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Solar Farm Market to Reach $261.0 Bn, Globally, by 2027 at 19.8% CAGR: Allied Market Research

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Allied Market Research

08 Mar, 2021, 13:00 GMT

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- Supportive government regulations for usage of photovoltaic technology drive the global solar farm market

PORTLAND, Ore., March 8, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Solar Farm Market by Type (Utility-scale, Distributed Generation, Microgrids, and Others) and End User Industry (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global solar farm industry generated $61.4 billion in 2019, and is estimated to generate $261.0 billion by 2027, witnessing a CAGR of 19.8% from 2020 to 2027.

Prime determinants of growth

Supportive government regulations for usage of photovoltaic technology drive the global solar farm market. However, high cost associated with installation hinders the market growth. Contrarily, increase in demand for renewable energy presents new opportunities in the coming years.

Download Sample PDF (284 Pages PDF with Insights): https://www.alliedmarketresearch.com/request-sample/10607

Covid-19 Scenario

  • Manufacturing activities for solar farms have been stopped due to the lockdown imposed in many countries. In addition, raw material shortage has occurred.
  • China is the major supplier of solar panels across the world and the stoppage of production activity in the country impacted the global market, especially the U.S and South-East Asia.
  • Owing to economic uncertainty caused because of prolonged pandemic, some solar farm projects have been postponed or canceled.

The utility-scale segment to maintain its lead position throughout the forecast period

Based on type, the utility-scale segment contributed to around half of the global solar farm market in 2019, and is expected to maintain its lead position throughout the forecast period. This is due to surge in investments in grid expansion and integration technologies such as storage and UV connectivity. However, the distributed generation segment is projected to witness the highest CAGR of 20.3% from 2020 to 2027.

Get detailed COVID-19 impact analysis on the Solar Farm Market: https://www.alliedmarketresearch.com/request-for-customization/10607?reqfor=covid

The commercial segment to maintain its leadership status by 2027

Based on end-use industry, the commercial segment held the highest market share in 2019, accounting for around three-fifths of the global solar power plant market in 2019, and is expected to maintain its leadership status by 2027. Moreover, this segment is projected to portray the fastest CAGR of 20.3% from 2020 to 2027. This is due to increase in economies around the world, rise in urbanization, and adoption of solar energy by commercial buildings such as offices, malls, airports, and others to decrease the carbon footprint. The research also analyzes the industrial segment.

Asia-Pacific, followed by North America, to maintain its dominant position by 2027

Based on region, Asia-Pacific, followed by North America, accounted for the largest market share in 2019, contributing to more than two-thirds of the global solar farm market, and is expected to maintain its dominant position in terms of revenue by 2027. This is due to increase in government initiatives that raise the demand for PV energy and distribution of solar lighting systems in rural areas. However, Europe is expected to grow at the fastest CAGR of 21.1% from 2020 to 2027, owing to rise in production of solar energy, increase in construction activities that led to installation of BIPV systems to generate electricity, and implementation of stringent environmental regulations to reduce carbon emission.

Schedule a FREE Consultation Call with Our Analysts/Industry Experts to Find Solution for Your Business @ https://www.alliedmarketresearch.com/connect-to-analyst/10607

Leading market players

  • Trina Solar
  • Sharp Corporation
  • TATA Power Solar Systems Ltd.
  • First Solar, Inc.
  • BrightSource Energy, Inc.
  • Shenzhen Topray Solar Co. Ltd.
  • JA Solar Holdings Co. Ltd.

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying:

https://www.alliedmarketresearch.com/avenue/trial/starter

Similar Reports We Have: 

Solar Energy Market is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.

Photovoltaic Market is projected to reach $333,725.1 million by 2026, growing at a CAGR of 25.1% from 2019 to 2026.

Concentrated Solar Power Market is projected to reach $ 8,046.7 million by 2026, growing at a CAGR of 10.3% from 2019 to 2026.

Solar Photovoltaic Glass Market is projected to reach $37.6 billion by 2026, growing at a CAGR of 30.3% from 2019 to 2026.

Solar Tracker Installation Market is projected to reach $379.2 billion by 2026, growing at a CAGR of 11.1% from 2019 to 2026.

Solar Photovoltaic (PV) Panels Market is expected to reach $307,204 million by 2023, registering a CAGR of 15.0% from 2017 to 2023.

Rooftop Solar Photovoltaic (PV) Installation Market is expected to reach $64,671 million by 2023, registering a CAGR of 11.2% from 2017 to 2023.

Solar Water Heater Market is projected to reach $6.7 billion by 2027, growing at a CAGR of 6.1% from 2020 to 2027.

Pre-Book Now with 10% Discount:

Solar Power in Petrol Pump Market: Global Opportunity Analysis and Industry Forecast, 2021-2028

Solar Tracker Market: Global Opportunity Analysis and Industry Forecast, 2019–2026

Solar Panel Market: Global Opportunity Analysis and Industry Forecast, 2019–2026

Space-Based Solar Power Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

Smart Solar Power Market: Global Opportunity Analysis and Industry Forecast, 2021 - 2028

Solar Encapsulation Market: Global Opportunity Analysis & Industry Forecast, 2021-2028

Solar Cables Market: Global Opportunity Analysis and Industry Forecast, 2021-2028

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
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Fax: +1-855-550-5975
help@alliedmarketresearch.com 
Web: https://www.alliedmarketresearch.com 
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