The incessant rise of environmental pollutants has voiced concern to conserve the environment. To this end, governments around the world are providing hefty incentives and tax refunds for the installation of solar panels. Such factors have influenced the growth of the solar industry. Solar energy systems are capable of reducing the water footprint which has surged their demand in power generation sectors. Nonetheless, solar energy systems have paved pathways to the architectural industry, backed by the accelerated demand for rooftop installations and solar cells. Over the forecast timeline, government mandates to promote renewable energy installation coupled with several investment tax credits, capital subsidies, and policies are projected to unlock new avenues for the global solar energy system market.
Significant Cost Reductions in Solar Photovoltaic Technology to Create a Substantial Business Opportunity
Over the recent past, solar photovoltaic (PV) businesses are able to curb overall costs through economies of scale. Excessive production and ascending demand for solar PV systems have resulted in such a deceleration of prices of installation. This, in turn, has increased the worldwide demand for solar PV systems. In addition, various favourable government policies and incentives to accomplish specific capacity goals are further fuelling its adoption at a larger scale. Taking notes from such trends, key players in the market are engaging in strategic partnerships and collaborations to support open innovation. It'd be worthwhile to watch that consistent reduction of costs in the technology domain would spearhead tremendous growth across the solar energy system market.
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Breakthrough PV Projects Underway Backed by Strong Government Support to Unfold New Dynamics for Solar Energy System Market
There are currently various important PV projects in the planning or under-construction phases. Numerous government support programs are encouraging players to uptake solar energy systems underpinned by their capability of curbing water footprint and eco-friendly quotient. To ensure sustainable development, governments are facilitating solar panels installation by providing allowances and tax benefits to consumers for supplying the national power grid with private solar energy. Against this backdrop, the demand for solar energy system installation has risen at a record pace. Furthermore, ascending demand for solar power towers and parabolic troughs in generating electricity is further building the momentum for solar energy systems. Such robust demand, government incentives, and major PV projects underway are likely to create new growth prospects for the global market.
Asia Pacific to Reign Supreme with Growing Electricity Demand & Skyrocketing Installations of Solar Panels
Greater demand for electricity and higher standards of living have positioned Asia Pacific at the forefront of the global solar energy system market. The regional market is further propelled by adequate solar irradiation and solar power system installations. Emerging economies in the Asia Pacific such as China, and India have substantial solar power plants installed to substantiate the growing need for power and electricity generation. Governments in these regions have set high ambitions for power generation, resulting in significant advancements in the solar energy domain.
Key Market Players
Some of the most competitive players consolidating stronghold positions in the global solar energy system market include Acciona S.A., Abengoa SE, Canadian Solar, Inc., United Renewable Energy Co. Ltd., Esolar, Inc., Sunpower Corporation, Kaneka Corporation, Ltd., Tata Power Solar Systems Ltd., Wuxi Suntech Power Co., and Brightsource Energy, Inc.
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