Status : Published | Published On : Oct, 2022 | Report Code : VREP3019 | Industry : Energy & Power | Available Format :
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Page : 186 |
Industry Overview
The global solar energy market valued at USD 63 billion in 2022 is estimated to grow during the forecast period of 2022-30. Further, it is anticipated that with a strong CAGR of 21% the market size will reach USD 310 billion by the end of 2030.
Water is the source of energy, but due to its essentiality for everything, rapid increasing population all around the world is continuously affecting the footprints of water. As a result, the water level is continuously dropping. Additionally, industrial expansion all around the globe is continuously driving a need for the energy & power sector to invent a limitless resource of energy. Sun is the boundless source of heat and energy hence extensively used for the generation of solar energy. Solar energy is the radiant energy that the sun emits and can be captured, using a variety of technologies like solar heating, photovoltaic cells, and others. It is a practical renewable energy source that is effective at reducing global warming's rising greenhouse gas emissions. Increased environmental degradation and the availability of government incentives and tax breaks for solar panel installation impact the solar energy market growth and are estimated to support that during the forecast period as well. Additionally, solar energy systems' reduced water footprint has increased demand for them in the sectors that produce electricity. Due to an increase in rooftop installations, followed by an increase in applications in the architectural sector, the demand for solar cells has significantly increased. Additionally, it is anticipated that increased demand for concentrated solar power systems will result from the use of parabolic troughs and solar power towers in the production of electricity and it will impact the forecasted market growth.
Covid-19 Impact
COVID-19 was the biggest market challenge for Energy and power sectors to grow. Due to this various market investors had to change strategy. Since China was the COVID-19 epicenter, production facilities there were closed, and significant ship container companies stopped operating out of Chinese ports, despite the fact that the majority of the components or raw materials used in the solar sector are imported from there. As a result of these disruptions, the economy came to a halt, employee health worries increased, and the supply chain was disrupted, all of which had a negative impact on market growth.
Market Segment
Insight by Grid
The solar energy market based on Grid is bifurcated into the following categories:
• Grid
• Off Grid
During the progression period of 2022-30, the development of the off-grid type segment is anticipated to be positively impacted by the rising energy demand from remote locations around the world as well as the formulation and strict application of various regulatory policies for decentralizing the power generation sector.
Grid-connected PV systems' low operating and maintenance costs and lack of complexity are to blame for the on-grid type segment's monopolistic position in the market. Since their excess electricity is sent to networks, on-grid PV systems are inexpensive. With these technologies, there is no longer a need for nearby battery storage.
Insight by Technology
On the basis of technology solar energy market is segmented into the following segments:
Photovoltaic System
Concentrated solar power system
The Photovoltaic system has the largest market share. The increasing use of this technology is the result of falling PV technology costs, better panel efficiency, and increased energy output. Additionally, due to high efficiency, small design, and durability, mono-si technology is anticipated to drive the market scope of entrants to join. Recently 120 GW new solar PV projects have been launched by various leading market participants.
Insight by Application
The global market of solar energy is segmented into the following categories
The industrial sector among all types of solar energy applications dominates the global market. Expansion in various industrial verticals and a straight reduction in the water level are estimated to support the industrial sector to generate the share of the largest revenue to the energy market during the forecasted period. In order to support the solar energy market growth, Masdar and the Ethiopian government inked an MoU in March 2022 to build 500MW worth of solar power facilities there. Additionally, due to end-users' awareness of environment-friendly sources residential market is raising the adoption of rooftop solar adoption. As a result, the residential sector will also comprehensively support the solar energy market to grow in the future.
Insight by End User
Based on end-user the solar energy market is bifurcated into the following categories:
The segment of electricity generation holds the dominating in position in solar energy market and shares the largest revenue to the global market. The reason behind this contribution is the rapid reduction in conventional resources of electricity manufacturing and the diversion of public and private electricity manufacturing units towards solar energy systems.
