For the past few years, the growing population in developing countries has had a direct impact on power generation. As carbon reduction efforts increase, renewable energy sources are being considered the most viable substitute for conventional power sources like oil and coal, and their use is increasing at a healthy rate.
Solar PV power harnesses the sun’s energy, either through thermal energy (heat) or photovoltaic cells in solar panels and transparent photovoltaic glass, to generate power. Currently, the amount of solar energy that reaches Earth is abundant and can meet future energy requirements if properly utilized.
Solar energy has proven to be an important renewable energy source over the years due to its unlimited availability and environmentally friendly nature, in contrast to finite fossil fuels like coal, oil, and natural gas.
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The need to reduce dependence on fossil fuels and minimize carbon emissions from their burning has increased the demand for renewable energy and its sources. This factor is expected to drive market development during the forecast period.
Solar energy refers to the radiant energy emitted from the sun, which can be harnessed using various technologies, such as photovoltaic cells and solar heating. It is an effective form of alternative energy and a readily available renewable solution for reducing greenhouse gas emissions and mitigating global warming.
The growth of the solar energy market is primarily driven by increased government incentives and tax rebates for installing solar panels, as well as growing environmental concerns about pollution. Moreover, the reduced water footprint associated with solar energy systems has boosted their demand in the power generation sector.
The demand for solar cells has seen significant growth due to the increase in rooftop installations, followed by applications in the architecture sector. The demand for solar power towers and parabolic troughs in electricity generation is also expected to drive the market for concentrated solar power systems.
Additionally, the rising prices of fossil fuels and the growing government initiatives and favorable policies to reduce the adverse effects of toxic gas emissions are contributing to the growth of the global solar power market during the forecast period.
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Key Market Segments include:
Type
- Crystalline Silicon
- Monocrystalline
- Polycrystalline
Application
- Agriculture
- Industry
- Telecommunications & Public Services
Key Market Players included in the report:
- Bosch Solar Energy
- Mitsubishi Electric
- Sanyo Solar
- Honda
- Kyocera
- Sunedison
- Sunpower
- SolarWorld
- First Solar
- Panasonic
- Canadian Solar
- Suniva
- Global Solar Energy
- Wuerth
- Nanosolar
- Manz
- Ascent Solar
- Solibro Solar
- AUO
- Miasole
This research report provides insights into various aspects of the Solar PV Power Market, including global industry trends, market share analysis of key players, and company profiles. It offers a comprehensive analysis of the market landscape, emerging and high-growth segments, high-growth regions, and market drivers, restraints, and opportunities.
The analysis covers the advancements of the Solar PV Power Market in different industry verticals and regions, with a focus on estimating the current market size and growth potential across various segments and applications.
In addition, the report includes a thorough review of the key players in the Solar PV Power Market, along with their company profiles, SWOT analysis, latest developments, and business plans.
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