Global Solar Energy Market Research Report 2023
Global Solar Energy Market Size By Technology (Photovoltaic Systems, Concentrated Solar Power Systems), By Application (Residential, Commercial, and Industrial), By End Use (Electricity Generation, Lighting, Heating, Charging), By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Other) And Region Global Market Analysis and Forecast, 2023-2030
Global Solar Energy Market Synopsis.
Solar Energy Market Size Was Valued at USD 94.6 billion in 2022 and is Projected to Reach USD 237.59 Billion by 2030, Growing at a CAGR of 12.2% From 2023-2030.
Solar energy is radiant light and heat from the Sun that is harnessed using a range of technologies such as solar power to generate electricity, solar thermal energy (including solar water heating), and solar architecture.
- Solar energy is defined as the transformation of energy that is present in the sun and is one of the renewable energies. Once the sunlight passes through the earth’s atmosphere, most of it is in the form of visible light and infrared radiation. Plants use it to convert into sugar and starches; this conversion process is known as photosynthesis. Solar cell panels are used to convert this energy into electricity.
- It is an essential source of renewable energy, and its technologies are broadly characterized as either passive solar or active solar depending on how they capture and distribute solar energy or convert it into solar power. Solar energy is a renewable energy source that has been gaining popularity in recent years due to its cost-effectiveness and
Top Key Players Involved Are:
"JinkoSolar Holding Co Ltd (China), Trina, Solar Limited (China), Canadian Solar Inc (Canada), JA Solar Holdings Co Ltd (China), First Solar Inc (USA), LONGi Green Energy Technology Co Ltd (China)Hanwha Q CELLS Co Ltd (South Korea), SunPower Corporation (USA), Yingli Green Energy Holding Company Limited (China), S hunting International, Clean Energy Limited (China), ReneSola Ltd. (China), GCL-Poly Energy Holdings Limited (Hong Kong), Neo Solar Power Corporation (Taiwan), SolarEdge Technologies Inc. (Israel), LG Electronics Inc (South Korea), Sharp Corporation (Japan), and Other Major Players."
Global Solar Energy Market Trend Analysis
Government Support and Policies Drive the Solar Energy Market
- Government support and policies are one of the key driving factors of the solar energy market. Many governments around the world have introduced policies and incentives to promote the adoption of renewable energy sources, including solar power. These policies often include tax credits, subsidies, and feed-in tariffs that make solar energy more attractive and financially feasible for consumers. In addition to financial incentives, many governments have also introduced regulations and standards that encourage the use of renewable energy sources.
- Government support and policies can also help create a favorable environment for solar energy companies. For example, government funding for research and development can help to drive technological advancements in the industry. This, in turn, can lead to lower production costs and improved efficiency, making solar energy more competitive with traditional energy sources.
- In Conclusion, government support and policies play a critical role in driving the growth of the solar energy market. By providing financial incentives, regulations, and standards, governments can help to create a more favorable environment for the adoption and expansion of solar power.
Energy Storage Opportunity for Solar Energy Market
- Energy storage is an important component of the solar energy market, as it allows individuals and businesses to store excess solar energy generated during the day for use at night or during periods of low sunlight. As the solar energy market continues to grow, there are several opportunities for businesses and individuals in the energy storage sector.
- The demand for energy storage systems, including batteries, is expected to grow as the use of solar energy expands. There are opportunities for businesses to manufacture energy storage systems and components to meet this growing demand.
- Overall, the energy storage market presents numerous opportunities for businesses and individuals who are interested in participating in the renewable energy industry. With the growing demand for solar energy systems, there is a growing need for energy storage systems to complement these installations, creating a significant opportunity for growth and innovation in the energy storage sector.
Segmentation Analysis of The Global Solar Energy Market
The Global Solar Energy Market Segments Cover the Technology, Application, End Use, Solar Module, By Technology, and Photovoltaic Systems Anticipated To Dominate The Market Over The Forecast Period.
- The cost of producing PV solar panels has decreased significantly over the past decade, making it an increasingly attractive option for individuals and businesses looking to invest in solar energy. This has led to a significant increase in the adoption of PV solar panels. The development of new technologies has significantly improved the efficiency of PV solar panels, making them more effective at converting sunlight into electricity.