Solar Energy Market Report Coverage
Report Metric |
Details |
Historical Period |
2018–2022 |
Base Year Considered |
2022 |
Forecast Period |
2023 - 2030 |
Market Size in 2021 |
$63 Billion |
Revenue Forecast in 2030 |
$310 Billion |
Growth Rate |
CAGR 21% |
Segments Covered in the Report |
By Solar Type, By Technology, By Application, By End User |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and Rest of the World |
Industry Dynamics
Growth drivers
Several businesses are creating renewable energy installations because of environmental restrictions. Additionally, countries all over the world are aiming to transform the contaminated environment into an ecological one and are attempting to do so by reducing carbon emissions. Sustainable energy in the form of solar electricity is one of the reasonably priced ways to reduce carbon emissions. As a result, many nations are making significant investments in the solar energy market. Additionally, the installation of renewable energy sources is greatly aided by enabling government legislation. Policies like the Federal Investment Tax Credit (FiT), Investment Tax Credits (ITC), and Capital Subsidies are important policies promoting solar installation in many nations, including the U.S., China, and EU nations.
Challenges
The cost of the inverter, solar batteries, wiring, installation, and solar panels are all included in the price of installing solar panels. This is a significant issue that will limit the expansion of the market over the forecast period.
Opportunity
Photovoltaic storage technology must be developed to increase the capacity of PV systems to replace the existing conventional sources. Storage grid adoption is anticipated to increase along with the need for PV installations, which will in turn fuel demand for lithium-ion batteries for solar energy storage and drive the growth of the solar energy sector.
Due to an increase in installations and use in solar panels, the segment for amorphous silicon cells is anticipated to grow at the fastest rate. Additionally, the development of more affordable solar panels is predicted to boost demand for copper indium gallium selenide during the projection period. Additionally, during the forecast period, it is anticipated that low-cost manufacturing and an increase in solar module efficiency will drive up demand for cadmium telluride.
Geographical Overview
The Asia-Pacific region dominates the market and is anticipated to continue its impressive position during the forecast period. The market growth in this region is estimated to be fueled by high electricity demand, growing living standards, and sufficient sun irradiation. China as the top market leader in Asia Pacific alone put in about 48 GW of solar plants in 2021.
Europe is the second-largest market for solar energy. In 2020, the nations of the European Union (EU) installed about 18.2 GW of solar PV installations. The major drivers of the market's expansion in Europe include favorable rules, targets for renewable energy, and an increase in the number of solar farms. USA has installed 19 GW of solar plants throughout North America. During the predicted period, the Middle East & Africa region also have a substantial contribution as in 2021, it deployed almost 1.5 GW of solar PV projects, and numerous solar projects are now being built there.
Recent Development by market key players
A pilot project called Project Nexus was teamed up on in March 2022 by the California Department of Water Resources, utility Turlock Irrigation District (TID), Marin County, California-based water and energy project developer Solar AquaGrid, and the University of California.
Construction of an 8.9-MW floating solar system at Millburn, New Jersey, which is anticipated to be the largest floating array in the country, was begun by NJR Clean Energy Ventures (CEV) in May 2022. 16,510 solar panels will likely be erected on a reservoir at the New Jersey American Water Canoe Brook Water Treatment Plant as part of the project, which makes use of a floating racking technology. Through a power purchase agreement with CEV, the clean energy produced by the array will meet almost 95% of the facility's yearly power requirements.
The US Energy Information Agency (EIA) estimates that utility-scale power production facilities in the US generated approximately 4,116 billion kilowatt-hours (kWh) (or approximately 4.12 trillion kWh) of energy in 2021. This power generation uses fossil fuels for around 61% of its production, nuclear power for about 19%, and renewable energy for about 20%.
Key Players covered in this report
The solar energy market based on a wide range of products and a sizable distribution network is segmented and widespread all across the globe and Canadian Solar Inc., Trina Solar, and First Solar. Abengoa Solar, S.A., Acciona Energia, S.A., Borrego Solar Systems, Inc., Areva S.A., BrightSource Energy, Inc., Evergreen Solar, Inc., Canadian Solar Inc., Kyocera Solar, Inc., eSolar, and First Solar, Inc. are of the top competitors in the solar energy sector.
