Global Solar Power Market
As stated in our extensive report; the Global Solar Power Market accounted for USD 175.6 Billion in the year 2021.
The surge in the creation of green hydrogen has mainly been attributed to the falling costs of renewable energy, an essential component in the manufacturing process. Due to its potential to serve as long-term and seasonal storage of the availability of fuel on demand to create electricity, green hydrogen development is anticipated to increase in 2022 as the grid’s penetration of renewable energy increases. The market for solar energy is also significantly influenced by the fluctuating prices of fossil fuels, the need to break dependence on fossil fuel imports from politically unstable regions, environmental concerns regarding the greenhouse gas emissions caused by fossil fuel use, government incentives, and other support programs that make Solar Powermore cost-competitive, and changes in consumer preferences.
Factors Influencing Global Solar Power Market Growth
The growth of the Global Solar Power market can be attributable to the following:
- A global energy shift is urgently required to keep the average increase in global surface temperature to around 2° Celsius. As a result, there will be tremendous growth in the installation of renewable energy sources over the next few years, which will cause the market to grow.
- As energy-related carbon dioxide emissions make up two-thirds of total greenhouse gas emissions, switching from fossil fuels to low-carbon alternatives will be crucial. The market size has benefited from new energy targets set by various governments to promote a switch to sustainable energy.
- The demand for renewable energy and its sources has risen in response to the growing concern to lessen our reliance on fossil fuels and reduce the carbon emissions that result from burning them. During the forecast period, this aspect is anticipated to fuel market growth.
- Energy use and production in developing nations are directly impacted by population growth. With the increased need to reduce carbon emissions, power generation from renewable sources is the best viable replacement for conventional power sources.
- There is also potential for the Solar Power sector to expand due to utilities building new networks and mass storage systems to use the energy obtained from renewable sources.
However, overall production, dependability, and competitiveness have a minor impact on how widely PV systems are used. In addition, the growth of the Solar Power market is also constrained by overall climate factors and geographic latitudes, particularly in areas that frequently experience rain and snow.
Asia Pacific region Dominates the Global Market
Geographically, Asia Pacific holds the major market share in the Solar Power market and will likely continue this in the coming years. More than half of the world’s population resides in Asia Pacific, creating a sizable consumer base. Additionally, the industry is supported by a sizable youth population and an increased desire for sustainable development and renewable energy. Due to the region’s robust economic expansion, nations like India and China offer market players great growth opportunities. China, India, and Japan are the top three nations that use solar energy the most. Key macroeconomic reasons driving the development of the Solar Power market in Asia Pacific are growing urbanization, rising disposable income, a busy and hectic lifestyle, increasing internet penetration, and rising smartphone adoption.
The whole Solar Power market has benefited from essential variables, including environmental concerns regarding the greenhouse gas emissions connected with the usage of fossil fuels, volatile fossil fuel prices, government incentives, and other support programs making Solar Power more cost competitive.
The well-known players of the Global Solar Power Market include Abengoa SE (Spain), Acciona SA (Spain), Canadian Solar Inc. (Canada), Esolar Inc. (US), United Renewable Energy Co. Ltd. (Taiwan), Sunpower Corporation (US) and others.