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.
Global Solar Energy Market
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Base Year:
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2022
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Forecast Period:
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2023-2030.
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Historical Data:
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2016-2022
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Market Size in 2021:
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USD 1153.60 GW.
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Forecast Period 2023-30 CAGR:
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21.30%
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Market Size in 2028:
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USD 4,457.39 GW .
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Segments Covered:
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By Technology
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- Photovoltaic Systems
- Concentrated Solar Power Systems
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By Application
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- Residential
- Commercial
- Industrial
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By End Use
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- Electricity Generation
- Lighting
- Heating
- Charging
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By Solar Module
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- Monocrystalline
- Polycrystalline
- Cadmium Telluride
- Amorphous Silicon Cells
- Other
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By Region
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- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
- Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
- South America (Brazil, Argentina, Rest of SA)
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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 Roadmap
4.6 Regulatory Landscape
4.7 SWOT Analysis
4.8 Price Trend Analysis
4.9 Patent Analysis
4.10 Analysis of the Impact of Covid-19
4.10.1 Impact on the Overall Market
4.10.2 Impact on the Supply Chain
4.10.3 Impact on the Key Manufacturers
4.10.4 Impact on the Pricing
Chapter 5: Solar Energy Market by Technology
5.1 Solar Energy Market Overview Snapshot and Growth Engine
5.2 Solar Energy Market Overview
5.3 Photovoltaic Systems
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size (2016-2030F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Photovoltaic Systems: Geographic Segmentation
5.4 Concentrated Solar Power Systems
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size (2016-2030F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 Concentrated Solar Power Systems: Geographic Segmentation
Chapter 6: Solar Energy Market by Application
6.1 Solar Energy Market Overview Snapshot and Growth Engine
6.2 Solar Energy Market Overview
6.3 Residential
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size (2016-2030F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Residential: Geographic Segmentation
6.4 Commercial
6.4.1 Introduction and Market Overview
6.4.2 Historic and Forecasted Market Size (2016-2030F)
6.4.3 Key Market Trends, Growth Factors and Opportunities
6.4.4 Commercial: Geographic Segmentation
6.5 Industrial
6.5.1 Introduction and Market Overview
6.5.2 Historic and Forecasted Market Size (2016-2030F)
6.5.3 Key Market Trends, Growth Factors and Opportunities
6.5.4 Industrial : Geographic Segmentation
Chapter 7: Solar Energy Market by End Use
7.1 Solar Energy Market Overview Snapshot and Growth Engine
7.2 Solar Energy Market Overview
7.3 Electricity Generation
7.3.1 Introduction and Market Overview
7.3.2 Historic and Forecasted Market Size (2016-2030F)
7.3.3 Key Market Trends, Growth Factors and Opportunities
7.3.4 Electricity Generation: Geographic Segmentation
7.4 Lighting
7.4.1 Introduction and Market Overview
7.4.2 Historic and Forecasted Market Size (2016-2030F)
7.4.3 Key Market Trends, Growth Factors and Opportunities
7.4.4 Lighting: Geographic Segmentation
7.5 Heating
7.5.1 Introduction and Market Overview
7.5.2 Historic and Forecasted Market Size (2016-2030F)
7.5.3 Key Market Trends, Growth Factors and Opportunities
7.5.4 Heating: Geographic Segmentation
7.6 Charging
7.6.1 Introduction and Market Overview
