What is the global market size of Solar Energy Market?

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).

Global Solar Energy Market Size, Share, Growth Analysis, By Technology(Solar Photovoltaic and Concentrated Solar Power), By Application(Residential, Non-Residential) - Industry Forecast 2024-2031

Report ID: SQMIG55F2019 | Region: Global | Published Date: March, 2024
Pages: 182 | Tables: 61 | Figures: 77

Global Solar Energy Market Regional Insights

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.

Global Solar Energy Market Report Snapshots

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Global Solar Energy Market size was valued at USD 180.78 billion in 2022 and is poised to grow from USD 193.62 billion in 2023 to USD 335.16 billion by 2031, at a CAGR of 7.1% during the forecast period (2024-2031).

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. 'JinkoSolar (China)', 'Canadian Solar (Canada)', 'Trina Solar (China)', 'SunPower Corporation (USA)', 'First Solar (USA)', 'LONGi Solar (China)', 'JA Solar (China)', 'Yingli Solar (China)', 'Hanwha Q Cells (South Korea)', 'Risen Energy (China)', 'Vikram Solar (India)', 'LG Solar (South Korea)', 'SolarEdge Technologies (Israel)', 'SMA Solar Technology (Germany)', 'Enphase Energy (USA)', 'REC Group (Norway/Singapore)', 'Huawei Technologies Co. Ltd. (China)', 'Sharp Solar (Japan)', 'Kyocera Solar (Japan)', 'Mitsubishi Electric Corporation (Japan)', 'Solairedirect (France)', 'GCL-Poly Energy Holdings Limited (China)'

Many corporations are setting ambitious sustainability goals, including a shift towards renewable energy sources such as solar power. This is driven by a desire to reduce their carbon footprint, improve their environmental performance, and enhance their brand reputation.

One key market trend in the global solar energy market is the rapid growth of utility-scale solar projects. As technology advancements continue to drive down the cost of solar panels and improve their efficiency, utility-scale installations have become increasingly economically viable. These large-scale projects provide a cost-effective means of generating significant amounts of clean energy, appealing to governments, energy companies, and investors alike. This trend reflects the global shift towards renewable energy sources, with utility-scale solar installations playing a pivotal role in meeting sustainability targets and reducing carbon emissions, making solar energy a central player in the transition to a greener energy future.

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Global Solar Energy Market Size, Share, Growth Analysis, By Technology(Solar Photovoltaic and Concentrated Solar Power), By Application(Residential, Non-Residential) - Industry Forecast 2024-2031

Global Solar Energy Market Regional Insights

Global Solar Energy Market Report Snapshots

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