(MENAFN – GetNews) Research Nester published a report entitled “Solar Systems Market: Global Demand Analysis & Opportunity Outlook 2029” which provides a detailed overview of the global Solar Systems Market in terms of market segmentation by solar system type, device type, and device. User and by region.
Research Nester published a report, titled Solar Systems Market: Global Demand Analysis & Opportunity Outlook 2029, which provides a detailed view of the global Solar Systems Market in terms of market segmentation by solar system type, device type, end-user, and region.
Also, for the in-depth analysis, the report covers the growth indicators, restraints, the industry's supply and demand risk, as well as an in-depth discussion of the current and future market trends associated with the growth of the market.
The global market for solar modules is divided according to device types into solar modules, energy storage systems, power meters and accessories, of which the solar modules segment is due to the growing demand from end users for solar modules, especially in the residential and commercial sectors, as well as the fact that these devices are suitable for use of solar energy are of great importance. In addition, the global solar module market is expected to grow at a significant CAGR of nearly 26% in the period 2018-2027.
The number is forecast to grow at a significant CAGR over the forecast period, i.e. 2021-2029, due to factors such as the growing power generation from solar systems, the environmental benefits associated with these systems, and the low operating costs. The International Renewable Energy Agency (IRENA) stated in one of its statistics that solar energy production reached 562033 GWh in 2018, up from 33813 GWh in 2010.
‘The final report will cover the impact analysis of COVID-19 on this industry.
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Regionally, the global solar power market is divided into five main regions including North America, Europe, Asia-Pacific, Latin America, as well as the Middle East and Africa regions, of which the market in North America is expected to hold the largest market share by the end of 2029, supported by the lucrative ones Incentives for federal tax credits initiated by the US government for increased adoption of solar systems and the increased adoption of solar parks in the region.
Shift in customer preference towards environmentally friendly energy sources
One of the main sources of pollution is power generation from conventional fuels, which according to the World Bank increased 1.09 times between 2010 and 2012 and reached 3.28% of total power generation from oil wells. As a result, customer preference is shifting with government support through various lucrative incentives and regulatory support for the increasing adoption of renewable energy sources such as solar panels, which is expected to drive market growth in the years to come.
However, it is expected that the availability of inexpensive alternatives and the high dependence on fossil fuels for energy supply will decisively inhibit the growth of the global market for solar systems in the forecast period.
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This report also incorporates the existing competitive scenario of some of the major players in the global Solar Energy Market including Trina Solar Co. Ltd. company profiling. (SHA: 688599), Hanwha Solutions Co. Ltd. (Hanwha Q CELLS) (KRX: 009830), JA SOLAR Technology Co., Ltd. (SHE: 002459), General Electric (NYSE: GE), Canadian Solar Inc. (NASDAQ: CSIQ), Indosolar Limited (NSE: INDOSOLAR), Schneider Electric SE (EPA): SU), ABB Ltd. (NYSE: ABB), SunPower Corporation (NASDAQ: SPWR), and First Solar, Inc. (NASDAQ: FSLR). Profiling provides key information about the company, including business overview, products and services, key financials, and breaking news and developments. Overall, the report provides an in-depth look at the global Solar Energy Market that helps industry advisors, device manufacturers, existing players seek expansion opportunities, new players seek opportunities, and other stakeholders to align their market-driven strategies with current and anticipated trends in the future.
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