The new report by Expert Market Research titled, ‘Global Solar Electric System Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global solar electric system market, assessing the market based on its segments like technology types, installation types, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
- Forecast CAGR (2022-2027): 90%
The growing demand for clean energy sources due to the rising awareness regarding environmental degradation is propelling the market growth. The increasing greenhouse emissions from conventional sources of electricity is surging the demand for solar electric systems, hence driving the market growth. In addition, solar energy is a renewable form of energy that is rapidly gaining attention owing to depleting fossil reserves such as coal and petroleum. This, in turn, is augmenting the market growth of solar electric system. The market growth can further be associated with the growing demand for electricity from the commercial, residential, and public sectors, which is further pushing the demand for sustainable means of energy.
Industry Definition and Segmentation
Solar electric systems refer to ground-mounted or rooftop setups that generate electricity by utilising solar energy. A typical solar electric system includes technologies like crystalline silicon and thin films.
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Based on technology type, the market can be divided into:
- Crystalline Silicon
- Thin Films
On the basis of installation type, the market can be classified into:
- Ground Mounted
- Rooftop
The market, based on application, can be segmented into:
- Residential
- Commercial
- Industrial
The regional markets for the product include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The growth of the market can be associated with the introduction of various favourable government initiatives to boost the adoption of solar panels in several commercial residential, and public constructions. Governing agencies of many developed and developing countries are undertaking measures to promote the adoption of solar power, such as subsidies, low installation costs, and other benefits. Thus, the growing installation of solar electric systems in old and new constructions is propelling the growth of the market. Furthermore, owing to the rising awareness regarding the importance of clean energy, many new residential, commercial, and industrial constructions are increasingly adopting solar electric systems. Such systems offer cost-effectiveness and reliability, thereby further augmenting the market growth.
Key Market Players
The major players in the market 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 report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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