Solar Power Market to Hit Sales of $298.86 Billion by 2028 | Europe Imports Solar Module Worth $2 Billion From China | China Aims to Generate 1,200 GW of Solar Energy by 2030
Global solar power market was valued to be USD 184.9 billion in 2021, and it is anticipated to reach USD 298.86 billion by 2028 at a CAGR of 7.1% over the forecast period 2022–2028.
Westford, USA, Sept. 06, 2022 (GLOBE NEWSWIRE) — The increasing demand for solar power is clear to see, and the trend is only continuing to strengthen in the years to come. Solar energy has become an inexpensive and environmentally-friendly alternative to traditional energy sources, and its popularity is only growing. In fact, a recent study on solar power market by SkyQuest found that global solar power installation increased 21% in 2021 than previous year, accounting to 168 gigawatts in just one year, which takes the global total to 941.2 GW. As per our estimates the global solar power generation to surpass 3,000 GW by 2030 and 22,000Twh by 2050 and renewable energy will become the world’s largest source of electricity by 2030
This increase pushes solar energy ahead of both coal and natural gas as the largest source of new renewable electricity generation.
The continued growth of solar power market is due in part to the decreasing cost of solar panels and other associated equipment. As of August 2022, the price of rooftop solar panels has plummeted by more than 80% since 2010, making solar power more accessible to consumers around the world. In addition, policymakers in the solar power market are increasingly focusing on solar energy as a key component of the economy, response to climate change concerns, and national security objectives. As a result, there is already significant installed capacity in many countries, and the installed base is forecasted to continue growing rapidly through 2028.
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SkyQuest’s Key Findings:
- China is expected to lead all other regions in terms of installed capacity, with more than 340 GW added by August 2022, over 25% growth as per compared to previous year. In fact, China emerged the largest equipment exporter in the global solar power market despite heavy sanction laid down by India, US, and Europe. In 2021, the country exported equipment worth $3.3 billion. Our study suggests that China is aiming to reach a goal of 1,200 GW by 2030 from 635GW in 2021.
- United States another major country in the global solar power market with total installed capacity of over 97 gigawatts, a significant leap from 0.38gigawatt in 2008. Currently, the country is producing enough solar power to meet energy needs of over 18 million Americans. As per our data, 1 in 7 American homes will have installed rooftop solar panel by 2030. The country is also aiming to generate around 158 gigawatts of power by 2030 through CSP
- Europe is currently catering the energy needs of around 2.3% of the population and the Europe sola power market is aiming the solar power production capacity that can cater to over 4% of the regional population by 2030. It has also been found the EU-28 has set target of generating 672 GW through solar. In 2021, Europe imported solar module and equipment worth over $2 billion, which is a serious investment the Europe is making to generate 8GW of solar power. Moreover, over 27 countries in Europe added capacity of around 26GW in 2021 alone, a major leap from 19.3 GW in 2020.
SkyQuest has prepared a report on global solar power market. The report provides market analysis of current projects, government goal, major supplier and distributors, their key distribution area, import and export data, government spending and public spending on installing solar plants and rooftop solar panels by region and country. The report also provides major producers and their distribution network and market share by country.
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Top 10 Players in Solar Power Market are Holding more than 90% share of Solar Module Shipment, SkyQuest
Solar power is the future, and the 10 top players in the solar power industry are holding more than 90% share of solar module shipment. Wherein, LONGi Solar, Trina Solar & JA Solar are top 3 players in the global solar power market. As per our findings, these top 10 companies were responsible for shipping solar modules enough generate 160 GW of electricity. Wherein, large format modules accounted for 40% of market share. These companies have been able to maintain this lead by investing in research and development, expanding their global operations, and securing long-term contracts with leading solar power project developers. As per our SkyQuest’s findings, China is the largest producers and export of solar module, which is followed by the US and Canada. Wherein, CertainTeed, LG Solar, Q CELLS, JinkoSolar, Silfab Solar, Tesla, and Solaria are the largest producers in North America.
In 2021, LONGi Solar dominated the global solar power market by shipping over 27.3 GW of high-efficiency monocrystalline solar cells and panels, which was pegged at 20GW in 2020. It is again at least 10 MW higher than Trina Solar and JA Solar, which sold around 12.1 GW and 10.8 GW in 2020.
SkyQuest has done a through analysis of top players in the global solar power market and has prepared a report. The report would help you getting answers to several questions such as who are the major producers, their market share? what are key players by region? how strong is the distribution and supplier network of each company? what is the production capacity of each major players in the solar power market? what is the revenue generated by each company by selling solar module in local and international market?
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Major Players in Global Solar Power Market
- Waaree Group (India)
- Canadian Solar Inc. (Canada)
- Abengoa (Spain)
- BrightSource Energy, Inc. (US)
- Tata Power Solar Systems Ltd. (India)
- First Solar (US)
- Trina Solar (China)
- Yingli Solar (China)
- eSolar Inc. (US)
- SunPower Corporation (US)
- Acciona Energia S.A.(Spain)
- Urja Global Limited (India)
- Wuxi Suntech Power Co. Ltd. (China)
- Nextera Energy Sources LLC (US)
- Azure Power (India)
- Vivaan Solar (India)
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