- Environmental concerns, coupled with mounting energy consumption, are likely to drive the solar power market over the forecast period. Also, the emission of greenhouse gases will boost the market. Growing awareness regarding advantages of renewable energy is also projected to propel market sales.
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Private sponsorship to promote renewable energy, coupled with rising governmental investments, would escalate the incomes of the market. Solar power is generated by PV (photovoltaic), thermal, concentrated PV, and concentrated solar thermal power (CSP) technologies.
Due to clean energy sources and low operation & maintenance costs, solar power is gaining wide recognition. It is witnessing installation in most parts of the world. Strong economic growth, with rapid urbanization in Latin America and Asia Pacific, is also likely to improve the status of the solar power market.
Due to huge investments and several pipeline projects, CSP will emerge as the leading technology in the forecast period. It is being extensively used in Brazil, China, Canada, France, and India. Depleting fossil fuel resources would compel energy agencies and governments to focus on substitutes.
Solar energy has emerged as one of the most economical and efficient means of renewable energy. Volatile prices of fossil fuels are anticipated to steer the market in the future. Favorable governmental regulations owing to greenhouse emissions are a major driving factor of the solar power market.
Rising demand for environment-friendly sources is also estimated to positively affect the market. In terms of geographies, Europe would dominate by 2022. This region will contribute over 30% share in the market. Also, Germany is one of the major participants in utilizing solar energy to its best.
The North American solar power market is reported to undergo significant growth due to increasing energy consumption. Fiscal spendings in this region will further the global market. Depleting coal reserves, coupled with low costs of solar power systems, would also accelerate demand in the years ahead.
Solar power installations are increasing in Japan, China, and India. This is estimated to promote the Asian Pacific solar power market over the next seven years. Policies such as Jawaharlal Nehru National Solar Mission and feed-in-tariffs will have a positive influence on the region.
Information Source: Grand View Research
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