Global Solar Energy Market: Accelerated by Government Initiatives and Technological Advancements

The Business Research Company's Solar Energy Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LANDON, GREATER LANDON, UK, November 3, 2023 /EINPresswire.com/ -- The global solar energy market, valued at $101.87 billion in 2022, is projected to reach $126.82 billion in 2023, with a robust compound annual growth rate (CAGR) of 24.5%. Despite the setbacks resulting from the Russia-Ukraine conflict, including economic sanctions and supply chain disruptions, the global solar energy market is poised for significant expansion, with a projected market size of $354.99 billion by 2027, exhibiting a CAGR of 29.3%.

Market Segmentation and Key Players

• Type: Solar Cell Panel, Solar Cell Paste, Solar Silicon Wafer
• Technology: Photovoltaic Systems, Concentrated Solar Power Systems
• Panel: Mono-Crystalline, Thin Film, Poly-Crystalline
• Application: Residential, Commercial
• End Use: Electricity Generation, Lighting, Heating, Charging

Leading players such as Kaneka Corp, AccionaEnergia SA, Abengoa Solar SA, Bright Source Energy Inc., Tata Power Solar, Wuxi Suntech Power Co Ltd., Sunpower Corporation, Canadian Solar Inc., Esolar Inc., Gintech Energy Corp, Trina Solar Ltd., Solar Systems LLC, and others are at the forefront of industry innovation, driving the adoption of advanced technologies.

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Government Initiatives Driving Market Growth

The accelerated growth of the solar energy market is propelled by increasing government initiatives worldwide, characterized by subsidies and favorable regulations to encourage the adoption of renewable energy sources. These initiatives have stimulated the deployment of various solar projects globally, making renewable energy more accessible and affordable to consumers.

Bifacial Solar Cells for Enhanced Output as a Key Market Trend

A prominent trend gaining traction in the solar energy market is the development of bifacial solar cells, aimed at maximizing solar energy output. Companies and research institutions are actively engaged in the research and development of bifacial solar cells that can capture light from both the front and back surfaces, significantly improving energy conversion efficiency. A notable example includes the groundbreaking development of a new bifacial solar cell by researchers at the Australian National University, demonstrating a remarkable bifacial factor of 96.3% and an impressive effective power output of approximately 29%. The emergence of bifacial solar cells is poised to revolutionize the efficiency of solar PV projects, driving increased energy output and performance.

Regional Analysis and Market Dynamics

In 2022, Asia-Pacific emerged as the largest region in the solar energy market, reflecting robust market dynamics and promising growth opportunities. The comprehensive market analysis encompasses key regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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Solar Energy Global Market Report 2023from TBRC covers the following information:

• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Solar Energy Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on solar energy market size, solar energy industry trends anddrivers, solar energy market major players, solar energy market competitors' revenues, market positioning, and solar energy market growth across geographies. The solar energy market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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