- PV solar panels can be installed on a variety of surfaces, including rooftops, walls, and even on the ground. This versatility makes it easier for individuals and businesses to adopt solar energy, as it can be integrated into existing structures without significant modifications.
- Many governments around the world have introduced policies and incentives to promote the adoption of renewable energy sources, including solar power. Overall, the PV segment is dominating the solar energy market due to its lower costs, technological advancements, versatility, scalability, and government incentives.
Source: IEA
According to the above graph, the growing number of Solar PV Power drives the Solar Energy Market. With the increase in the power generation of solar PV around the world, the demand for solar types of equipment is expected to rise further. More Solar PV Powers are being initiated all over the country indicating that the Solar Energy Market is expanding, as a result, the power of Solar PV is increasing which increases the demand for the Solar Energy Market.
Regional Analysis of the Global Solar Energy Market
Asia Pacific is Expected to Dominate the Market Over the Forecast Period.
- Governments in the Asia Pacific region have introduced various policies and incentives to promote the adoption of renewable energy, including solar power. These policies include tax credits, subsidies, and feed-in tariffs, making solar energy more financially feasible for consumers. The Asia Pacific region has a rapidly growing population and economy, leading to increased demand for energy. Solar energy is seen as an attractive option to meet this demand, as it is a clean and renewable source of energy.
- The cost of producing solar energy has decreased significantly over the past decade, making it an increasingly attractive option for individuals and businesses in the Asia Pacific region. This has made solar energy more competitive with other energy sources, leading to increased demand.
- The Asia Pacific region has seen a significant increase in large-scale solar energy projects, particularly in countries like China and India. These projects have helped to drive down the cost of solar energy and increase the adoption of solar power in the region. As the demand for renewable energy sources continues to grow, the Asia Pacific region will likely continue to lead the way in the adoption of solar energy.
Covid 19 Impact On The Solar Energy Market
- The pandemic has caused disruptions to global supply chains, including those for solar panels and other equipment. This has led to delays and shortages in the supply of solar components, which has slowed down the installation of solar projects.
- The pandemic has caused economic uncertainty around the world, which has led to a decrease in investment in solar projects. Many companies and governments have had to redirect resources to deal with the pandemic, which has impacted investment in renewable energy.
- The need for renewable energy sources remains strong, and many governments and companies have continued to invest in solar projects despite the disruptions caused by the pandemic. As the world recovers from the pandemic, the solar energy market is expected to continue to grow and play an important role in the transition to a clean energy future.
Top Key Players Covered in the Global Solar Energy Market
- JinkoSolar Holding Co., Ltd. (China)
- Trina Solar Limited (China)
- Canadian Solar Inc. (Canada)
- JA Solar Holdings Co., Ltd. (China)
- First Solar, Inc. (USA)
- LONGi Green Energy Technology Co., Ltd. (China)
- Hanwha Q CELLS Co., Ltd. (South Korea)
- SunPower Corporation (USA)
- Yingli Green Energy Holding Company Limited (China)
- Shunfeng International Clean Energy Limited (China)
- ReneSola Ltd. (China)
- GCL-Poly Energy Holdings Limited (Hong Kong)
- Neo Solar Power Corporation (Taiwan)
- SolarEdge Technologies Inc. (Israel)
- LG Electronics Inc. (South Korea)
- Sharp Corporation (Japan) Other Major Players
Key Industry Developments in the Global Solar Energy Market
In December 2022, World Bank Signs Project to Scale up Innovative Renewable Energy Technologies in India. The Government of India, Solar Energy Corporation of India Limited (SECI), and the World Bank signed agreements for a $150 million IBRD loan, a $28 million Clean Technology Fund (CTF) loan, and a $22 million CTF grant to help India increase its power generation capacity through cleaner, renewable energy sources. The agreement underscores the Government of India’s commitment to achieving 500 gigawatts (GW) of renewable energy by 2030 to address the challenges of climate change.