The Solar Energy Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2023–2030.
Segments Covered in the Report
Region Covered in the Report
1. Research Overview
1.1. The Report Offers
1.2. Market Coverage
1.2.1. By Solar Type
1.2.2. By Technology
1.2.3. By Application
1.2.4. By End User
1.2.5. By Region
1.3. Research Phases
1.4. Limitations
1.5. Market Methodology
1.5.1. Data Sources
1.5.1.1. Primary Research
1.5.1.2. Secondary Research
1.5.2. Methodology
1.5.2.1. Data Exploration
1.5.2.2. Forecast Parameters
1.5.2.3. Data Validation
1.5.2.4. Assumptions
1.5.3. Study Period & Data Reporting Unit
2. Executive Summary
3. Industry Overview
3.1. Industry Dynamics
3.1.1. Market Growth Drivers
3.1.2. Market Restraints
3.1.3. Key Market Trends
3.1.4. Major Opportunities
3.2. Industry Ecosystem
3.2.1. Porter’s Five Forces Analysis
3.2.2. Recent Development Analysis
3.2.3. Value Chain Analysis
3.3. Competitive Insight
3.3.1. Competitive Position of Industry Players
3.3.2. Market Attractive Analysis
3.3.3. Market Share Analysis
4. Global Market Estimate and Forecast
4.1. Global Market Overview
4.2. Global Market Estimate and Forecast to 2030
5. Market Segmentation Estimate and Forecast
5.1. By Solar Type
5.1.1. Monocrystalline
5.1.1.1. Market Definition
5.1.1.2. Market Estimation and Forecast to 2030
5.1.2. Polycrystalline
5.1.2.1. Market Definition
5.1.2.2. Market Estimation and Forecast to 2030
5.1.3. Cadmium Telluride
5.1.3.1. Market Definition
5.1.3.2. Market Estimation and Forecast to 2030
5.1.4. Amorphous Silicon Cells
5.1.4.1. Market Definition
5.1.4.2. Market Estimation and Forecast to 2030
5.1.5. Others
5.1.5.1. Market Definition
5.1.5.2. Market Estimation and Forecast to 2030
5.2. By Technology
5.2.1. Photovoltaic system
5.2.1.1. Market Definition
5.2.1.2. Market Estimation and Forecast to 2030
5.2.2. concentrated solar power system
5.2.2.1. Market Definition
5.2.2.2. Market Estimation and Forecast to 2030
5.3. By Application
5.3.1. Residential
5.3.1.1. Market Definition
5.3.1.2. Market Estimation and Forecast to 2030
5.3.2. Non-Residential
5.3.2.1. Market Definition
5.3.2.2. Market Estimation and Forecast to 2030
5.3.3. Utility
5.3.3.1. Market Definition
5.3.3.2. Market Estimation and Forecast to 2030
5.4. By End User
5.4.1. Electricity Generation
5.4.1.1. Market Definition
5.4.1.2. Market Estimation and Forecast to 2030
5.4.2. Lighting
5.4.2.1. Market Definition
5.4.2.2. Market Estimation and Forecast to 2030
5.4.3. Heating and Charging
5.4.3.1. Market Definition
5.4.3.2. Market Estimation and Forecast to 2030
6. North America Market Estimate and Forecast
6.1. By Solar Type
6.2. By Technology
6.3. By Application
6.4. By End User
6.5. By Country
6.5.1. U.S. Market Estimate and Forecast
6.5.2. Canada Market Estimate and Forecast
6.5.3. Mexico Market Estimate and Forecast
7. Europe Market Estimate and Forecast
7.1. By Solar Type
7.2. By Technology
