December 9, 2023

Emerging Technologies in Solar Power Market Share on the Rise: Key Factors Driving Growth

The global Emerging Technologies in Solar Power Market is experiencing a monumental transformation, with unprecedented growth anticipated in the coming years. In 2019, the cumulative solar power installed capacity stood at a staggering 627 gigawatts (GW) worldwide. As we approach 2025, more than 125 GW of new capacity is on the horizon, driven by factors such as cost competitiveness, government support, and advancements in solar technologies.

A Solar Revolution: Global Solar Capacity Soars

The global solar energy landscape has undergone a seismic shift, with the installed solar capacity reaching an impressive 180 GW. This remarkable achievement is a testament to the synergy between falling prices and growing consumer preference for clean energy solutions. Robust government support, including extended investment tax credits, has played a pivotal role in propelling the solar power market to new heights.

Solid Government Support and Consumer Inclination Fuel Installation Surge

Governments worldwide are increasingly recognizing the importance of renewable energy sources, with solar power at the forefront of this transition. Reduced costs, subsidies, and unwavering government backing have catapulted the demand for various solar technology systems. Over the past two decades, manufacturing and installation costs have plummeted, but further reductions are needed to rival alternative energy resources fully.

High Penetration of Solar Photovoltaics Technology

The photovoltaics (PVs) market is witnessing exponential growth, with governments worldwide offering subsidies and incentives for clean energy adoption. Photovoltaic projects, often supported by power-purchase agreements (PPAs), are becoming increasingly popular, contributing to a decline in equipment costs. These PV solar power plants have an impressive lifespan of approximately 25 years, generating millions of units of clean energy.

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Asia Pacific Leads the Charge

Asia Pacific has emerged as a frontrunner in adopting emerging solar technologies, boasting a cumulative installed capacity of 330 GW. China, with a monumental 206 GW of installations, leads the region, closely followed by Japan, India, and South Korea. These countries are harnessing solar power to drive industrialization and rapid infrastructure development.

Global Competitive Landscape

The emerging technologies in solar power market is fiercely competitive, featuring numerous players offering cutting-edge solutions. Chinese companies have made significant inroads, providing cost-effective solar power solutions to both residential and industrial sectors. Key players in the global emerging technologies in solar power market include First Solar Inc., Trina Solar, JinkoSolar Holding Co., Ltd, JA Solar Co. Ltd., SunPower Corporation, SolarEdge Technologies Inc., GCL-Poly Energy Holdings Limited, Canadian Solar Inc., Yingli Green Energy Holding Co. Ltd., and Xinyi Solar Holdings Ltd.

As the world’s energy landscape evolves, solar power’s significance continues to grow. With innovative technologies, government support, and falling costs, the future looks bright for solar energy, as it accelerates the transition to a sustainable, clean energy future.

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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This press release first seen on Brilad