Global solar energy market size was estimated at over USD 65 billion in 2015 and is likely to exceed USD 140 billion by 2023.
Cumulatively, more than 178 GW of power was installed in 2015 and is estimated to reach more than 600 GW over the forecast period, including both photovoltaic and concentrated thermal power. U.S. solar energy market size is expected to witness approximately 40 GW cumulative capacity by the end of 2016.
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Rising population coupled with increasing non-conventional energy prices are likely to drive market growth in Asia Pacific. China solar energy market size was dominant and accounted for more than 10.8 GW installations, followed by Japan with 9.7 GW installations in 2015.
This energy can be segmented into photovoltaic and concentrated thermal. Photovoltaic (PV) market size was estimated around 40 GW in 2015. Solar energy market trends include an estimated shift towards off-grid installations in some countries, where a large percentage of the population does not have an access to a national grid. Concentrated solar thermal market size is estimated to reach more than 25 GW installations during the forecast period.
Photovoltaic energy is preferred over concentrated solar due to its high utility; Europe was the major contributor in 2015. Manufacturers are shifting from multicrystalline to monocrystaline solar cells owing to its high efficiency, compact design and durability. Concentrated thermal technology is less popular because it requires direct sun radiation rather than diffuse light, and is not economical for small installations.
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The global solar energy market share is fragmented due to the presence of numerous participants. Major companies include Tata Power, BHEL, Abengoa, Canadian Solar, Renesola, Sunways AG, Motech Industries, and Solar World AG.
This latest Solar Energy market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across a number of regional markets. The report also analyzes the Solar Energy industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report “Solar Energy Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2023.”in detail along with the table of contents:
Key Insights in this Report
- Solar Energy market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Solar Energy market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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