7.6.2 Historic and Forecasted Market Size (2016-2030F)
7.6.3 Key Market Trends, Growth Factors and Opportunities
7.6.4 Charging: Geographic Segmentation
Chapter 8: Solar Energy Market by Solar Module
8.1 Solar Energy Market Overview Snapshot and Growth Engine
8.2 Solar Energy Market Overview
8.3 Monocrystalline
8.3.1 Introduction and Market Overview
8.3.2 Historic and Forecasted Market Size (2016-2030F)
8.3.3 Key Market Trends, Growth Factors and Opportunities
8.3.4 Monocrystalline: Geographic Segmentation
8.4 Polycrystalline
8.4.1 Introduction and Market Overview
8.4.2 Historic and Forecasted Market Size (2016-2030F)
8.4.3 Key Market Trends, Growth Factors and Opportunities
8.4.4 Polycrystalline: Geographic Segmentation
8.5 Cadmium Telluride
8.5.1 Introduction and Market Overview
8.5.2 Historic and Forecasted Market Size (2016-2030F)
8.5.3 Key Market Trends, Growth Factors and Opportunities
8.5.4 Cadmium Telluride: Geographic Segmentation
8.6 Amorphous Silicon Cells
8.6.1 Introduction and Market Overview
8.6.2 Historic and Forecasted Market Size (2016-2030F)
8.6.3 Key Market Trends, Growth Factors and Opportunities
8.6.4 Amorphous Silicon Cells: Geographic Segmentation
8.7 Others
8.7.1 Introduction and Market Overview
8.7.2 Historic and Forecasted Market Size (2016-2030F)
8.7.3 Key Market Trends, Growth Factors and Opportunities
8.7.4 Others: Geographic Segmentation
Chapter 9: Company Profiles and Competitive Analysis
9.1 Competitive Landscape
9.1.1 Competitive Positioning
9.1.2 Solar Energy Sales and Market Share By Players
9.1.3 Industry BCG Matrix
9.1.4 Heat Map Analysis
9.1.5 Solar Energy Industry Concentration Ratio (CR5 and HHI)
9.1.6 Top 5 Solar Energy Players Market Share
9.1.7 Mergers and Acquisitions
9.1.8 Business Strategies By Top Players
9.2 JINKOSOLAR HOLDING CO LTD (CHINA)
9.2.1 Company Overview
9.2.2 Key Executives
9.2.3 Company Snapshot
9.2.4 Operating Business Segments
9.2.5 Product Portfolio
9.2.6 Business Performance
9.2.7 Key Strategic Moves and Recent Developments
9.2.8 SWOT Analysis
9.3 TRINA
9.4 SOLAR LIMITED (CHINA)
9.5 CANADIAN SOLAR INC (CANADA)
9.6 JA SOLAR HOLDINGS CO LTD (CHINA)
9.7 FIRST SOLAR INC (USA)
9.8 LONGI GREEN ENERGY TECHNOLOGY CO LTD (CHINA)HANWHA Q CELLS CO LTD (SOUTH KOREA)
9.9 SUNPOWER CORPORATION (USA)
9.10 YINGLI GREEN ENERGY HOLDING COMPANY LIMITED (CHINA)
9.11 S HUNTING INTERNATIONAL
9.12 CLEAN ENERGY LIMITED (CHINA)
9.13 RENESOLA LTD. (CHINA)
9.14 GCL-POLY ENERGY HOLDINGS LIMITED (HONG KONG)
9.15 NEO SOLAR POWER CORPORATION (TAIWAN)
9.16 SOLAREDGE TECHNOLOGIES INC. (ISRAEL)
9.17 LG ELECTRONICS INC (SOUTH KOREA)
9.18 SHARP CORPORATION (JAPAN)
9.19 KYOCERA CORPORATION (JAPAN)
9.20 PANASONIC CORPORATION (JAPAN)
9.21 HANERGY THIN FILM POWER GROUP LTD. (CHINA)
9.22 REC GROUP (NORWAY/SINGAPORE)
9.23 OTHER MAJOR PLAYERS
Chapter 10: Global Solar Energy Market Analysis, Insights and Forecast, 2016-2030
10.1 Market Overview
10.2 Historic and Forecasted Market Size By Technology
10.2.1 Photovoltaic Systems
10.2.2 Concentrated Solar Power Systems
10.3 Historic and Forecasted Market Size By Application
10.3.1 Residential
10.3.2 Commercial
10.3.3 Industrial
10.4 Historic and Forecasted Market Size By End Use
10.4.1 Electricity Generation
10.4.2 Lighting
10.4.3 Heating
10.4.4 Charging
10.5 Historic and Forecasted Market Size By Solar Module
10.5.1 Monocrystalline
10.5.2 Polycrystalline
10.5.3 Cadmium Telluride
10.5.4 Amorphous Silicon Cells
10.5.5 Others
Chapter 11: North America Solar Energy Market Analysis, Insights and Forecast, 2016-2030
11.1 Key Market Trends, Growth Factors and Opportunities
11.2 Impact of Covid-19
11.3 Key Players
11.4 Key Market Trends, Growth Factors and Opportunities
11.4 Historic and Forecasted Market Size By Technology
11.4.1 Photovoltaic Systems
11.4.2 Concentrated Solar Power Systems
11.5 Historic and Forecasted Market Size By Application
11.5.1 Residential
11.5.2 Commercial
11.5.3 Industrial
11.6 Historic and Forecasted Market Size By End Use
11.6.1 Electricity Generation
11.6.2 Lighting
11.6.3 Heating
11.6.4 Charging
11.7 Historic and Forecasted Market Size By Solar Module
11.7.1 Monocrystalline
11.7.2 Polycrystalline
11.7.3 Cadmium Telluride
11.7.4 Amorphous Silicon Cells
11.7.5 Others
11.8 Historic and Forecast Market Size by Country
11.8.1 US
11.8.2 Canada
11.8.3 Mexico
Chapter 12: Eastern Europe Solar Energy Market Analysis, Insights and Forecast, 2016-2030
