The advancements in photovoltaic technology in recent years have boded well for the global solar power market. Growing awareness of the adverse effects of pollution and minimizing greenhouse gases have contributed to the demand for solar power across the world. Furthermore, increasing efforts towards ensuring optimum solar energy consumption will aid the growth of the global solar power market in the forthcoming years. The increasing investment in the development of solar power and related energy generation devices from private as well as government organizations has contributed to the growth of the global market.
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The global solar power market will derive growth from the increasing awareness regarding conservation of conventional energy sources and reducing environmental pollution. According to a report published by Fortune Business Insights, titled “Solar Power: Global Market Analysis, Insights and Forecast, 2019-2026,” the market estimated to be at 680.22 GW in 2019. Fortune Business Insights has predicted that the market will reach 4766.82 GW by 2026, thereby exhibiting a CAGR of 30.7%.
New Devices That Can Harness Solar Energy at Night Will Enable Market Growth
The awareness towards climate change and several initiatives taken to minimize the consumption of non-renewable energy sources have created the need for efficient solar energy harnessing devices. As a result of climate change, governments across the world have made active participation in the form of investment as well as subsidies. As a result of the outcry for environmental preservations, companies have capitalized by introducing newer products and concepts that will aid in harnessing solar energy efficiently. Recently, scientists have introduced a new concept for the operation of solar panels, wherein the device will be able to generate electricity from the energy at night. Fortune Business Insights has identified this as a breakthrough concept and it has predicted that such innovations will aid the growth of the global solar power market in the forthcoming years.
Oxford PV Bags $ 3 Mn Investments; Company’s Upcoming Product Will Help Market Gain Momentum
The global solar power market has benefited from the increasing investment by government organizations towards research and development of innovative solar panels. In 2018, Oxford PV received a $ 3Mn investment from the UK government for the development of its new technology that is indicated to boost the adoption of renewable energy production. Oxford PV is working in tandem with the Oxford University to polish this concept. The commercialization of Oxford’s latest technology is likely to aid the growth of the global solar power market. The report encompasses several new concepts similar to Oxford PV’s latest technology and gauges the impact of the technologies on the global market.
Besides product launches and innovations, the report focuses on several aspects such as market entrants, investors, and mergers and acquisitions. The report provides information on key market segments based on various parameters such as technology, application, and regional demographics.
Top Players Overview:
- Abengoa Solar S.A
- Wuxi Suntech Power Co., Ltd.
- Bright Energy Storage Technologies
- Gintech Energy Corp.
- Kaneka North America
- SunPower Corporation
- Canadian Solar Inc.
- Tata Power Solar Systems Limited
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