Global Solar Energy Market: Expected to Reach USD 430.2 billion by 2024

Asia Pacific (APAC) Solar Energy Market Outlook 2024: Global Opportunity And Demand Analysis, Market Forecast, 2016-2024, Solar energy is induction from sun in the form of solar emission that is extracted from various technologies. Solar energy is used for many purposes such as cooking, heating buildings and generating electricity. Solar energy is also called heat trapper as it is automatic heat chaser which is also non mechanical. Solar panel, solar heater and solar cooker are some of the devices of solar energy.

Largest region in solar energy market is Asia Pacific. Asia Pacific has dominated the global solar energy market by around 35% market share in 2016.China is the biggest contributing country in Asia Pacific. China has dominated the market with more than 11.09 GW installations due to increase in non prevalent energy prices. Following China, Japan is the second contributing country in Asia Pacific solar energy market.

In former days, worlds biggest power plant was set up in India named Kamuthi solar park in Kamuthi, Tamil Nadu owned by Adani Power in order to provide electricity to population residing nearby and several other facilities. The solar park is set up in 2,500 acre land.

Major factor that drives Asia Pacific Solar energy market is that government is taking initiatives to promote renewable energy sources. Recently Asia Development Bank has invested USD 110 million to encourage solar power developer in private sectors. However, economic slowdown in various countries of Asia Pacific is the major restraint that can curtail the growth of Asia Pacific solar energy market.

Asia Pacific (APAC) Solar Energy Market Key Players:- Age Power Solution, Synopsis, Business Strategy, Product Portfolio, SWOT Analysis, Canadian Solar, First Solar, Huawei Technologies, JA Solar, Kyocera, Omron Corporation, Power-One Micro System Pvt. Ltd., SMA, Sungrow Power Supply Co. Ltd, Tabuchi Electric Co. Ltd, Tmeic, Trina Solar, Xiamen Kehua Hengsheng Co. Ltd, Yingli Sola,.Scope Background,Market Synopsis,Market Segmentation.

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The Asia Pacific (APAC) Solar Energy Market is segmented as follows:

  • By Asia Pacific (APAC) Solar Energy Types (Market Size, Demand Analysis and Growth Analysis)
  • By Product Types (Market Size, Demand Analysis and Growth Analysis)
  • By End-User (Market Size, Demand Analysis and Growth Analysis)

Global solar energy market is expected to reach USD 430.2 billion by 2024 from USD 95.2 billion in 2016 at a CAGR of 25.01% over the forecast period in which Asia Pacific solar energy market has acquired 35% share of global solar energy market. Market value of Asia Pacific solar energy market is USD 33.33 billion in 2016 and is anticipated to reach at USD 150.5 billion by 2024 at a CAGR of 15.8% over the forecast period.

On the basis of solar module, monocrystalline silicon cell has dominated the segment because of use of solar module in residential applications. Monocrystalline silicon cell dominated the solar energy market with 40% share till 2016. Monocrystalline silicon cell has the market value of USD 13.33 billion in 2016 and is expected to reach at a value of USD 60.2 billion by 2024..

 Asia Pacific (APAC) Solar Energy Market Based on Geography

  • North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis}
  • Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis}
  • Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis}
  • Asia-Pacific (China, India, Singapore, Japan, Hong-Kong, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market Size, Growth Analysis and Opportunity Analysis}
  • Middle East and North Africa (MENA) {Market Size, Growth Analysis and Opportunity Analysis}
  • Rest of World {Market Size, Growth Analysis and Opportunity Analysis}

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Growth Drivers & Challenges

Transforming healthcare system such as hospitals/clinics integrating IT with operations, in-country manufacturing, increasing options for micro-insurance, improvisation of care delivery, more solutions for providing POC healthcare, increasing focus on home diagnostics are driving the African healthcare market. Socio political movements associated with decreasing Africas dependence on foreign aid is gaining traction and efforts of regulatory harmonization across Africa tend to brighten up the African healthcare industry.

Challenging factors based on health workforce, medical products, vaccines and technologies, information, financing, and services delivery hinders the African healthcare system. Additionally, continuous confrontation by communicable and non-communicable diseases weakens the health system across the Africa.

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