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Solar Electric Power Generation Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast (2020-2023)

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The Business Research Company’s Solar Electric Power Generation Market covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market.

The global solar electric power generation market reached a value of nearly $33.6 billion in 2019, having grown at a compound annual growth rate (CAGR) of 9.47% since 2015, and is expected to grow at a CAGR of 11.38% to nearly $51.7 billion by 2023.

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The solar electric power generation market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific was the largest region in the solar electric power generation market in 2019.

The solar electric power generation market covered in this report is segmented by technology into photovoltaic systems, concentrated solar power systems. It is also segmented by solar module into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, others and by end-user: residential, commercial and industrial.

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Rising investments from government organizations contributed to the growth of the solar electric power generation market. The market has enhanced from increased government spending on advanced solar panel research and development. For instance, in 2018, Oxford PV, a startup photovoltaics company working with Oxford University, UK, received an investment of $3 million from the UK government to build its new technology that uses a new type of material to produce solar cells for boosting renewable energy production. Rising investments from government organizations in research and development of electricity generation through solar energy drove the market.

Major players in the market are Enel SpA, Exelon Corp., Dominion Energy, Inc, Engie S.A, Canadian Solar Inc., Sharp Corporation, STATE POWER INVESTMENT CORP. LTD, Wuxi Suntech Power Co. Ltd. and Tata Power Solar.

1) By Technology: Photovoltaic Systems; Concentrated Solar Power Systems 2) By Solar Module: Monocrystalline; Polycrystalline ; Cadmium Telluride; Amorphous Silicon Cells; Others 3) By End-User: Residential; Commercial; Industrial

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