March 03, 2021 05:08 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, March 03, 2021 (GLOBE NEWSWIRE) -- The global solar power market size is projected to reach USD 194.75 billion by 2028, exhibiting a CAGR of 5.9% during the forecast period. Expanding the share of solar power in electricity generation worldwide will be a leading growth determinant for this market, states Fortune Business Insights™ in its report, titled “Solar Power Market Size, Share and COVID-19 Impact Analysis, By Technology (Solar Photovoltaic {Mono-Si, Thin Film, Multi-Si, and Others}, and Concentrated Solar Power {Parabolic Trough, Power Tower, and Linear Fresnel}), By Application (Residential, Non-Residential and Utility), and Regional Forecast, 2021-2028”. The contribution of solar energy towards electricity production has grown over the past few years. According to the International Renewable Energy Agency (IRENA), renewables generated 6,586 TWh of electricity in 2021. Of this, solar energy accounted for 562 TWh, reflecting a 28% increase in solar power generation from 2021 levels, while the overall public investment in renewables reached USD 21 billion in 2021. This level of growth in the installed capacity of solar energy is expected to create multiple opportunities for players in the solar industry, which will grow even wider with supportive policy frameworks.
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The report states that the global market value was at USD 163.70 billion in 2021 and provides the following:
Delays & Cancellations of Solar Projects amid COVID-19 to Dampen Market Outlook
One of the main factors restricting the solar power market growth is the disruptions, delays, and cancellations of solar projects triggered by the COVID-19 pandemic. In the US, for example, additions to solar capacity are expected to be lower by 37% from pre-coronavirus projections. Moreover, the predicted solar deployment losses are estimated to be equivalent to powering 288,000 homes and an investment of USD 3.2 billion in the country. The situation is dire in other countries as well, because the pandemic has had deleterious effects on countries’ plans to expand their renewable capacities. For example, China was expected to phase out its feed-in-tariff system, which was in turn expected to create a rush for completion of solar and wind projects in 2021. However, sudden economic downturn and reduced workforce are likely to thwart China’s plans. In India, power companies are withdrawing investments in renewables, citing the sharp decline in power demand since the pandemic began. For example, ACME Solar cancelled a contract with the Indian government owing to the falling demand for power nationwide, which forced the government to lower tariffs.
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Asia Pacific to Lead the Market Supported by Low Manufacturing Cost of Components
Asia Pacific is expected to dominate the solar power market share during the forecast period on account of manufacturing of solar components at low costs. Moreover, China and India have emerged as two of the largest markets, with China leading charge, installing 30.1 GW of solar in 2021. The region’s market size in 2021 was at USD 74.81 billion.
In Europe, favorable regulations, such as the Europe Renewable Energy Directive, governing the renewables sector in the region are anticipated to propel the regional market. These regulations and policies are also designed to attract public and private investments in the solar industry, which will further bolster the market prospects in Europe.
Top Players to Concentrate on Establishing Operations in Diverse Regions
Competitors in the solar power industry are focusing on expanding and establishing their presence in countries in the Middle East and South and Southeast Asia, where sunlight is available for the most part of the year. As a result, key players are designing products and implementing strategies to capture the growing market for solar devices and components in these countries.
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List of Key Companies Profiled in Solar Power Market Report:
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