Allied Market Research recently published a report, titled, “Solar Energy Market by Technology (Photovoltaic Cells and Concentrated Solar Power Systems), Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), Generation (First, Second, and Third), and Application (Agriculture & Horticulture, Architecture, Transportation, and Others) – Global Opportunity Analysis & Industry Forecast, 2014–2022”. According to the report, the global solar energy market is projected to reach $422 billion by 2022, registering the CAGR of 24.2% during the forecast period.
Decrease in prices of solar module and increase in legislative and financial initiatives have boosted the growth of the global solar energy market. However, conversion efficiency of PV system technology and energy inefficiency for broad commercialization of thin film solar technologies hinder the market growth. On the contrary, research and development in solar cell technologies and solar storage systems are expected to create lucrative opportunities for the market players in the near future.
The global solar energy market report splits into technology, solar module, generation, application, and region. On the basis of technology, the report is divided into photovoltaic cells and concentrated solar power systems. The photovoltaic cells segment is expected to grow at CAGR of 23.1% through 2022. Based on solar module, the report is bifurcated into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others. The amorphous silicon cells segment is expected to register the CAGR of 28.4% during the forecast period.
On the basis of generation, the report is segmented into first, second, and third generation. The third generation segment is projected to register the CAGR of 42.7% during the forecast period. Moreover, the solar energy market in the Asia-Pacific region is expected to grow at the fastest CAGR of 24.7% during the forecast period. The other regions such as North America, Europe, and Latin America, Middle East and Africa (LAMEA) are also analyzed in the report.
The major market players that are currently leading the industry are profiled in the report. The key market players are Abengoa Solar S.A., Wuxi Suntech Power Co. Ltd., Esolar Inc., Kaneka Corp., Canadian Solar Inc., Acciona Energia S.A., Bright Source Energy Inc., Gintech Energy Corp., Sunpower Corporation, and Tata Power Solar. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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