Solar power is conversion of sun“s energy into electricity or thermal form. Conversion of sun“s energy is done either by photovoltaic cells or by concentrated panels. It is a long-term and abundant source of clean energy and if properly utilized it can overcome worlds electricity needs.
Major factors driving growth of global solar power market are increasing energy consumption and rising environmental concerns such as greenhouse gas emission and global warming. In addition, increasing awareness among consumers regarding benefits of renewable energy is further driving the growth of global solar power market. Increasing adoption due to government initiatives and subsidiaries along with private sponsorship is another factor fueling growth of the global solar power market, and this trend is expected to grow during the forecast period. Recent trend seen in the market is increasing adoption of solar power for traffic signals, solar operated street lights, solar powered transportations services, etc.
High installation cost and comparative low production capacity are primary factors hampering growth of the global solar power market. In addition, weather condition especially during monsoons is hindering the acceptance of solar power systems.
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The global solar power market report has been segmented on the basis of technology, application, and region.
Europe is expected to emerge as leading market during the forecast period owing to increasing government initiative towards renewable source of energy and is expected to account for more than XX.X% of the overall market. The market in North America is expected to witness considerable growth owing to rising investments and increasing energy consumption in this region. Among other markets, Asia Pacific is projected to witness significant growth in terms of revenue during the forecast period owing to increasing installation of solar power plants.
Key players in solar power market are XL Energy, Centrosolar Inc., Emmvee Solar Systems, ENN Solar, Mitsubishi Solar Inc., JinkoSolar, Tata Power Solar, Tebian Electricity, Solsonica, SunEdison Inc., and other prominent players.
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