Solar power is the conversion of sunlight into electricity, either directly using photovoltaics (PV), or indirectly using concentrated solar power (CSP). Solar PV is rapidly becoming an inexpensive, low-carbon technology to generate electricity. Concentrated solar power systems use lenses or mirrors and tracking systems to focus a large area of sunlight into a small beam. The concentrated light is then used as a heat source for a conventional power plant. Solar power is a renewable resource and can be used to generate electricity, heat water, and provide other energy services.
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Key Drivers
There are numerous key drivers of the solar power market.
Firstly, solar power is a renewable energy source, which means that it is not subject to the same price fluctuations as fossil fuels. This makes it an attractive option for power companies and consumers alike.
Secondly, solar power is becoming increasingly cost-effective as technology improves and economies of scale are achieved. This is making it a more viable option for power companies looking to diversify their energy mix and for consumers looking to reduce their energy bills.
Thirdly, solar power has a number of environmental benefits, including the fact that it does not produce harmful emissions. This is becoming increasingly important as the world looks to tackle climate change.
Finally, solar power is a versatile energy source that can be used for a variety of applications, from powering homes and businesses to providing power for electric vehicles.
Market Segments
The Solar Power Market is segmented on the basis of equipment, application, and region. By equipment, the market is categorized into solar panels, mounting, racking & tracking system, storage system, and others. On the basis of application, it is categorized into residential, nonresidential, and utility. Region-wise, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
Key Players
The Solar Power Market report includes players such as ABB Group, Canadian Solar, First Solar Inc., Hanwha Q CELLS, JA Solar, JinkoSolar, LONGi Solar, Shunfeng International, SunPower Corporation, and Trina Solar.
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