7.3. By Application
7.4. By End User
7.5. By Country
7.5.1. Germany Market Estimate and Forecast
7.5.2. France Market Estimate and Forecast
7.5.3. U.K. Market Estimate and Forecast
7.5.4. Italy Market Estimate and Forecast
7.5.5. Spain Market Estimate and Forecast
7.5.6. Rest of Europe Market Estimate and Forecast
8. Asia-Pacific Market Estimate and Forecast
8.1. By Solar Type
8.2. By Technology
8.3. By Application
8.4. By End User
8.5. By Country
8.5.1. China Market Estimate and Forecast
8.5.2. Japan Market Estimate and Forecast
8.5.3. India Market Estimate and Forecast
8.5.4. South Korea Market Estimate and Forecast
8.5.5. Singapore Market Estimate and Forecast
8.5.6. Rest of Asia-Pacific Market Estimate and Forecast
9. Rest of the World (RoW) Market Estimate and Forecast
9.1. By Solar Type
9.2. By Technology
9.3. By Application
9.4. By End User
9.5. By Country
9.5.1. Brazil Market Estimate and Forecast
9.5.2. Saudi Arabia Market Estimate and Forecast
9.5.3. South Africa Market Estimate and Forecast
9.5.4. Other Countries Market Estimate and Forecast
10. Company Profiles
10.1. Canadian Solar Inc
10.1.1. Snapshot
10.1.2. Overview
10.1.3. Offerings
10.1.4. Financial Insight
10.1.5. Recent Developments
10.2. Trina Solar
10.2.1. Snapshot
10.2.2. Overview
10.2.3. Offerings
10.2.4. Financial Insight
10.2.5. Recent Developments
10.3. First Solar
10.3.1. Snapshot
10.3.2. Overview
10.3.3. Offerings
10.3.4. Financial Insight
10.3.5. Recent Developments
10.4. Abengoa Solar
10.4.1. Snapshot
10.4.2. Overview
10.4.3. Offerings
10.4.4. Financial Insight
10.4.5. Recent Developments
10.5. Acciona Energia
10.5.1. Snapshot
10.5.2. Overview
10.5.3. Offerings
10.5.4. Financial Insight
10.5.5. Recent Developments
10.6. Borrego Solar Systems Inc.
10.6.1. Snapshot
10.6.2. Overview
10.6.3. Offerings
10.6.4. Financial Insight
10.6.5. Recent Developments
10.7. Areva S.A.
10.7.1. Snapshot
10.7.2. Overview
10.7.3. Offerings
10.7.4. Financial Insight
10.7.5. Recent Developments
10.8. Bright Source Energy Inc
10.8.1. Snapshot
10.8.2. Overview
10.8.3. Offerings
10.8.4. Financial Insight
10.8.5. Recent Developments
10.9. Evergreen Solar Inc
10.9.1. Snapshot
10.9.2. Overview
10.9.3. Offerings
10.9.4. Financial Insight
10.9.5. Recent Developments
10.10. Borrego Solar Systems Inc.
10.10.1. Snapshot
10.10.2. Overview
10.10.3. Offerings
10.10.4. Financial Insight
10.10.5. Recent Developments
10.11. Areva S.A.
10.11.1. Snapshot
10.11.2. Overview
10.11.3. Offerings
10.11.4. Financial Insight
10.11.5. Recent Developments
10.12. Bright Source Energy Inc
10.12.1. Snapshot
10.12.2. Overview
10.12.3. Offerings
10.12.4. Financial Insight
10.12.5. Recent Developments
10.13. Evergreen Solar Inc
10.13.1. Snapshot
10.13.2. Overview
10.13.3. Offerings
10.13.4. Financial Insight
10.13.5. Recent Developments
11. Appendix
11.1. Exchange Rates
11.2. Abbreviations
Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.
