Portland, OR, April 20, 2021 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research,the global solar farm market garnered $61.4 billion in 2019, and is expected to generate $261.0 billion by 2027, registering a CAGR of 19.8% from 2020 to 2027.The report offers a detailed analysis of changing market dynamics, major segments, key investment pockets, competitive landscape, value chain, and regional scenario.
Favorable government regulations for utilization of photovoltaic technology fuel the growth of the global solar farm market. However, expensive installation restrains the market growth. Contrarily, rise in demand for renewable energy creates new opportunities in the coming years.
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- Manufacturing of solar farms has been hindered due to the lockdown in many countries worldwide. Furthermore, there has been shortage of raw materials.
- China, being a crucial supplier of solar panels worldwide, affected the global market as the production activities were stopped in the country during the lockdown. The supplyof solar panelshindered to especially the U.S. and South-East Asia.
- Owing to economic uncertainties, some of the solar farm projects were either canceled or postponed.
The report provides detailed segmentation of the global solar farm market based on type, end-user industry, and region.
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By type, the utility-scale segment accounted for around half of the total market share in 2019, and is projected to maintain its leadership status during the forecast period. However, the distributed generation segment is expected to portray the fastest CAGR of 20.3% from 2020 to 2027.
By end-use industry, the commercial segment contributed to the largest market share in 2019, holding around three-fifths of the global solar farm market share in 2019, and is estimated to maintain its lead position by 2027. Moreover, this segment is expected to witness the largest CAGR of 20.3% from 2020 to 2027. The report also discusses the industrial segment.
By region, Asia-Pacific contributed to the highest market share in terms of revenue in 2019, accounting for more than two-thirds of the global market share, and is projected to maintain its dominance by 2027. However, Europe is projected to witness the highest CAGR of 21.1% from 2020 to 2027.
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Leading players of the global solar farm market discussed in the research includeTrina Solar, Shenzhen Topray Solar Co., Ltd.,TATA Power Solar Systems Ltd.,Sharp Corporation, BrightSource Energy, Inc., First Solar, Inc., and JA Solar Holdings Co. Ltd.
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