Solar Power Market Overview, Trends and Future Outlook Report, 2020

Posted by Marsh William on April 25th, 2019

Government policies and regulations are the major key drivers of Solar Power Market because of government subsidies global solar power market has grown between 25 to 30 percent.

Solar power has been segmented on the basis of application they are solar PV systems, concentrated solar power (CSP) and heating and cooling systems.  The CAGR of solar PV market are approximately 18.30 % from 2014 to 2020 and the CAGR of concentrated solar power are approximately 19.4 % from 2014 to 2020.

Installation cost of solar power is so high and the maintenance cost is low. Because of sustainable power generation, solar power has become the competitive market so that the solar power tariff prices, as well as PV module prices, are also declining. The leading international solar PV markets are China, Japan, USA, Germany, and India.

Reliability, sustainability, and affordability in solar power have attracted residential customers, commercial consumers, and government buildings because of the incentives are given by the government bodies. The solar utility market has been the significant emerging segment in the recent years and it offers cost effective land, labor, and material which make affordable to the consumers. Forecasting the overall demand and supply of solar power will help us to generate and balance the required power. Solar power is the cheapest power than compared to any other power generation.

Solar power is having a high scale of opportunities in the service sector for solar panel cleaning, investing in solar distribution, financing and consulting, solar panel repairs, solar solutions, and solar energy auditing. Net metering, smart grids and Clean energy corridor missions are mainly to enhance the renewable energy power generation.

Installing large economies of scale solar park may reduce the price of solar power. Rooftop solar power is generated majorly for home consumption. The efficiency of solar power panels are less than 14 % and it is also based on the total irradiation of solar. If the irradiation of solar is more than 300days then the efficiency of the panel may differ. Higher the efficiency of solar PV panels, by the less surface area in power plants. Solar energy markets are reducing the co2 emission level by the renewable purchase obligation given to the industries. The obligated entities have to generate their own renewable energy. Depending on the emerging market solar power is anticipated to reach between 396 to 540 GW globally.

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