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Solar Energy Market Set to Reach USD 200 billion by 2026

according to the report, The global solar energy market in 2019 was above USD 50 billion. The market is expected to grow around a CAGR of 20% and is anticipated to reach over USD 200 billion by 2026.

A radiant energy generated by the sun is solar energy, harnessed by the use of various technologies such as photovoltaic cells, solar heating, solar architecture, solar thermal energy and others. It is an effective source of unconventional energy and a convenient sustainable solution for rising greenhouse and global warming emissions. Solar energy is used for the production of the solar electricity. Solar energy is used in the number of ways such as heating water and cooking, to generate electricity, etc. The traditional solar cells are manufactured from silicon while second generation solar cells are made from amorphous silicon which are also called as thin-film solar cell.

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Solar energy is a radiant energy produced by the sun, harnessed by the use of various technologies, such as solar architecture, solar thermal energy photovoltaic cells, solar heating, and others. This is an important source of renewable energy and a simple, sustainable solution for rising emission of greenhouse and global warming. It is widely used to heat buildings, water, cooking and in the production of electricity.

The solar energy market is segmented based on technology, solar module, application, end-use and region. On the basis of technology segmentation, the market is classified into photovoltaic systems, concentrated solar power system. By solar module segmentation, the market is divided into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, others. By application, the market is separated into residential, commercial, and industrial. And On the basis of end-use, the market is bifurcated into electricity generation, lighting, heating, and charging.

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Some of the essential players operating in the solar energy market, but not restricted to include Trina Solar Limited, Sharp Corporation, Yingli Solar, Wuxi Suntech Power Co. Ltd., Bright source Energy Inc., Esolar Inc., Gintech Energy Corp., Abengoa Solar S.A., Acciona Energia S.A., Kaneka Corp., Sunpower Corporation, Canadian Solar Inc., Tata Power Solar, Verengo Inc, RGS Energy, JA Solar, ReneSola, and others.

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