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Global Solar Electric System Market to Grow at a CAGR of 20.90% in the Forecast Period, Aided by the Favourable Government Policies

According to a new report by EMR titled, ‘Global Solar Electric System Market Report and Forecast 2022-2027’, the global solar electric system market is expected to grow at a CAGR of 20.90% in the forecast period of 2022-2027, driven by the rising support from the government through favourable policies.

Government regulations that encourage the deployment of solar electric systems are driving the global market for solar electric systems. Rising concerns about environmental deterioration, the depletion of fossil resources, and the necessity to adopt green energy are a few factors driving the solar electric system market growth. Favourable government policies, such as the provision of subsidies to encourage the use of solar energy in both existing and new constructions, are contributing to the market growth. As people become more aware of the benefits of clean energy, many new residential, commercial, and industrial buildings have started installing solar electric systems, which provide economies of scale and augments the market growth. In addition, rising awareness of diminishing non-renewable resources, attempts to minimise carbon emissions, a focus on sustainable living, and the increasing deployment of solar panels in residential, commercial, and industrial settings are driving solar electric system market growth. As a result of the rising popularity of solar energy as a cost-effective renewable energy source, the solar electric system industry is expanding rapidly. The demand for parabolic troughs and solar power towers in the electricity generation sector is likely to increase the demand for concentrated solar power systems.

Solar cell demand has grown significantly as a result of an increase in rooftop installations, which has been followed by an increase in architectural applications. The companies are increasing their production capabilities by installing new plants or focusing on expanding the existing ones. For instance, in January 2021, Sterling and Wilson Renewable Energy Ltd (SWSL) (NSE: SWSOLAR) successfully installed the 25MW solar project in Oman.

Market Analysis by Technology Types, Installation Types, Applications, and Regions:

  • The various types of technology in the market are crystalline silicon and thin films.
  • The installation types include ground mounted and rooftop.
  • The major applications include residential, commercial, and industrial.
  • The regional markets for the solar electric system include North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

  • The growing world population and the subsequent increase in demand for electricity in various commercial and residential settings are driving the market growth of solar electric systems.
  • Rapid urbanisation and industrialisation are further boosting the market growth.
  • Solar energy is the purest source of energy. Hence electricity generated from it is fuelling the expansion of the solar electric system industry.
  • A decrease in the water footprint associated with solar energy systems has propelled their demand in power generation sectors.

Key Offerings of the report:

  • The EMR report gives an overview of the global solar electric system market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecasted (2022-2027) markets for technology types, installation types, applications, and major regions of the solar electric system.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global solar electric system industry are JinkoSolar Holding Co., Ltd, Canadian Solar Inc, S.A., LONGi Solar Technology Co, Ltd, SunPower Corporation, and Trina Solar Co., Ltd., among others.  The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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