The Global Solar Energy Market: Rising population coupled with increasing non conventional energy prices are likely to drive market growth.

The global solar energy market was valued at $61.1 billion in 2020 and is projected to reach $269.3 billion by 2027, growing at a CAGR of 20.5% from 2021 to 2027. Solar power generation system, which converts the energy of sunlight into electricity with the help of solar battery cells and further this generated electricity is supplied to loads for many industrial applications. The energy generated from the solar system is gaining increasing investments by developing economies owing to the demand from the manufacturing industry.

North America is expected to witness the highest growth rate over the forecast period owing to escalating investments coupled with increasing energy consumption. Low-cost availability coupled with depleting coal reserves is expected to fuel demand significantly over the next seven years. Germany is one of the major countries utilizing solar energy to optimum levels. Favourable regulatory framework along with increasing capacity is expected to drive demand in the region over the forecast period. Price drops for industrial commodities that are used to make solar panels, and higher price expectations for electricity and natural gas are the factors that are expected to drive the growth of the industrial solar power generation system market for the forecast period. Furthermore, the rising demand for renewable energy generation and shift of environmentally conscious companies towards green label products are further expected to drive the growth of the solar power generation industry.

Key industry participants operating in the global solar power generation system market include Chint group, KYOCERA, Blue Oak Energy, Amplus Solar, SMA Solar Technology, Schneider Electric, ABB, Hitachi, Sunrun, Vivint Solar, Suniva and others. The market is segmented into type, application and region. On the basis of type, it is segmented into Centralized PV power plant and Decentralized PV power plant. On the basis of application is it further categorised into Telecom Power Supplies, Oil and Gas Application and others.