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Solar Energy Market To Reach USD 237.59 Billion By Year 2030

Solar Energy Market Size Was Valued at USD 94.6 billion in 2022 and is Projected to Reach USD 237.59 Billion by 2030, Growing at a CAGR of 12.2% From 2023-2030.

30-01-2024
Swati Kalagate
Energy
Pristine Intelligence

Market Overview:

Solar Energy Market Size Was Valued at USD 94.6 billion in 2022 and is Projected to Reach USD 237.59 Billion by 2030, Growing at a CAGR of 12.2% From 2023-2030.

Solar energy refers to the energy that is obtained from the radiation of the sun, which may be harnessed and converted into various forms of energy, such as electricity and heat. This energy is abundant and renewable, making it an attractive alternative to traditional fossil fuels that are finite and contribute to climate change. Solar energy may be harnessed using different technologies, such as photovoltaic cells, which convert sunlight directly into electricity, or concentrated solar power systems, which use the heat of the sun to generate electricity or provide hot water for various applications. The use of solar energy has many benefits, including reducing greenhouse gas emissions, reducing dependence on fossil fuels, and contributing to a cleaner and more sustainable energy future. The growth of the global solar energy market is majorly driven by an increase in energy demand due to a surge in population.

Top Key Players Covered in The Solar Energy Market:

    • Trina Solar (China)
    • First Solar (U.S.)
    • Yingli Solar (China)
    • Tata Power Solar System Ltd (India)
    • Abengoa (Spain)
    • Canadian Solar Inc. (Canada)
    • Waaree Group (India) and Other Major Players

Market Dynamics and Factors:           

Renewable energy sources that help reduce carbon emissions and act as an economical source of everyday power are being looked upon as the best possible replacement for conventional power sources such as coal and oil products. At present, renewable sources account for around 29% of the total electricity generation across the globe. It is projected to rise considerably in the upcoming years and boost the market. The total installed capacity of solar PV will reach 842.14 GW globally by the end of 2021, representing the second-largest renewable electricity source after wind. The growing population in developing countries directly impacts energy consumption and generation. Power generation through renewable sources is the best possible replacement for conventional power sources with the increase in carbon reduction. For instance, oil products and coal are increasing at a constant rate. Further, the construction of new grids and mass storage systems by utilities to utilize the captured energy from renewables also poses an opportunity for the solar power market growth.

Better prediction capabilities provided by artificial intelligence are facilitating better forecasting and asset management, while its automation capability is driving operational excellence, leading to competitive advantage and cost savings for stakeholders. Artificial intelligence can unlock the vast potential of solar energy, supported by other emerging technologies, such as big data, the Internet of Things (IoT), sensors, and distributed ledger technology. For instance, in February 2021, the U.S. DOE announced a project involving utilizing Artificial Intelligence (AI) diagnostic ability to increase performance in solar power systems. The work, financed by a U.S. 750,000 USD 3-year grant, will consist of a sizable solar-technology program proposed by the DOE in 2020, including USD 7.3 million primarily for engine learning and other solar-powered AI solutions. The above factor, along with the technological innovations aimed at the development of new methods in PV and Concentrated Solar Power (CSP) methods by prominent players, is expected to spur market opportunities during the forecast period.

The Solar Energy Market Report Highlight:

    • By Technology, the photovoltaic systems segment emerged as the global leader by acquiring more than four-fifths of the solar energy market share in 2022 and is anticipated to continue this trend during the forecast period. The surge in the growth of the electric vehicle market is driving demand for solar-powered EV charging infrastructure which has a positive impact on the solar energy market.
    • By Solar Modules, the polycrystalline segment emerged as the global leader by acquiring more than half of the solar energy market shares in 2022 and is anticipated to continue this trend during the forecast period. Multi-Si technology is widely used in the electronic industry to manufacture calculators and smartwatches. Increase in the disposable income of consumers and a rise in the standard of living have boosted the demand for electronics and smart devices, which in turn is expected to increase the need for multi-Si solar cell technology.
    • By Application, the industrial segment emerged as the largest market share. which accounts for more than two-fifths of the solar energy market share, and is anticipated to continue this trend during the forecast period. Rapid industrialization across the globe and an increase in population have led to an increase in the demand for various commercial products.
    • By Region, Asia-Pacific countries, particularly China, have also emerged as major manufacturing hubs for solar PV components and systems. The region benefits from economies of scale, efficient supply chains, and competitive production costs, significantly reducing the overall cost of solar energy systems. This cost advantage has contributed to the dominance of the Asia-Pacific region in the global solar energy market

Key Industry Development:

In October 2023, the Solar Energy Corporation of India (SECI) launched a tender in the Indian market to develop about one gigawatt of interstate transmission grid-connected solar projects. The solar projects to be developed will witness the signing off of a 25-year power purchase agreement between developers and SECI. The onset of such gigawatt-scale solar tenders and the development of projects is expected to create a spur in the solar energy market shortly.

In March 2023, BELECTRIC Solar Ltd UK and NextEnergy Solar Fund signed a framework agreement for over 150 MWp in O&M following a competitive tendering process conducted by WiseEnergy. BELECTRIC will add an anticipated portfolio of at least ten solar farms in the United Kingdom with a total capacity of 150 MWp to its O&M footprint after signing a framework agreement for the next three years. The solar power plants range from 5 MW to 34 MW in capacity and are located in several counties across England, including Dorset, Lincolnshire, and East Sussex.

The Solar Energy Market Segmentation:

By Technology

    • Photovoltaic Systems
    • Concentrated Solar Power Systems

By Solar Module

    • Monocrystalline
    • Polycrystalline
    • Cadmium Telluride
    • Amorphous Silicon Cells

By Application

    • Residential
    • Commercial
    • Industrial

By End-Use

    • Electricity Generation
    • Lighting
    • Heating
    • Charging

For this report, Introspective Market Research has segmented the Solar Energy Market based on region:

Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)

North America

o            The U.S.

o            Canada

o            Mexico

Eastern Europe

o            Russia

o            Bulgaria

o            The Czech Republic

o            Hungary

o            Poland

o            Romania

o            Rest of Eastern Europe

Western Europe

o            Germany

o            UK

o            France

o            Netherlands

o            Italy

o            Spain

o            Rest of Western Europe

Asia Pacific

o            China

o            India

o            Japan

o            Singapore

o            Australia

o            New-Zealand

o            Rest of APAC

Middle East & Africa

o            Turkey

o            Saudi Arabia

o            Qatar

o            UAE

o            Israel

o            South Africa

South America

o            Brazil

o            Argentina

o            Rest of SA

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