Renewable Revolution: Global Solar Energy Market Size, Growth and Trends: Soaring to $215.9 Billion by 2030 with a CAGR of 11.5%

Sunday, October 1, 2023 at 6:18am UTC

New York, NY, Oct. 01, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Solar Energy Market By Technology (Photovoltaic Systems And Concentrated Solar Power Systems), By Solar Module (Cadmium Telluride, Amorphous Silicon Cells, Monocrystalline, Polycrystalline, And Others), By Application (Electricity Generation, Lighting, Heating, And Charging), By End-Use (Residential, Commercial, And Industrial), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Solar Energy Market size & share in terms of revenue was valued at USD 90.4 billion in 2022 and it is expected to surpass around USD 215.9 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 11.5% during the forecast period 2023 to 2030.”

What is Solar Energy? How big is the Solar Energy Industry?

Report Overview:

The global solar energy market size was worth around USD 90.4 billion in 2022 and is predicted to grow to around USD 215.9 billion by 2030 with a compound annual growth rate (CAGR) of roughly 11.5% between 2023 and 2030.

The word "solar energy" refers to the power that is derived from solar radiation. This power has the potential to be caught and converted into a number of different forms of energy, including heat and electricity. It provides a desirable alternative to traditional fossil fuels, which are limited in supply and contribute to climate change due to the availability of these fuels and the fact that they are renewable. Photovoltaic cells and concentrated solar power systems are two examples of technologies that can be used to harvest solar energy. Photovoltaic cells use the heat from the sun to make electricity, while concentrated solar power systems use the heat from the sun to produce hot water that can be utilized for a variety of purposes or directly convert sunlight into electricity. Utilizing solar energy has a number of benefits, some of which are the reduction of greenhouse gas emissions and the lessening of dependency on fossil fuels. Additionally, it helps to promote a cleaner and more sustainable energy future.

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Global Solar Energy Market: Growth Factors

Increasing concerns about the environment are the primary driver of market expansion.

It is anticipated that the increased environmental concerns brought on by the release of harmful greenhouse gases that cause air pollution would result in a growth in the demand for solar energy, which is a kind of energy that is sustainable and free of pollution. For instance, shifting to the generation of electricity from solar power rather than fossil fuels is one way to potentially dramatically cut carbon dioxide emissions, which are the primary driver of rising global temperatures and a major contributor to climate change. Temperature increases play a role in the development of extreme weather events, including increasing sea levels, the melting of glaciers, and other ecological shifts. Utilizing solar energy results in a smaller carbon footprint because there is less of a need for fossil fuels and there are less emissions of greenhouse gases. For instance, according to estimates provided by the Lawrence Berkeley National Laboratory, utility-scale solar power may create between 394 and 447 MWh of electricity per acre, yearly. As a consequence of this, the release of 121 to 138 metric tons of carbon dioxide into the atmosphere is prevented each year by one acre of solar panels that produce no emissions.

The Solar Energy Market: Limiting Factors

The high initial cost prevents the market from expanding.

Despite the fact that the cost of solar panels has decreased over the course of time, some organizations, including governments, corporations, and homes, may still have difficulty affording the upfront costs of solar systems. Even though there are financial incentives and options available, some individuals are still concerned about their capacity to pay for the expanded options. For instance, secondary sources show that the average cost of solar panels is approximately $16,000, ranging from $4,500 to $36,000 depending on the kind and model, as well as any inverters and the BOS, which refers to the balance of the system, which refers to all of the essential operating equipment. In addition, the cost of solar panels can range from $4,500 to $36,000 depending on the kind and model of the system. As a result, it is anticipated that the high initial cost of installing solar energy systems will hinder the expansion of the solar energy industry.

Opportunities Available in the Solar Energy Market

The increasing number of new product launches presents a lucrative prospect for market expansion.

