Solar power is one of the most reliable and clean energy resources and proved to be a viable alternative to fossil fuels that are currently responsible for polluting the environment and contributing to global warming. Solar power is generated through various technologies like solar PV, solar thermal, concentrated solar thermal, and concentrated PV. The basic unit of the electric technology is a photovoltaic cell, which generates electricity by exploiting the photovoltaic effect, where under certain conditions electrons flow through semiconductor materials when exposed to sunlight. The utilization of solar panels has increased across the globe as they do not lead to any kind of pollution and their installation helps in combating the harmful emission of greenhouse gases. The governments have taken several initiatives in the form of offering subsidies, financial assistance, incentive to manufacturers, power producers, and current customers, which is expected to lead to the expansion of the market. High installation and maintenance cost are the restraining factors for the market.
COVID-19 Impact Analysis
- The coronavirus's unfavorable global effects are already evident, and had a big impact on the solar power products market in 2020.
- The World Health Organization declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths globally. Exports & imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- Since the pandemic, the restriction of imports and exports has affected the solar power products market to a great extent as consumers’ consumption and demand patterns are changing amidst the pandemic.
Top Impacting Factors
In recent years, the solar power products market witnessed an enormous amount of growth. The most important factors that stimulate growth of the solar power products market include unpredictable fossil fuel prices, need for dissociation of dependence on fossil fuels, imports from areas of political volatility, and environmental concerns of a greenhouse gas emission associated with fossil fuel use. Many governments have set clean energy targets to achieve results by switching over to renewable energy such as the solar. The governments have also partnered with several nodal agencies at the central and state levels for the installation off grid PV systems. Subsidies are made available to customers to increase the installation of grid connected rooftop photovoltaic.
- Increase in Cost of Fossil Fuel Globally is A Key Driver of Market
- With increasing and unpredictable prices of the fossil fuels, the solar power products market has significant amount of growth opportunity. The market enables a cost-effective, reliable, and free-to-use source for power generation source, which proves to be an excellent alternative to traditional sources.
- Growing Awareness regarding Environmental Issues has Positive Impact on Market Growth
- With the rise in awareness about emission of greenhouse gases and their impacts on the environment, the demand and need for an alternative source of energy is at its peak. Even governments provide various incentives and packages to encourage manufacturers and consumers to shift to the renewable sources of energy such as solar and wind to bring down the emission rate. All these reasons lead to the increase in market growth rate.
- Rise in Population coupled with Urbanization and Industrialization in Developing Countries Indirectly Boosts Demand for Market
- With increasing population across the globe, the demand for power energy rises day-by-day. Dependence on the traditional fossil fuel can be unreliable because of limited quantity. A reliable and renewable source of energy is required for continuous power supply, and this is where the market for the renewable power source generation has an upper hand. Hence, the market for the solar power products is expected to grow in the coming years.
Key Benefits of Report
This study presents the analytical depiction of the solar power products industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the solar power products market share.
- The current market is quantitatively analyzed to highlight the solar power products market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed solar power products market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in Solar Power Products Market Report
- Who are the leading market players active in the solar power products market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Solar Power Products Market Report Highlights
By End Use