Solar Farm Market projected to reach $261.0 billion by 2027.
According to a new report published by Allied Market
Research, titled “Solar Farm Market by Type, End-user Industry,
and Region: Opportunity Analysis and Industry Forecast, 2020–2027,”
The global solar farm market was valued at $61.4 billion in 2019, and is
projected to reach $261.0 billion by 2027, registering a CAGR of 19.8% from
2020 to 2027.
The growth of the global solar farm market growth is
driven by adoption of renewable electricity generation methods along with focus
on carbon emission reduction. In addition, rise in concern from governments
across the globe on increased global warming issues is expected to augment the
demand for solar farms. Governments across different countries are offering new
rebate and incentive schemes on installation of solar farms. Such tax incentive
programs are expected to encourage commercial as well as industrial end users
to install solar farms, thereby contributing toward the growth of the global
market.
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The global solar farm market analysis is done based on
type, end-user industry, and region. On the basis of type, the market is
divided into utility-scale, distributed generation, microgrids, and others. The
utility-scale segment was the highest contributor in the market. The
power generated is bought to utility consumers by power purchase agreement
(PPA) or often the farm can be owned by the utility. Utility businesses can
then distribute the power to business or residential clients that are related
to their utility grid. Surge in investments in grid expansion and integration
of technologies such as UV storage are expected to drive the growth of the
market.
By end-user
industry, the solar farm market trends are studied across Residential,
Commercial and Industrial. The commercial segment was the highest contributor
to the market, and is estimated to grow at a CAGR of 20.3% during the forecast
period. Rise in construction activities around the world and increase in
urbanization have led to shortage of electricity supply. The use of solar
energy by commercial buildings such as offices, malls, and airports help reduce
the load on traditional fossil fuel power plants and further decreases the
carbon footprint. With growing use of solar photovoltaics, the use of solar
farm is expected to rise to generate electricity in an efficient way, owing to
surge in use of solar photovoltaics.
Region wise, the
solar farm market size is segmented into North America, Europe, Asia-Pacific,
and LAMEA. Asia-Pacific was the highest revenue contributor, and is estimated
to grow with a CAGR of 19.5%. The growth of the Asia-Pacific solar PV farm
market is driven by increase in government initiatives, such as Akshay Urja,
which involves electrification of rural areas. These initiatives are expected
to increase the demand for PV energy, as governments would distribute solar
lightning systems in rural areas, thereby contributing toward the growth of the
market.
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The key players
operating in the global solar farm industry are Trina Solar, Sharp Corporation,
TATA Power Solar Systems Ltd. , First Solar, Inc., BrightSource Energy, Inc.,
Shenzhen Topray Solar Co., Ltd., and JA Solar Holdings Co. Ltd.
Impact of COVID-19 on global solar farm market :
The outbreak of
COVID-19 has led to shortage of manpower in solar industry and loss of components
& gadgets. It is expected that social distancing will be followed for a
couple of months, and public transport, particularly trains and buses will take
time to resume their operations. This has led to disruption of supply chain of
solar industry, due to the lockdown implemented by the governments.
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Key Findings of The Study:
- The
distributed generation segment is estimated to grow at a CAGR of 20.3%
during the solar farm market forecast period.
- The
commercial segment is expected to register a CAG:R of 20.3% in the near
future.
- Europe
is anticipated to reach a CAGR of 21.1%. The U.S. and Mexico collectively
accounted for around 91.2% solar farm market share in 2019, with the
former constituting around 49.8% share.
About us:
Allied Market Research (AMR) is a full-service market
research and business-consulting wing of Allied Analytics LLP based in
Portland, Oregon. Allied Market Research provides global enterprises as well as
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targeted view to provide business insights and consulting to assist its clients
to make strategic business decisions and achieve sustainable growth in their
respective market domain.
We are in professional corporate relations with various
companies and this helps us in digging out market data that helps us generate accurate
research data tables and confirms utmost accuracy in our market forecasting.
Each and every data presented in the reports published by us is extracted
through primary interviews with top officials from leading companies of domain
concerned. Our secondary data procurement methodology includes deep online and
offline research and discussion with knowledgeable professionals and analysts
in the industry.
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