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The global solar energy market was valued at $52.5 billion in 2018 and is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.Solar energy is the radiant energy released by the sun, which can be captured using a variety of technologies such as solar heating, photovoltaic cells, and other methods. It’s a cost-effective, clean alternative to rising greenhouse gas emissions and global warming.
Increased air emissions and government incentives and tax rebates to install solar panels are driving the development of the solar energy industry. Furthermore, the reduced water footprint of solar energy systems has fueled their demand in the power generation market. The demand for solar cells has grown significantly because of an increase in rooftop installations, followed by an increase in architectural applications. In addition, the need for parabolic troughs and solar power towers in the electricity generation sector is expected to drive up demand for concentrated solar power systems.
Based on technology, application, component, marketing channel and region, the global solar power markets are separated. The market is classified as photovoltaic and concentrated solar energy systems, depending on technology (parabolic trough, solar power tower, Fresnel reflectors and dish stirling). It is divided into monocrystalline, polycrystalline, cadmium telluride, amorphic silicone cells and other cells as per the solar module. It was classified as residential, commercial and industrial on the basis of application. The market is classified into generating, illuminating, heating and charging electricity depending on final use. Based on region-specific analysis, it is being conducted across North America and Europe (U.S., Canada, Mexico), Asia-Pacific and other regions of Europe (China, India, Japan, South Korea, Australia and Asia-Pacific), and LAMEA across the entire region of Asia and Pacific (Brazil, South Africa, Israel, and rest of LAMEA).
Emerging economies such as China and Japan have significantly increased the production of solar technologies owing to governmental tariffs and merger & acquisition of local manufacturers. Moreover, North America and Europe have largely focused on researches to maximize the solar potential. Middle East and Africa have also gained traction owing to increase in applications of solar energy for power generation, agriculture, and architecture.
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