Solar energy market in Japan to grow by 505.28 terawatt-hours from 2021 to 2026 | The high electricity demand drives market growth – Technavio

    Author microcapwatchPosted on Categories Oil & GasTags , , ,

    NEW YORK, Aug. 25, 2023 /PRNewswire/ — The solar energy market size in Japan is expected to increase by 505.28 terawatt-hours from 2021 to 2026, registering a CAGR of 29.78%, according to the latest research report from Technavio. Discover Utilities industry potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. View Sample Report!

    The solar energy market covers the following areas:

    Company Landscape

    The solar energy market in Japan is fragmented due to the presence of numerous international and regional players. Key vendors in the market are Abengoa Solar S.A, Acciona Energia S.A, and Bright Source Energy Inc. The market has pure-play, industry-focused, as well as diversified vendors. The competition in the market is high due to the presence of a wide range of competitors offering many products and solutions. The solar energy market in Japan is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

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    Company Offerings

    • Abengoa SA – The company is involved in offering solar energy which uses the heat of the sun to produce large-scale clean electricity to the grid when it is demanded even in hours without sunlight.
    • Acciona SA – The company is involved in offering solar energy through the photovoltaic segment with greater efficiency and contributes to reducing the carbon footprint of leading companies in a wide range of sectors.
    • BrightSource Energy Inc. – The company is involved in offering wind and solar photovoltaic in order to produce highly efficient renewable energy which delivers clean, reliable, and cost-competitive options to users.

    For the market’s vendor landscape highlights with a comprehensive list of vendors and their offerings – View Sample in minutes

    Key Market Segmentation

    The report extensively covers the solar energy market in Japan segmentation by end-user (utility and rooftop) and application (grid-connected and off-grid). 

    • The utility segment’s growth will be significant in Japan during the forecast period. Utility-scale solar has been providing continuous, clean electricity at a reasonable cost for decades. Developing utility-scale solar power is one of the quickest methods to cut carbon emissions and put Japan on the path to a clean energy future. In a utility-scale solar power plant, solar technologies such as primary PV and CSP can be used. Furthermore, many utility-scale solar systems can have energy storage capacity, which provides power when the sun isn’t shining while also enhancing grid resiliency and reliability. During the projection period, such variables will boost segment expansion.

    View Sample Report in minutes of this report for more highlights into the market segments.

    Companies Mentioned

    • Abengoa SA
    • Acciona SA
    • BrightSource Energy Inc.
    • Canadian Solar Inc.
    • E Solar
    • First Solar Inc.
    • Kaneka Corp.
    • Shunfeng International Clean Energy Co. Ltd.
    • SunPower Corp.
    • Tata Power Co. Ltd.

    Solar energy market in Japan – Market Dynamics

    Key Drivers

    • The high electricity demand drives the growth of the solar energy market in Japan.
    • Owing to factors such as the increased time spent at home because of COVID-19 in 2020 and other impacts, the household sector showed an increase in energy consumption.
    • Furthermore, the country’s power sector has recorded rising sales by small-scale power retailers over the past five years.
    • Hence, such increased demands contribute to the adoption of solar energy, which is likely to continue during the forecast period. 

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    The solar thermal market size is expected to increase by 167187.58 megawatts from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.71%. Furthermore, this report extensively covers solar thermal market segmentation by application (heat generation and power generation) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The rise in investments in renewable energy is notably driving the solar thermal market growth.

    The solar energy storage market size is estimated to grow at a CAGR of 9% between 2022 and 2027. The market size is forecast to increase by USD 5,508.04 million. The market segmentation by End-user (utilities, residential, commercial, and industrial) and geography (APAC, North America, Europe, Middle East and Africa, and South America). A key factor shaping the solar energy storage market growth is the increasing investment in renewable energy sources. 

    Key Topics Covered

    1 Executive Summary

    2 Market Landscape

    3 Market Sizing

    4 Historic Market Size

    5 Five Forces Analysis

    6 Market Segmentation by end user

    7 Market Segmentation by application

    8 Customer Landscape

    9 Geographic Landscape

    10 Drivers, Challenges, and Trends

    11 Vendor Landscape

    12 Vendor Analysis

    13 Appendix

    About US

    Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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    Website: www.technavio.com

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