Solar power market to hit $194.75 B by 2027
The global solar power market size is projected to reach $194.75 B by 2027, exhibiting a CAGR of 5.9 % during the forecast period.
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The global solar power market size is projected to reach $194.75 B by 2027, 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. The report states that the global market value was at $163.70 B in 2019.
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.
Asia Pacific is expected to dominate the solar power market share during the forecast period on account of the manufacturing of solar components at low costs. Moreover, China and India have emerged as two of the largest markets, with China leading the charge, installing 30.1 GW of solar in 2019. The region’s market size in 2019 was at $74.81 B.
In Europe, favorable regulations, such as the Europe Renewable Energy Directive, designed to attract public and private investments in the solar industry, which will further bolster the market prospects in Europe.
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.
The key players are: Vivaan Solar, Nextera Energy Sources LLC, Acciona Energia S.A., Trina Solar, eSolar Inc., Tata Power Solar Systems Ltd., Abengoa.
Source: Global Newswire