Ever
increasing demand for electricity coupled with government policies
promoting the use of renewable source of energy can have the positive
impact on the global solar energy market. Being abundant in nature
the solar energy acts as a long-lasting and clean energy source of
energy that can prove an effective alternative to the current non
renewable sources such as coal, oil and gas.
Today,
the solar energy emitted from the sun can be harnessed using the
technologies such as solar photovoltaics, solar heating, solar
thermal electricity and artificial photosynthesis. Government support
in the form of tax benefits and subsidies can further lead to the
growth of the solar energy market in the near future. The growth of
the solar industry especially in the developing economies such as
China and India has opened new avenues for the solar energy market.
Rapid industrialization coupled with lack of fossil fuel reserves
(Oil and Gas) in countries such as India and Japan can create a surge
in the demand for the solar energy harnessing devices in these
countries.
The
solar energy market can be segmented on the basis of technology used
for the purpose of capturing and harnessing the solar energy,
applications, end user industry and geography. Solar energy can be
harnessed using the technologies such as solar photovoltaics, solar
heating, solar thermal electricity and artificial photosynthesis. The
solar radiations emitted from the sun can be captured by using either
active or passive solar technologies. An active solar technology
makes the use of solar panels and solar thermal collectors to collect
the infra red radiations emitted by the sun. The passive solar
technology captures solar radiations by using a material with
favorable light dispersing properties. Solar energy harnessed from
the sun can be used for the purpose of space heating, water heating,
cooking, water treatment and producing electricity. Today the solar
energy can be used in the residential, commercial and industrial
sectors.
As
electricity production is the foremost application of the solar
energy therefore, the regional segmentation of the solar energy
market can be done by identifying the major countries involved in the
production of electricity using the solar energy. Major countries
include the United States and Canada in North America; China, India,
Taiwan, Japan, Thailand, South Korea and Australia in Asia Pacific;
Germany, Spain, Italy, Czech Republic and France in Europe; Rest of
the World includes the countries from Middle East and Africa (MEA)
and the Latin America.
Rapid
industrialization, stringent government regulations towards the use
of environment polluting fuels, government incentives in the form of
tax benefits and subsidies and effective utilization of barren land
for the purpose of installation of utility scale solar power projects
are the major driver to the solar energy market. Advancement in the
solar cell technologies enabling higher solar to electric conversion
efficiencies is another factor that has positively affected the solar
energy market. Economic meltdown in the European countries leading to
government decisions toward reducing the subsidies is one of the
major restraints to the solar energy market. Untapped equatorial
regions in Africa and Latin America can act as the opportunities for
the new and existing companies in the solar energy market.
Some
of the key players in the solar energy market include companies such
as Yingli Solar, First Solar, Inc., Suntech Power Holdings Co., Ltd.,
Trina Solar Limited and Sharp Corporation.
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