List of Tables
Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Solar Energy Market, By Solar Type, 2018-2022 (USD Billion)
Table 5 Global Solar Energy Market, By Solar Type, 2023-2030 (USD Billion)
Table 6 Global Solar Energy Market, By Technology, 2018-2022 (USD Billion)
Table 7 Global Solar Energy Market, By Technology, 2023-2030 (USD Billion)
Table 8 Global Solar Energy Market, By Application, 2018-2022 (USD Billion)
Table 9 Global Solar Energy Market, By Application, 2023-2030 (USD Billion)
Table 10 Global Solar Energy Market, By End User, 2018-2022 (USD Billion)
Table 11 Global Solar Energy Market, By End User, 2023-2030 (USD Billion)
Table 12 Global Solar Energy Market, By Region, 2018-2022 (USD Billion)
Table 13 Global Solar Energy Market, By Region, 2023-2030 (USD Billion)
Table 14 North America Solar Energy Market, By Solar Type, 2018-2022 (USD Billion)
Table 15 North America Solar Energy Market, By Solar Type, 2023-2030 (USD Billion)
Table 16 North America Solar Energy Market, By Technology, 2018-2022 (USD Billion)
Table 17 North America Solar Energy Market, By Technology, 2023-2030 (USD Billion)
Table 18 North America Solar Energy Market, By Application, 2018-2022 (USD Billion)
Table 19 North America Solar Energy Market, By Application, 2023-2030 (USD Billion)
Table 20 North America Solar Energy Market, By End User, 2018-2022 (USD Billion)
Table 21 North America Solar Energy Market, By End User, 2023-2030 (USD Billion)
Table 22 North America Solar Energy Market, By Region, 2018-2022 (USD Billion)
Table 23 North America Solar Energy Market, By Region, 2023-2030 (USD Billion)
Table 24 Europe Solar Energy Market, By Solar Type, 2018-2022 (USD Billion)
Table 25 Europe Solar Energy Market, By Solar Type, 2023-2030 (USD Billion)
Table 26 Europe Solar Energy Market, By Technology, 2018-2022 (USD Billion)
Table 27 Europe Solar Energy Market, By Technology, 2023-2030 (USD Billion)
Table 28 Europe Solar Energy Market, By Application, 2018-2022 (USD Billion)
Table 29 Europe Solar Energy Market, By Application, 2023-2030 (USD Billion)
Table 30 Europe Solar Energy Market, By End User, 2018-2022 (USD Billion)
Table 31 Europe Solar Energy Market, By End User, 2023-2030 (USD Billion)
Table 32 Europe Solar Energy Market, By Region, 2018-2022 (USD Billion)
Table 33 Europe Solar Energy Market, By Region, 2023-2030 (USD Billion)
Table 34 Asia-Pacific Solar Energy Market, By Solar Type, 2018-2022 (USD Billion)
Table 35 Asia-Pacific Solar Energy Market, By Solar Type, 2023-2030 (USD Billion)
Table 36 Asia-Pacific Solar Energy Market, By Technology, 2018-2022 (USD Billion)
Table 37 Asia-Pacific Solar Energy Market, By Technology, 2023-2030 (USD Billion)
Table 38 Asia-Pacific Solar Energy Market, By Application, 2018-2022 (USD Billion)
Table 39 Asia-Pacific Solar Energy Market, By Application, 2023-2030 (USD Billion)
Table 40 Asia-Pacific Solar Energy Market, By End User, 2018-2022 (USD Billion)
Table 41 Asia-Pacific Solar Energy Market, By End User, 2023-2030 (USD Billion)
Table 42 Asia-Pacific Solar Energy Market, By Region, 2018-2022 (USD Billion)
Table 43 Asia-Pacific Solar Energy Market, By Region, 2023-2030 (USD Billion)
Table 44 RoW Solar Energy Market, By Solar Type, 2018-2022 (USD Billion)
Table 45 RoW Solar Energy Market, By Solar Type, 2023-2030 (USD Billion)
Table 46 RoW Solar Energy Market, By Technology, 2018-2022 (USD Billion)
Table 47 RoW Solar Energy Market, By Technology, 2023-2030 (USD Billion)
Table 48 RoW Solar Energy Market, By Application, 2018-2022 (USD Billion)
Table 49 RoW Solar Energy Market, By Application, 2023-2030 (USD Billion)
Table 50 RoW Solar Energy Market, By End User, 2018-2022 (USD Billion)
Table 51 RoW Solar Energy Market, By End User, 2023-2030 (USD Billion)
Table 52 RoW Solar Energy Market, By Region, 2018-2022 (USD Billion)
Table 53 RoW Solar Energy Market, By Region, 2023-2030 (USD Billion)
Table 54 Snapshot – Canadian Solar Inc
Table 55 Snapshot – Trina Solar
Table 56 Snapshot – First Solar
Table 57 Snapshot – Abengoa Solar
Table 58 Snapshot – Acciona Energia
Table 59 Snapshot – Borrego Solar Systems Inc.
