Solar park market set to reach $ 261.0 billion worldwide at 19.8% CAGR by 2027: Allied Market Research
PORTLAND, Ore., March 8, 2021 / PRNewswire / – Allied Market Research released a report titled “Solar Farming Market by Type (utility scale, distributed generation, microgrids, and others) and consumer industries (residential, commercial, and industrial): Global Opportunity Analysis and Industry Forecast, 2020-2027.” According to the report generated the global solar park industry $ 61.4 billion in 2019 and is estimated to generate $ 261.0 billion by 2027 with a CAGR of 19.8% from 2020 to 2027.
Main determinants of growth
Supporting government regulations for the use of photovoltaic technology determine the global market for solar parks. However, high installation costs hamper market growth. In contrast, the increasing demand for renewable energies offers new opportunities in the years to come.
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- The production activities for solar parks were discontinued due to the lockdown imposed in many countries. In addition, there was a shortage of raw materials.
- China is the world’s largest supplier of solar modules. The cessation of manufacturing activity in the country had an impact on the global market, particularly in the United States and the United States South East Asia.
- Due to the economic uncertainty due to an ongoing pandemic, some solar park projects have been postponed or canceled.
The supply-scale segment to maintain its leading position throughout the forecast period
Depending on the type, the utility segment contributed around half of the global solar park market in 2019 and is expected to maintain its leading position over the forecast period. This is due to increased investments in network expansion and integration technologies such as storage and UV connectivity. For the decentralized generation segment, however, the highest CAGR of 20.3% is forecast from 2020 to 2027.
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The commercial segment is expected to maintain its leadership status through 2027
Based on the end-use industry, the commercial segment had the highest market share in 2019 with around three-fifths of the global solar power plant market in 2019 and is expected to maintain its leadership status through 2027. In addition, this segment has the highest CAGR of 20.3% forecast from 2020 to 2027. This is due to the growth of economies around the world, increasing urbanization and the adoption of solar energy by commercial buildings like offices, shopping malls, airports and others to help reduce the CAGR carbon footprint. The research also analyzes the industrial segment.
Asia Pacific, followed by North Americato maintain its dominant position until 2027
Based on the region, Asia Pacific, followed by North AmericaThe company had the largest market share in 2019 and contributed more than two-thirds to the global solar park market. It is expected to maintain its dominant position in terms of revenue through 2027. This is due to the increase in government initiatives to reduce the demand for PV power and distribution of solar lighting systems in rural areas. However, Europe is expected to grow at the fastest CAGR of 21.1% from 2020 to 2027, reflecting increasing solar energy production, the increase in construction activity leading to the installation of BIPV systems for power generation, and the implementation of stringent environmental regulations to reduce CO2 Emissions.
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Leading market players
- Trina Solar
- Sharp Corporation
- TATA Power Solar Systems Ltd.
- First Solar, Inc.
- BrightSource Energy, Inc.
- Shenzhen Topray Solar Co. Ltd.
- JA Solar Holdings Co. GmbH.
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