Solar Energy System Market – Increasing Population and growing economy are expected to Lead to Market Growth – Growing at a Compound Annual Growth Rate (CAGR) 20.1% from 2022 to 2028

Solar Energy System
  • Solar Energy System Market

As stated in our extensive report; the Global Solar Energy System Market accounted forUSD 85.1 Billionin the year 2021.

Solar energy is the most abundant and cleanest source of renewable energy on the planet. Countries like China, Germany, Spain, and the United States (USA) have some of the most significant solar resources in the world. There are two main ways to utilize solar energy: photovoltaic (PV) and concentrating solar energy (CSP). Developed and developing countries worldwide are actively promoting solar power as an alternative to traditional energy sources and actively contributing to market growth.

The blockade of COVID19 in most countries worldwide has paralyzed the economy, disrupted the supply chain, and disrupted most projects. Inverters and other solar items are imported to India in 80 percent of cases from China. Due to blockades and equipment shortages, most solar projects in India have been delayed, creating a sizable backlog of orders. For instance, a pandemic forced the government to put off building a floating solar power plant in July 2020. Additionally, during this pandemic, India's electrical usage has decreased. The solar business is also negatively impacted by this. A producer of clean and renewable energy solutions from Australia, Fotowatio Renewable Ventures, recently declared plans to leave the Indian solar energy market.

Due to economic development and population growth, the world's electricity demand is increasing significantly. In addition, improving living standards and infrastructure have created a great need for power generation. For example, according to Enerdata, electricity demand in China increased by 4.5% in 2019 compared to 2018. To meet growing demand, most countries are installing new solar systems or increasing the capacity of existing solar systems. This is expected to drive the growth of the solar energy market over the forecast period.

Europe dominated the global Solar Energy System market in 2021. This is attributable to the growing number of smart city projects, rapid urbanization, and industrialization in the region. Further, the rising electricity costs, growing adoption of solar systems in the residential sector, and increase in the number of solar systems manufacturing companies are also expected to drive the market growth in the region.

Some of the key players in the Global Solar Energy System Market include- Abengoa Solar S.A., Acciona Energia S.A., Wuxi Suntech Power Co. Ltd., Bright source Energy Inc., Esolar Inc., Gintech Energy Corp., Kaneka Corp., Sunpower Corporation, Canadian Solar Inc., Tata Power Solar and others.