Table 60 Snapshot – Areva S.A.
Table 61 Snapshot – Bright Source Energy Inc
Table 62 Snapshot – Evergreen Solar Inc
Table 63 Snapshot – Canadian Solar Inc
Table 64 Snapshot – Kyocera Solar
Table 65 Snapshot – eSolar
Table 66 Snapshot – First Solar
List of Figures
Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Solar Energy Market- Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Solar Energy Market Highlight
Figure 12 Global Solar Energy Market, By Solar Type, 2018-2030 (USD Billion)
Figure 13 Global Solar Energy Market, By Technology, 2018-2030 (USD Billion)
Figure 14 Global Solar Energy Market, By Application, 2018-2030 (USD Billion)
Figure 15 Global Solar Energy Market, By End User, 2018-2030 (USD Billion)
Figure 16 Global Solar Energy Market, By Region, 2018-2030 (USD Billion)
Figure 17 North America Solar Energy Market Highlight
Figure 18 North America Solar Energy Market, By Solar Type, 2018-2030 (USD Billion)
Figure 19 North America Solar Energy Market, By Technology, 2018-2030 (USD Billion)
Figure 20 North America Solar Energy Market, By Application, 2018-2030 (USD Billion)
Figure 21 North America Solar Energy Market, By End User, 2018-2030 (USD Billion)
Figure 22 North America Solar Energy Market, By Region, 2018-2030 (USD Billion)
Figure 23 Europe Solar Energy Market Highlight
Figure 24 Europe Solar Energy Market, By Solar Type, 2018-2030 (USD Billion)
Figure 25 Europe Solar Energy Market, By Technology, 2018-2030 (USD Billion)
Figure 26 Europe Solar Energy Market, By Application, 2018-2030 (USD Billion)
Figure 27 Europe Solar Energy Market, By End User, 2018-2030 (USD Billion)
Figure 28 Europe Solar Energy Market, By Region, 2018-2030 (USD Billion)
Figure 29 Asia-Pacific Solar Energy Market Highlight
Figure 30 Asia-Pacific Solar Energy Market, By Solar Type, 2018-2030 (USD Billion)
Figure 31 Asia-Pacific Solar Energy Market, By Technology, 2018-2030 (USD Billion)
Figure 32 Asia-Pacific Solar Energy Market, By Application, 2018-2030 (USD Billion)
Figure 33 Asia-Pacific Solar Energy Market, By End User, 2018-2030 (USD Billion)
Figure 34 Asia-Pacific Solar Energy Market, By Region, 2018-2030 (USD Billion)
Figure 35 RoW Solar Energy Market Highlight
Figure 36 RoW Solar Energy Market, By Solar Type, 2018-2030 (USD Billion)
Figure 37 RoW Solar Energy Market, By Technology, 2018-2030 (USD Billion)
Figure 38 RoW Solar Energy Market, By Application, 2018-2030 (USD Billion)
Figure 39 RoW Solar Energy Market, By End User, 2018-2030 (USD Billion)
Figure 40 RoW Solar Energy Market, By Region, 2018-2030 (USD Billion)
Global Solar Energy Market Coverage
Solar Type Insight and Forecast 2023-2030
Technology Insight and Forecast 2023-2030
Application Insight and Forecast 2023-2030
End User Insight and Forecast 2023-2030
Geographical Segmentation
Solar Energy Market by Region
North America
Europe
Asia-Pacific (APAC)
Rest of the World (RoW)
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