Solar Energy Market

GMI Research analysis indicates that the Solar Energy Market is slated to register a double digit CAGR of 19.5% over the forecast period, till 2029.

To have an edge over the competition by knowing the market dynamics and current trends of “Solar Energy Market,” request for Sample Report here

Key Drivers

The global solar energy market is mainly driven by numerous factors, including the increasing penetration of renewable energy across several economies and the rising investment in clean energy at the global level. Several government initiatives and the launch of various upcoming projects for the implementation of renewable energy in various countries such as Saudi Arabia and India are further paving the way for the growth of the market in the coming years. The increasing demand for sustainable sources of energy generation to replace the traditional energy sources is expected to boost the market growth. Moreover, various government agencies have enforced strategic initiatives to minimize carbon emissions and are thus promoting solar energy systems for utility and non-utility end-uses, which is likely to catalyze the market size over the forecast period. With the decreasing solar PV equipment cost and strategic initiatives to minimize carbon discharge, the off-grid solar utilization has increased, driving the market growth. For example, in May 2019, China’s National Development and Reform Commission (NDRC) introduced solar FIT payments for large-scale projects. Commercial and industrial solar photovoltaic projects originated for individual consumption and extra power sent back into the grid is subject to a FiT of RMB 0.10/kWh.

Additionally, the continuous technological advancements for the development of solar photovoltaics, decreasing prices of solar energy and growing demand for clean electricity across public and private sectors, will have a positive impact on the growing demand of the market. The global solar energy market is becoming more mainstream thanks to the accelerating deployment of solar cells in the rooftop installations, increasing concerns for the environmental degradation, and rising energy consumption driven by the drastic rise in population rate and rapid industrialization.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Technology Segment Analysis

Based on the technology, the Photovoltaic Systems segment is expected to increase at a higher CAGR during the forecast period owing to the rising adoption of photovoltaic cells as a result of an increase in the demand for these systems for several application areas, especially in industrial sectors. In addition to this, rising technological advancements in the production of PV systems to enhance their efficiency is also a key factor driving the market growth of this segment. Also, the significant cost reductions in technology and the expansion of China, India, and other economies in Asia-Pacific and European countries, due to the changing regulatory framework and growing focus on achieving various capacity targets, are likely to boost the development of the solar PV market in the forecast period.

Application Segment Analysis

Residential application is expected to witness a higher CAGR over the forecast period, due to the strategic government initiatives to encourage the adoption of solar energy systems. Also, the cost-efficiency of solar panels due to the increasing investment in technologies to increase production efficiency is expected to boost the market growth.

Solar Module Segment Analysis

Based on the solar module, the Monocrystalline segment is anticipated to grow at a higher CAGR over the forecast period attributed to the strong demand for this solar module across the residential applications and rising research & development activities for the enhancement in the solar panels.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Customization here

Regional – Segment Analysis

Based on the region, Europe region is predicted to dominate the market during the forecast period owing to the various government initiatives and policies for renewable power generation and the significant shift of the consumer towards using clean energy. Furthermore, the growing R&D activities for the development and supply of solar PV panels is further fuelling the market growth in this region.

Asia Pacific regional market is expected to hold a larger share over the forecast period, owing to the emerging need to minimize the dependence on traditional energy sources. In addition, the strong presence of leading players with the increasing emphasis on better offerings has augmented the product demand in the region, paving the way for market.

Top Market Players

Various notable players operating in the market include SunPower Corporation, Abengoa, Wuxi Suntech Power Co., Ltd., Acciona Energia, S.A., eSolar, BrightSource Energy, Inc., ENF Ltd., Kaneka Corporation, Canadian Solar, and Tata Power Solar Systems Ltd., among others.

