Solar Power Market | Exactitude Consultancy Reports

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Solar Power Market Overview
The global Solar Power Market size is projected to reach USD 377.04 billion by 2029, at a CAGR of 7.0% during the forecast period.

Solar power is the process of conversion of energy from sunlight into electricity by directly using photovoltaics (PV) or indirectly using concentrated solar power. The photovoltaic effect is used by photovoltaic cells to convert light into an electric current. A huge region of sunlight is focused to a hot spot using concentrated solar power systems, which are frequently used to power a steam turbine.

In recent years, the generation of electricity has been powerfully impacted by the growing population in emerging countries. Power generation from renewable sources is increasing at a healthy rate and is thought to be the greatest practical replacement for conventional power sources like oil and coal products with the growth in carbon reduction.
Segment Analysis
The global solar power market is segmented into of technology, application, solar module and region.

Based on technology, the market is divided into solar photovoltaic systems the photovoltaic (PV) systems category and concentrated solar power systems. The photovoltaic (PV) systems category, with a market with a market share of over 70%, dominated the global solar power market. Due to the huge market demand for solar systems, the size of photovoltaic systems can range widely, from small rooftop or portable systems to massive utility-scale production plants. During the projected period, the concentrated solar power systems segment will be the most opportunistic. This market sector is expanding at the fastest rate in the solar power industry due to the enormous increase in solar energy demand.

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