewable resources while remaining primarily dependent on traditional resources. Solar energy installations are being developed due to the immediate increase in energy demand. for various industries. The regional expansion is driven by savvy customers for blank energy deployment, as well as an attractive regulatory framework.
North America is expected to witness the fastest expansion during the forecast period. Rapidly developing energy demand from a variety of companies, promising customers for renewable energy installations, and an encouraging regulatory environment are key drivers of regional expansion.
Competitive Analysis:
The report gives the proper research of the key organizations/companies involved in the global market along with benchmarking based basically on their product offering, business knowledge, geographical presence, business strategies, segment market share, and SWOT research. The report also provides in-depth research focused on existing business news and developments, including product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This is helping to assess the overall festival within the market. The world’s leading solar energy providers are Enphase Energy, Inc. , Canadian Solar, Jinko Solar Holding Co. , Ltd. , First Solar, Inc. , Yingli Green, Energy Holding Company Limited, JA Solar Holdings Co. Ltd. , Amazon, Trina. Solar, Hanwha Q Cells, Urja Global Limited, SunPower Corporation, SolarEdge Technologies and others.
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Recent Developments
Market Segment This study forecasts gains globally, regionally, and domestically from 2020 to 2032. Spherical Insights has segmented the global solar energy market into the segments mentioned below:
Solar Energy Market, Technology Analysis
Solar Energy Market, Solar Module Analysis
Solar Energy Market, End User Analysis
Solar Energy Market, Regional Analysis
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