During the time frame covered by this analysis, the increasing number of product launches presents the solar energy market with a potentially lucrative growth opportunity. At the ISNA Exhibition in Long Beach, California, in February 2023, for instance, Green World Renewable Energy LLC, the leading provider of Solar Permit Designing & PE Stamping services in the United States, presented a brand-new and innovative solar panel and combiner box system. This system was hailed as a major step forward in the industry. These items for harvesting solar energy provide a method that is dependable and effective in its operation. This system provides an alternative to traditional energy sources that is sustainable, economical, and environmentally friendly. It also helps to address the growing demand for renewable energy sources. The combiner box is an integral component of the system that plays an important role in the management and optimization of the electricity that is generated by the solar panels. The output from multiple panels is combined into a single stream, which makes it much easier to administrate and monitor the operation of the entire system. The combiner box was constructed with dependability and safety as primary considerations, and it features cutting-edge protection measures to prevent overloading and short-circuiting.

Challenges Facing the Solar Energy Market

Concerns about the environment present a barrier to the expansion of the market.

Both the manufacturing process and the eventual disposal of solar panels can be harmful to the environment because they require the use of scarce materials and a significant amount of energy. Recycling and correct disposal are practices that should never be neglected because of how important they are. As a result, the impact on the environment that is associated with the disposal of solar panels is a significant barrier to the expansion of the market throughout the period that is forecast.

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Report Scope

Report AttributeDetails
Market Size in 2022USD 90.4 billion
Projected Market Size in 2030USD 215.9 billion
CAGR Growth Rate11.5% CAGR
Base Year2022
Forecast Years2023-2030
Key Market PlayersReneSola, Trina Solar Limited, First Solar Inc., Yingli Solar, JA Solar, RGS Energy, Sharp Corporation, Waaree Grou12, Motech Industries Inc., Hanwha Q Cells, eSolar Inc., SunPower Corporation, Tata Power Solar Systems Ltd., Canadian Solar Inc., Azure Power and Urja Global Limited, and others.
Key SegmentBy Technology, By Solar Module, By Application, By End-use, and By Region
Major Regions CoveredNorth America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
Purchase OptionsRequest customized purchase options to meet your research needs. Explore purchase options

Solar Energy Market: Segmentation Analysis

The Solar Energy sector can be broken down into several subindustries based on factors such as technology, solar module, application, end-use, and geographic location.

The global market for solar power systems can be broken down into two categories, based on the technology: photovoltaic systems and concentrated solar power systems. Over the course of the projected period, it is anticipated that the photovoltaic systems category would take the biggest market share. PV (photovoltaic) systems are frequently used in distributed generation to enable individual houses and commercial establishments to produce their own electricity. This reduces reliance on centralized power facilities and increases the energy system's resistance to disruptions. These systems are typically put on the rooftops of commercial and residential buildings so that the owners can benefit from renewable energy and reduce their monthly power bills. Customers are able to reap financial benefits from net metering thanks to the capacity to contribute excess power to the grid.

The solar energy sector can be segmented into cadmium telluride, amorphous silicon cells, monocrystalline, and polycrystalline, as well as other categories, according to the type of solar module used. During the time period covered by the forecast, it is anticipated that the polycrystalline subsegment will have the majority share of the market. Raw silicon must first be melted before it can be molded into square or rectangular molds and used in the production of polycrystalline solar panels. A panel is produced as a result of this process, and it has a characteristic blue or speckled appearance as a result of the presence of many silicon crystals of varying sizes. In comparison to monocrystalline panels, polycrystalline panels often have a production method that is less expensive, which makes them a more cost-effective choice for a variety of applications. As a result, the expansion of this market segment is being driven by the cost-effectiveness of polycrystalline solar modules.

The global solar energy market can be segmented into the following four submarkets on the basis of the application: power generation, lighting, heating, and charging.

