USD 168.80 billion
Report ID: SQMIG55F2013 | Region: Global | Published Date: May, 2023 | Pages: 157 | Tables: 61 | Figures: 77
Global Solar Energy Market size was valued at USD 168.80 billion in 2021 and is poised to grow from USD 180.78 billion in 2022 to USD 292.21 billion by 2030, at a CAGR of 7.1% during the forecast period (2023-2030).
Over the forecast period, the industry is expected to grow as a result of the rising demand for sources of sustainable energy production to replace conventional energy sources. Due to the decreasing cost of solar energy systems, solar energy is becoming more competitive in the energy generation industry. Due to significant investments in solar energy technology, component costs are anticipated to significantly decline in the upcoming years. This would make solar energy systems more affordable than already operational coal or gas power plants. Demand for products is anticipated to increase due to the need for alternative energy sources and a decrease in reliance on fossil fuels. The National Thermal Power Corporation (NTPC) announced that as part of its aim to establish a 60 GW renewable energy portfolio by 2032, In Gujarat, India's Rann of Kutch, it will construct a 4.75 GW solar PV project. The project is expected to cost USD 3.31 billion, and it will begin making money in 2023.Throughout the forecast period, it is anticipated that such sizable utility projects will increase the use of solar energy. With 54.9 GW of installed PV capacity in 2022, the Chinese market, for example, one of the biggest markets, represented around 31% of the worldwide market. With over 23 GW of yearly installations, the United States came in second to China in 2022. India came next, with roughly 13 GW installed, and the European Union came after them with an expanded market of 26.8 GW. There will likely be more demand for the products as the economics of installing solar energy systems for electricity generation improve.
Global Market Size
USD 168.80 billion
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Global Solar Energy Market is segmented on the basis of technology, application and region. By technology, the market is segmented into solar photovoltaic and concentrated solar power. By application, market is segmented into residential, non-residential, utility. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Technology
Due to increased investments in solar photovoltaic projects brought on by rising worldwide power consumption, the global solar PV segment dominated in 2022. Calculators, wristwatches, and other small electronic equipment can be powered by little solar panels (small PV) in situations when low power is needed. Solar PV systems have a long lifespan, require little maintenance, and have no fuel costs. According to IRENA, deep electrification and expedited solar PV development might account for 21% of the CO2 emission reductions by 2050. Furthermore, according to IRENA, by 2050, the world's capacity must be 18 times higher than it is now, or more than 8,000 gigawatts.
The parabolic trough, power tower, and linear Fresnel are the three components that make up the CSP segment. For use when there aren't enough renewable energy sources, CSP systems store energy using Thermal Energy Storage (TES) technologies. They are unable to store thermal energy since PV systems use direct sunlight rather than heat. CSP systems are superior for energy storage because of this. As a result, this element is anticipated to fuel the CSP segment's expansion.
Analysis by Application
More than 66.30% of total income was generated by the utility segment, which led the sector. Throughout the forecast period, the segment will continue to be in the lead. Many countries are investing in solar energy for utility-scale electricity production in an effort to move away from conventional energy generation. It is projected that this will lead to an increase in product demand. Utility-scale solar energy systems are more affordable because larger installations can achieve economies of scale. The sector is anticipated to grow gradually across all of its categories as consumer demand for the product increases. The industrial end-use category is predicted to experience the fastest CAGR between 2022 and 2030 due to the expanding industrial activities in APAC and MEA.
Due to the increased accessibility of solar energy systems for the residential sector, the residential end-use sector is anticipated to expand significantly throughout the projection period. Due to investments in technologies that improve production efficiency, the cost of these systems has been decreasing over the past ten years. The introduction of incentive programmes and policies by the governments of various nations has also increased product adoption.
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In 2022, Asia Pacific had the biggest revenue share (61.49%), dominating the world market. By revenue, East Asia will dominate the Asia Pacific market in 2022. High product demand has developed in the area as a result of the desire to lessen dependency on conventional power sources and the existence of established competitors who are consistently improving their offers.
The market for solar energy in Europe had revenues of $117,810.0 million in 2022 and was expected to reach $399,827.6 million by 2028. This is primarily due to the quicker adoption of renewable energy sources like solar energy for electricity generation. For instance, according to a July 23 article in Forbes, a well-known American business magazine, Europe produced the majority of its electricity from renewable resources rather than relying on fossil fuels. In all member states of the European Union (EU), 40% of the electricity was produced using renewable resources like wind, solar, bioenergy, and hydropower. Additionally, the European Green Deal aims to get the EU ready for carbon neutrality by 2050.
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Corporate Sustainability Goals to Bolster Sales of Solar Energy
Intermittency and Variability to Hinder Marktet
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The industry is extremely competitive due to players' involvement in R&D and regular product releases of more efficient products. A single component is the focus of multiple enterprises, which severely fragments the market. For instance, companies like Jinko Solar and LONGi Solar devote almost all of their resources to the production of solar panels. Instead of producing other system components, these companies focus on producing more efficient solar panels.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global solar energy market has experienced significant growth in recent years due to various factors such as increasing government initiatives for renewable energy, declining solar panel prices, and rising demand for sustainable energy sources. In the upcoming years, the market is anticipated to expand steadily at a rate. Governments and organizations around the world are looking to shift away from fossil fuels and towards renewable energy sources such as solar power. This has led to the implementation of policies and incentives that encourage the adoption of solar energy systems. The solar energy market still faces some challenges, such as high initial costs for installation and a lack of adequate infrastructure in some areas. Additionally, the market is subject to fluctuations in government policies and incentives, which can impact the demand for solar energy systems. The solar energy market is expected to continue to grow in the coming years.
|Market size value in 2021||USD 168.80 billion|
|Market size value in 2030||USD 180.78 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global Solar Energy Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Solar Energy Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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