Solar Power Market to Hit $194.75 Billion by 2027; Surging Demand for Electricity around the Globe to Brighten Long-Term Market Prospects: Fortune Business Insights™

PUNE, India, Nov. 05, 2020 (GLOBE NEWSWIRE) — The global solar power market size is projected to reach USD 194.75 billion 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, 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, 2020-2027”. 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 2018. Of this, solar energy accounted for 562 TWh, reflecting a 28% increase in solar power generation from 2017 levels, while the overall public investment in renewables reached USD 21 billion in 2018. 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.Click here to get the short-term and long-term impact of COVID-19 on this market. https://www.fortunebusinessinsights.com/industry-reports/solar-power-market-100764The report states that the global market value was at USD 163.70 billion in 2019 and provides the following:Detailed insights into the various segments of the market;Comprehensive analysis of the growth drivers and restraints in the market;Careful examination of the key market players and their strategies; andActionable research into the regional outlook and dynamics influencing the market.Market RestraintDelays & Cancellations of Solar Projects amid COVID-19 to Dampen Market OutlookOne 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 2020. However, a 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 canceled a contract with the Indian government owing to the falling demand for power nationwide, which forced the government to lower tariffs.Get Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/solar-power-market-100764Regional InsightsAsia Pacific to Lead the Market Supported by Low Manufacturing Cost of ComponentsAsia 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 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.Competitive LandscapeTop Players to Concentrate on Establishing Operations in Diverse RegionsCompetitors 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.Speak to Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/solar-power-market-100764 Industry Developments:September 2020: Abengoa announced the completion of the first of the three solar fields the company is building in the Mohammed bin Rashid Al Maktoum Solar Park, the world’s largest solar complex based in Dubai. The company is providing technology, engineering, and construction services of three parabolic trough plants of 200 MW each.August 2020: Canadian Solar announced the start of the construction of one of the biggest commercial & industrial rooftop solar projects in Malaysia in partnership with Antah Solar and Eleaps. The project will have a capacity of 5 MW and cover an area of 26,000sq.m.List of Key Companies Profiled in the Solar Power Market Report:Vivaan Solar (India)Nextera Energy Sources LLC (U.S.)Acciona Energia S.A.(Spain)Trina Solar (China)eSolar Inc. (U.S.)Tata Power Solar Systems Ltd. (India)Abengoa (Spain)Waaree Group (India)Azure Power (India)Wuxi Suntech Power Co. Ltd. (China)Yingli Solar (China)SunPower Corporation (U.S.)First Solar (U.S.)BrightSource Energy, Inc. (U.S.)Canadian Solar Inc. (Canada)Urja Global Limited (India)Quick Buy – Solar Power Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100764Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesLatest Technological AdvancementRegulatory LandscapePorters Five Forces AnalysisQualitative Analysis – Impact of COVID-19Impact of COVID-19 on the Solar Power MarketSteps Taken by the Government to Overcome the ImpactKey Developments in the Industry in Response to COVID-19Potential Opportunities and Challenges due to COVID-19 OutbreakGlobal Solar Power Market Analysis (USD Billion) (GW), Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By TechnologySolar PhotovoltaicMono-SiThin FilmMulti-SiOthersConcentrated Solar PowerParabolic TroughPower TowerLinear FresnelMarket Analysis, Insights and Forecast – By ApplicationResidentialNon-residentialUtilityMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia PacificMiddle East & AfricaLatin AmericaContinued….!Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/solar-power-market-100764Have a Look at Related Research Insights:Solar Floating Panel Market Size, Share & Industry Analysis, By Capacity (Up to 500 kW, 500 kW to 1 MW, 1 MW to 3 MW, Greater than 3 MW), By Type (Stationary Floating Solar Panel, Tracking Floating Solar Panel), By Panel Type (Mono-crystalline, Poly-crystalline, Thin Film) and Regional Forecast, 2026Concentrated Solar Power Market Size, Share & COVID-19 Impact Analysis, By Technology (Parabolic Trough, Power Tower, Linear Fresnel), By Application (Residential, Non-Residential, Utility) and Regional Forecasts, 2020-2027Offshore Wind Power Market Size, Share and Industry Analysis By Installation (Fixed Structure, Floating Structure), By Water Depth (Up to 30m, Above 30m), By Capacity (Up to 3MW, 3MW to 5MW, Above 5MW) and Regional Forecast, 2019-2026Wind turbine blade Market Size, Share & Industry Analysis, By Material (Carbon Fiber, Glass Fiber, Others), By Blade Size (Up to 27 Meter, 28-37 Meter, 38-50 Meter, Above 50 Meter), By Application (Onshore, Offshore) and Regional Forecast, 2019-2026Wind Turbine Foundation Market Size, Share & Industry Analysis, By Type (Monopile, Jacket Pile, Gravity, Suction, Tripod, Raft, Others), By Application (Onshore, Offshore) and Regional Forecast, 2019-2026About Us:Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. 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