Key Developments:

• • In 2022, California Department of Water Resources, Marin County, California-based water and energy project developer Solar AquaGrid, utility company Turlock Irrigation District (TID), and University of California entered into a partnership for a pilot project named Project Nexus.
  • In 2022, NJR Clean Energy Ventures (CEV) initiated a construction project on an 8.9-MW floating solar installation in Millburn, New Jersey, which will be the largest floating array in the United States. The project will use a floating racking system, 16,510 solar panels ware which is expected to be installed on a reservoir located at the New Jersey American Water Canoe Brook Water Treatment Plant. The clean power produced by the array will offer approximately 95% of the facility’s annual power needs through a power purchase agreement with CEV.
  • In 2020, Total Solar Distributed Generation (DG) installed a solar rooftop on Danone’s factory in Klaten, Indonesia, which is the biggest in Central Java, with a capacity of around 3,000 kWp. Developed, built, and operated by Total Solar DG, the rooftop solar systems consist of around 8,340 solar panels, covering an area of 16,500 sqm.
  • In 2020, Canadian Solar initiated the construction on one of the largest commercial and industrial rooftop solar projects in Malaysia, in partnership with Antah Solar Sdn. Bhd. and Eleaps Sdn. Bhd. The 5 MWp project will span an area of over 26,000 m2 and is located in Penang, Malaysia.
  • In 2019, SunPower Corporation planned to separate into two independents, strategically-aligned, complementary, and publicly-traded companies that are SunPower and Maxeon Solar Technologies. Each company is responsible for offering different products setup on widespread experience across the solar value chain.
  • In 2019, Acciona Energia, S.A signed an agreement with Tenaska, a US-based company, to attain a portfolio of photovoltaic projects in the seven states all around the country. The portfolio comprises of around 3,000 MW of rated power in the utility-scale photovoltaic plants and 1000 MW of battery storage.

Segments covered in the Report:

The global solar energy market has been segmented on the basis of technology, solar module, application, end-use, and region. Based on technology, the market is segmented into concentrated solar power systems and photovoltaic systems. The concentrated solar power systems segment is further categorized into solar power tower, parabolic trough, dish stirling, and fresnel reflectors. Based on the solar module, the market is segmented into polycrystalline, monocrystalline, amorphous silicon cells, cadmium telluride, and others. Based on the application, the market is segmented into commercial, residential, and industrial. Based on the end-use, the market is segmented into lighting, electricity generation, charging, and heating.

For detailed scope of the “Solar Energy Market” report request a Sample Copy of the report

• • Key questions answered in this research report:
  • At what pace is the global solar energy market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global solar energy market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global solar energy market?
  • Which technology generated maximum revenues in 2021 and identify the most promising technology during the forecast period?
  • What are the various application areas of the solar energy market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Revenues (2021)	USD Million
Market Base Year	2021
Market Forecast Period	2022-2029
Base Year & Forecast Units	Value (USD Million)
Market Segment	By Technology, By Solar Module, By Application, By End-Use, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	SunPower Corporation, Abengoa, Wuxi Suntech Power Co., Ltd., Acciona Energia, S.A., eSolar, BrightSource Energy, Inc., ENF Ltd., Kaneka Corporation, Canadian Solar, and Tata Power Solar Systems Ltd., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

Global Solar Energy Market by Technology  

• • Concentrated Solar Power Systems
    • Solar Power Tower
    • Parabolic Trough
    • Dish Stirling
    • Fresnel Reflectors
  • Photovoltaic Systems

Global Solar Energy Market by Solar Module  

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

Global Solar Energy Market by Application  

• • Commercial
  • Residential
  • Industrial

Global Solar Energy Market by End-Use  

• • Lighting
  • Electricity Generation
  • Charging
  • Heating

Global Solar Energy Market by Region

• • North America Solar Energy Market (Option 1: As a part of the free 25% customization)
    • By Technology
    • By Solar Module
    • By Application
    • By End-Use
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Solar Energy Market (Option 2: As a part of the free 25% Customization)
    • By Technology
    • By Solar Module
    • By Application
    • By End-Use
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Solar Energy Market (Option 3: As a part of the free 25% Customization)
    • By Technology
    • By Solar Module
    • By Application
    • By End-Use
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Solar Energy Market (Option 4: As a part of the free 25% Customization)
    • By Technology
    • By Solar Module
    • By Application
    • By End-Use
    • Brazil Market All-Up
    • South Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Solar Energy (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • SunPower Corporation
  • Abengoa
  • Wuxi Suntech Power Co., Ltd.
  • Acciona Energia, S.A.
  • eSolar
  • BrightSource Energy, Inc.
  • ENF Ltd.
  • Kaneka Corporation
  • Canadian Solar
  • Tata Power Solar Systems Ltd.