With policies that allow for global growth of renewable #energy, #solar will be able to continue its growth of market share incredibly. With the potential shift to renewable energy now speeding up, especially with the increased technology and reliability of solar, markets are developing faster than before. While environmental regulations may be strict, with high incentives as well, solar power is a market that is currently growing from legislation that is breaking down the poor activity of fossil fuels and certain other technologies.
Developing Solar Markets
The difference between existing and developing markets change the various promotions of solar power. Existing markets are more prevalent in the current promotion, while markets still on the rise are a bit behind. This is basically in relation to solar power in the residential sector with one primary focus being the storage of excess power. However, in these markets there is a struggle for enough power, making this a challenge. One very interesting fact is that about one billion people still have no access to electricity.
One consideration is the power infrastructure and its overall failure. There are still a number of blackouts for several reasons, making solar power an improved option. Solar Home Systems (SHS) is working toward innovation of the energy sector, especially in developing nations and by filling the gap in developing power markets. Acceptance of SHS relies upon factors like governments support, economics and affordability, personal cost and more. Solar power will help in reduce stress on the national power grid, also providing relief on the government during key periods.
Regional Growth of Solar Power
Considering all of this, there is the potential for the positive effect of solar power to increase its role in the market. While reduced costs of the solar power product and installation are increasing global adoption rates, the overall market is expected to continue its increase, and this is anticipated to be about 4% globally in the next ten years. Growth in most regions is expected to be in the double digits over the next five years with the potential for North East Asia and China as key players.
Wind power is planned to compete, but solar power will have the greatest advantage in the market. One reason is the improving economics of solar over the past decade. With reduced cost solar is becoming more attractive in developing markets as well as existing. With reduced costs in equipment playing a key role, it is expected that the costs of installation and service would also continue to fall significantly over the next ten years.
The most recently published report, The Global Solar Energy Market Outlook 2018-2028 offers readers a precise analysis of the solar industry market. This includes the size of the market including regional analysis, the materials market and the competitors that will exist within the market. The analysis is a detailed forecast of the trends and developments that are expected to come over the next decade that will lead to this potential 4% market increase. Included in the analysis is presentation of key players in the market along with the strengths and strategies that will be included in their roles.
Questions Answered and Factors Covered in the Report
The report on researchandmarkets.com answers several scientific and financial questions in relation to the predicted market growth of solar power over the next ten years. Some of these questions begin with the coverage of solar market evolution by country and region, current market size and annual rate of growth, trends and challenges the solar market will have to overcome, how the solar market competes with other renewable sources and opportunities that the solar energy market will face in the coming years. Some additional very important questions answered in the report include whether government incentives would continue to play a role in the solar market, the role of oil prices in the solar market, the effect of environmental regulations on the market and both value chain and component market of solar power.
With all of these questions and many additional factors covered, there is so much detail to learn based on the analysis of the solar market over the past five years. Solar power market presented by regions and countries worldwide includes the representation of major producers of solar panels and components. With details of the market structure and key players in the industry as a whole there is much to see in the economic growth of solar power in its own market as well as a benefit for other industries. With even more government incentives and environmental regulations that will add to the benefit of solar power, forecasts are predicted to rise exponentially over the next ten years and even further beyond that.