The home sector, the commercial sector, and the industrial sector make up the three subsets that make up the solar energy industry. Over the course of the projected period, it is anticipated that the industrial sector would have the majority share of the market. Demand for a wide variety of commercial items has expanded as a result of both the rise in global population and the progression of industrialisation around the world. Because of the rise in output, there was a greater need for power, which in turn led to an explosion in the utilization of solar concentrators within the sector of the economy that is responsible for the generation of electrical power. In countries with limited water supplies, such as those located in the Middle East region, solar concentrators are another source of energy that is used to power desalination facilities.

The global Solar Energy market is segmented as follows:

By Technology

  • Photovoltaic Systems
  • Concentrated Solar Power Systems

By Solar Module

  • Cadmium Telluride
  • Amorphous Silicon Cells
  • Monocrystalline
  • Polycrystalline
  • Others

By Application

  • Electricity Generation
  • Lighting
  • Heating
  • Charging

By End-use

  • Residential
  • Commercial
  • Industrial

Browse the full “Solar Energy Market By Technology (Photovoltaic Systems And Concentrated Solar Power Systems), By Solar Module (Cadmium Telluride, Amorphous Silicon Cells, Monocrystalline, Polycrystalline, And Others), By Application (Electricity Generation, Lighting, Heating, And Charging), By End-Use (Residential, Commercial, And Industrial), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" Report At

Competitive Landscape

Some of the main competitors dominating the global Solar Energy market include - 

  • ReneSola
  • Trina Solar Limited
  • First Solar Inc.
  • Yingli Solar
  • JA Solar
  • RGS Energy
  • Sharp Corporation
  • Waaree Grou12
  • Motech Industries Inc.
  • Hanwha Q Cells
  • eSolar Inc.
  • SunPower Corporation
  • Tata Power Solar Systems Ltd.
  • Canadian Solar Inc.
  • Azure Power and Urja Global Limited

Key Insights from Primary Research:

  • According to the analysis shared by our research forecaster, the Solar Energy market is likely to expand at a CAGR of around 11.5% during the forecast period (2023-2030).                                            
  • In terms of revenue, the Solar Energy market size was valued at around US$ 90.4 billion in 2022 and is projected to reach US$ 215.9 billion by 2030.
  • The growing environmental concern owing to the rising greenhouse gas emissions drives the solar energy market growth over the forecast period.
  • Based on the technology, the photovoltaic systems segment is expected to capture the largest market share over the forecast period.
  • Based on the solar module, the polycrystalline segment is expected to dominate the market during the forecast period.
  • Based on the end-use, the industrial segment is expected to dominate the market over the forecast period.
  • Based on region, the Asia Pacific is expected to dominate the market over the forecast period.

Have Any Query? Ask Our Experts:

Key questions answered in this report:

  • What is the market size and growth rate forecast for Solar Energy industry?
  • What are the main driving factors propelling the Solar Energy Market forward?
  • What are the leading companies in the Solar Energy Industry?
  • What segments does the Solar Energy Market cover?
  • How can I receive a free copy of the Solar Energy Market sample report and company profiles?

Key Offerings:

  • Market Size & Forecast by Revenue | 2023−2030
  • Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
  • Market Segmentation – A detailed analysis By Technology, By Solar Module, By Application, By End-use, and By Region
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

Asia Pacific is expected to dominate the market growth over the forecast period

The Asia Pacific is expected to dominate the global solar energy market during the forecast period. Numerous nations in the Asia-Pacific area, including China, India, and Japan, have adopted ambitious renewable energy targets and encouraging policies to promote the use of solar energy. In addition to solar installation incentives, these policies also include feed-in tariffs and renewable portfolio criteria. The expansion of the solar energy sector in the region has been made possible by strong government backing and solid policy frameworks. For instance, the International Renewable Energy Agency estimates that between 2021 and 2022, the total installed capacity of solar energy increased by more than 110 GW. The overall installed capacity was around 485 GW in 2021, and it increased to 597 GW in 2022, with China and India controlling the majority of the installed capacity. Therefore, the aforementioned statistics are expected to drive the market growth during the forecast period.

By Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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