Globally increasing energy consumption coupled with rising environmental concerns such as greenhouse gas emission is expected to drive solar power market over the next seven years. Rising awareness among consumers regarding renewable energy benefits is anticipated to remain a key driving factor for market growth over the forecast period.
Increasing government investment coupled with private sponsorship to encourage renewable energy generation is expected to fuel demand. Solar power is generated through various means such as concentrated PV, solar PV, concentrated solar thermal power (CSP) and solar thermal. It is gaining wide acceptance globally owing to reasons such as low operation & maintenance cost and clean energy source.
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Rapid urbanization coupled with strong economic growth specifically in emerging economies of Asia Pacific and Latin America is anticipated to fuel demand over the next seven years. CSP is expected to emerge as the leading technology due to huge investments along with several pipeline projects. It is being extensively used in relatively new markets such as China, India, France, Canada, and Brazil.
Favorable government regulations owing to green house gas emissions are expected to remain a key driving factor for market growth over the forecast period. Shift in consumer preference towards environmental friendly energy sources is anticipated to complement industry growth significantly.
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Depleting fossil fuel resources are expected to compel governments and energy agencies to shift towards alternative sources of energy. Solar energy has emerged as one of the efficient and economical means of renewable energy. Volatile fossil fuel prices coupled with initiative to reduce fossil fuel import dependence are expected to further propel market growth over the next seven years.
Growing industrial sector in countries such as China, India, Brazil, Russia, and UAE is expected to complement market growth. Increasing urbanization in aforementioned regions is expected to witness strong demand from residential sector over the forecast period.
Stringent government regulation to reduce coal generated energy in order to control environment pollution is anticipated to fuel demand. Power companies and government provide subsidy on solar power energy generation in numerous regions such as China, Japan, India, Germany, and Canada.
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