Worldwide Solar Energy Industry to 2026 - Players Include Jinko Solar, Risen Energy and Azure Power Global Among Others
DUBLIN: The "Solar Energy Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global solar energy market is expected to grow at a compound annual growth rate of 5.12% over the forecast period to reach a market size of US$267.747 billion in 2026 from US$68.579 billion in 2019.
The global solar energy market is growing at a significant rate in the recent years and have been expected to increase more in the upcoming years. The major driving forces for such a growth in this market are increasing concerns of the economies towards the environment sustainability and decarbonization making the power energy companies to improvise their technology towards renewable sources in an efficient way. To support this, governments are also providing the rebate policies to further promote the renewable energy market. Solar energy comes up as third renewable source of energy across the world, and one of the reliable sources from household consumption's point of view. People can have solar energy systems at their rooftops and though, the main concern for the general people to use the cost and the space of plantation of the solar energy. The COVID-19 has slowed the progress a little, but as per IEA report, the renewable energy sector is most resilient to the crisis and will continue to grow as forecasted. Despite the disruption in each sector, solar energy is expected to remain resilient in 2020. However, irrespective of the growing revenue, the cost of production for companies is also decreasing due to government policies, thus, increasing the scope of future strategic investment for the companies in the coming years.
In the upcoming years, all the countries have potential growth of the solar energy, Germany, India, and US are having the significant potential to grow. India is planning to increase the dependency of electricity more on the renewable sources to 55% by 2030 as the demand has been projected to increase by 15280 TWH by 2040 and investments will increase to US$ 500 billion by 2028 (source: IBEF). It can be noticed that there may be a growth of the PV solar plants in the coming period due to cost-competitiveness. While US has accounted for the 8300 MW installed capacity in 43 states in 2019, representing over 70% of all the commercial solar capacity installed in the US (source: SEIA)). The top companies of the US are also shifting their technology towards the solar energy, having Apple and Amazon having the highest installed capacity among them