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Global Solar Energy Market |
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Base Year: |
2022 |
Forecast Period: |
2023-2030. |
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Historical Data: |
2016-2022 |
Market Size in 2021: |
USD 1153.60 GW. |
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Forecast Period 2023-30 CAGR: |
21.30% |
Market Size in 2028: |
USD 4,457.39 GW . |
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Segments Covered: |
By Technology |
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By Application |
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By End Use |
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By Solar Module |
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By Region |
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Global Solar Energy Market |
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Base Year: |
2022 |
Forecast Period: |
2023-2030. |
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Historical Data: |
2016-2022 |
Market Size in 2021: |
USD 1153.60 GW. |
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Forecast Period 2023-30 CAGR: |
21.30% |
Market Size in 2028: |
USD 4,457.39 GW . |
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Segments Covered: |
By Technology |
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By Application |
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By End Use |
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By Solar Module |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the Report: |
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Chapter 1: Introduction
1.1 Research Objectives
1.2 Research Methodology
1.3 Research Process
1.4 Scope and Coverage
1.4.1 Market Definition
1.4.2 Key Questions Answered
1.5 Market Segmentation
Chapter 2:Executive Summary
Chapter 3:Growth Opportunities By Segment
3.1 By Technology
3.2 By Application
3.3 By End Use
3.4 By Solar Module
Chapter 4: Market Landscape
4.1 Porter's Five Forces Analysis
4.1.1 Bargaining Power of Supplier
4.1.2 Threat of New Entrants
4.1.3 Threat of Substitutes
4.1.4 Competitive Rivalry
4.1.5 Bargaining Power Among Buyers
4.2 Industry Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.5.4 Challenges
4.4 Pestle Analysis
4.5 Technological
Frequently Asked Questions
What would be the forecast period in the Global Solar Energy Market research report?
The forecast period in the Solar Energy Market research report is 2023-2030.
Who are the key players in Global Solar Energy Market?
JinkoSolar Holding Co Ltd (China), Trina, Solar Limited (China), Canadian Solar Inc (Canada), JA Solar Holdings Co Ltd (China), First Solar Inc (USA), LONGi Green Energy Technology Co Ltd (China)Hanwha Q CELLS Co Ltd (South Korea), SunPower Corporation (USA), Yingli Green Energy Holding Company Limited (China), S hunting International, Clean Energy Limited (China), ReneSola Ltd. (China), GCL-Poly Energy Holdings Limited (Hong Kong), Neo Solar Power Corporation (Taiwan), SolarEdge Technologies Inc. (Israel), LG Electronics Inc (South Korea), Sharp Corporation (Japan), Kyocera Corporation (Japan), Panasonic Corporation (Japan), Hanergy Thin Film Power Group Ltd. (China), REC Group (Norway/Singapore)
What are the segments of the Global Solar Energy market?
The Global Solar Energy Oil Market is segmented By Technology, Application, End Use, and Solar Module. By Technology, the market is categorized into Photovoltaic Systems and Concentrated Solar Power Systems. By Application, the market is categorized into Residential, Commercial, and Industrial. By End Use, the market is categorized into Electricity Generation, Lighting, Heating, and Charging. By Solar Module, the market is categorized into Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others. By regions, it is analyzed across North America (U.S.; Canada; Mexico), Europe (Germany; U.K.; France; Italy; Russia; Spain, etc.), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
What is the Global Solar Energy Market?
Solar energy is radiant light and heat from the Sun that is harnessed using a range of technologies such as solar power to generate electricity, solar thermal energy (including solar water heating), and solar architecture. Solar energy is defined as the transformation of energy that is present in the sun and is one of the renewable energies. Once the sunlight passes through the earth’s atmosphere, most of it is in the form of visible light and infrared radiation. Plants use it to convert into sugar and starches; this conversion process is known as photosynthesis. Solar cell panels are used to convert this energy into electricity. It is an essential source of renewable energy, and its technologies are broadly characterized as either passive solar or active solar depending on how they capture and distribute solar energy or convert it into solar power. Solar energy is a renewable energy source that has been gaining popularity in recent years due to its cost-effectiveness and environmental benefits.
How big is the Global Solar Energy Market?
The Global Solar Energy Market size was reasonably estimated to be approximately USD 1153.60 GW in 2023 and is poised to generate revenue over USD 4,457.39 GW by the end of 2030, projecting a CAGR of around 21.30% from 2023 to 2030.
