Energy & Environment Industry Today

Industrial Solar Power Generation Systems Global Market Demand, Growth, Opportunities, Top Key Players and Forecast to 2024

WiseGuyRerports.com Presents “Global Industrial Solar Power Generation Systems Market 2019 by Company, Regions, Type and Application, Forecast to 2024” New Document to its Studies Database
Published 13 November 2019

Solar energy is emitted from the sun and is harnessed using solar heating and other such technologies. The global industrial solar power generation systems market was valued at $86 billion in 2015 and is expected to go up to $422 billion by 2024, at a CAGR of 24%. Solar energy is the most efficient form of unconventional energy that can be used in industries. Growing greenhouse emissions and global warming have increased the need for adopting renewable solutions like solar power. 

Increasing pollution, stringent government norms for adopting environment-friendly industry systems, and availability of incentives for installing solar panels have been put in place. Further, the use of industrial solar power generation systems reduces water footprint, which contributors to the industrial solar power generation systems market. Parabolic troughs and solar power towers generate electricity to industrial machinery, which drives the market growth. The changing climate has motivated innovations to reduce the use of non-renewable energy sources. This awareness has also increased government subsidies and other contributions to the development of advanced technology. 

The market growth can be hindered due to factors like reliability, adoption cost, and different climatic conditions in snowfall- and rainfall-prone regions.

Major Key Players

KYOCERA
Blue Oak Energy
Amplus Solar
SMA Solar Technology
Schneider Electric
ABB
Hitachi
Chint Group
Sunrun
Vivint Solar
Suniva

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Segmentation

The global industrial solar power generation system market can be segmented by technology and solar module. By technology, the market can be divided into photovoltaic cells and concentrated solar power systems (CSP). Photovoltaic cells have been used the most in the industrial solar power generation system since they are the fastest way of converting light energy into electricity.

The primary solar modules include monocrystalline silicon cells, amorphous silicon cells, polycrystalline silicon cells, and cadmium telluride silicon cells. Of these, monocrystalline silicon cells contribute the most to market demand since they are used in almost all modern electronic equipment. Amorphous silicon cells are expected to see a growth in demand primarily due to increased installations and utilization of solar panels. 

Regional Analysis

Geographically, the market can be categorized into North America, Europe, and the Asia Pacific. North America is the highest consumer of industrial solar power generation systems, owing to the presence of major industries, better environmental awareness, and government regulations for adopting solar power systems. Europe has seen an increased demand for solar power in recent years.

The Asia Pacific is an emerging market for industrial solar power generation systems, and this upward trend is predicted to continue. Growing industrialization, the use of advanced technology in industrial systems, and better availability of funds drive the market demand in the region.

Industry News

Technologically advanced product launches is a primary strategy adopted by market players to get an advantage over the competition. Rising government contribution for research of innovative solar panels drives the industrial solar power generation system market. 

For instance, in 2018, the UK government granted a capital fund of $3 million to Oxford PV for developing new technology that will boost the adoption of renewable energy production. This technology was commercialized, which contributed to the industrial solar power generation system market growth.  

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Table Of Content:     

1 Market Overview
2 Manufacturers Profiles
3 Global Market Competition, by Players
4 Global Market Size by Regions
5 North America Revenue by Countries
6 Europe Revenue by Countries
7 Asia-Pacific Revenue by Countries
8 South America Revenue by Countries
9 Middle East and Africa Revenue by Countries
10 Global Market Segment by Type
11 Global Market Segment by Application
12 Global Market Size Forecast (2019-2024)
 

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