12.1 Key Market Trends, Growth Factors and Opportunities
12.2 Impact of Covid-19
12.3 Key Players
12.4 Key Market Trends, Growth Factors and Opportunities
12.4 Historic and Forecasted Market Size By Technology
12.4.1 Photovoltaic Systems
12.4.2 Concentrated Solar Power Systems
12.5 Historic and Forecasted Market Size By Application
12.5.1 Residential
12.5.2 Commercial
12.5.3 Industrial
12.6 Historic and Forecasted Market Size By End Use
12.6.1 Electricity Generation
12.6.2 Lighting
12.6.3 Heating
12.6.4 Charging
12.7 Historic and Forecasted Market Size By Solar Module
12.7.1 Monocrystalline
12.7.2 Polycrystalline
12.7.3 Cadmium Telluride
12.7.4 Amorphous Silicon Cells
12.7.5 Others
12.8 Historic and Forecast Market Size by Country
12.8.1 Bulgaria
12.8.2 The Czech Republic
12.8.3 Hungary
12.8.4 Poland
12.8.5 Romania
12.8.6 Rest of Eastern Europe
Chapter 13: Western Europe Solar Energy Market Analysis, Insights and Forecast, 2016-2030
13.1 Key Market Trends, Growth Factors and Opportunities
13.2 Impact of Covid-19
13.3 Key Players
13.4 Key Market Trends, Growth Factors and Opportunities
13.4 Historic and Forecasted Market Size By Technology
13.4.1 Photovoltaic Systems
13.4.2 Concentrated Solar Power Systems
13.5 Historic and Forecasted Market Size By Application
13.5.1 Residential
13.5.2 Commercial
13.5.3 Industrial
13.6 Historic and Forecasted Market Size By End Use
13.6.1 Electricity Generation
13.6.2 Lighting
13.6.3 Heating
13.6.4 Charging
13.7 Historic and Forecasted Market Size By Solar Module
13.7.1 Monocrystalline
13.7.2 Polycrystalline
13.7.3 Cadmium Telluride
13.7.4 Amorphous Silicon Cells
13.7.5 Others
13.8 Historic and Forecast Market Size by Country
13.8.1 Germany
13.8.2 UK
13.8.3 France
13.8.4 Netherlands
13.8.5 Italy
13.8.6 Russia
13.8.7 Spain
13.8.8 Rest of Western Europe
Chapter 14: Asia Pacific Solar Energy Market Analysis, Insights and Forecast, 2016-2030
14.1 Key Market Trends, Growth Factors and Opportunities
14.2 Impact of Covid-19
14.3 Key Players
14.4 Key Market Trends, Growth Factors and Opportunities
14.4 Historic and Forecasted Market Size By Technology
14.4.1 Photovoltaic Systems
14.4.2 Concentrated Solar Power Systems
14.5 Historic and Forecasted Market Size By Application
14.5.1 Residential
14.5.2 Commercial
14.5.3 Industrial
14.6 Historic and Forecasted Market Size By End Use
14.6.1 Electricity Generation
14.6.2 Lighting
14.6.3 Heating
14.6.4 Charging
14.7 Historic and Forecasted Market Size By Solar Module
14.7.1 Monocrystalline
14.7.2 Polycrystalline
14.7.3 Cadmium Telluride
14.7.4 Amorphous Silicon Cells
14.7.5 Others
14.8 Historic and Forecast Market Size by Country
14.8.1 China
14.8.2 India
14.8.3 Japan
14.8.4 South Korea
14.8.5 Malaysia
14.8.6 Thailand
14.8.7 Vietnam
14.8.8 The Philippines
14.8.9 Australia
14.8.10 New Zealand
14.8.11 Rest of APAC
Chapter 15: Middle East & Africa Solar Energy Market Analysis, Insights and Forecast, 2016-2030
15.1 Key Market Trends, Growth Factors and Opportunities
15.2 Impact of Covid-19
15.3 Key Players
15.4 Key Market Trends, Growth Factors and Opportunities
15.4 Historic and Forecasted Market Size By Technology
15.4.1 Photovoltaic Systems
15.4.2 Concentrated Solar Power Systems
15.5 Historic and Forecasted Market Size By Application
15.5.1 Residential
15.5.2 Commercial
15.5.3 Industrial
15.6 Historic and Forecasted Market Size By End Use
15.6.1 Electricity Generation
15.6.2 Lighting
15.6.3 Heating
15.6.4 Charging
15.7 Historic and Forecasted Market Size By Solar Module
15.7.1 Monocrystalline
15.7.2 Polycrystalline
15.7.3 Cadmium Telluride
15.7.4 Amorphous Silicon Cells
15.7.5 Others
15.8 Historic and Forecast Market Size by Country
15.8.1 Turkey
15.8.2 Bahrain
15.8.3 Kuwait
15.8.4 Saudi Arabia
15.8.5 Qatar
15.8.6 UAE
15.8.7 Israel
15.8.8 South Africa
Chapter 16: South America Solar Energy Market Analysis, Insights and Forecast, 2016-2030
16.1 Key Market Trends, Growth Factors and Opportunities
16.2 Impact of Covid-19
16.3 Key Players
16.4 Key Market Trends, Growth Factors and Opportunities
16.4 Historic and Forecasted Market Size By Technology
16.4.1 Photovoltaic Systems
16.4.2 Concentrated Solar Power Systems
16.5 Historic and Forecasted Market Size By Application
16.5.1 Residential
16.5.2 Commercial
16.5.3 Industrial
16.6 Historic and Forecasted Market Size By End Use
16.6.1 Electricity Generation
16.6.2 Lighting
16.6.3 Heating
16.6.4 Charging
16.7 Historic and Forecasted Market Size By Solar Module
16.7.1 Monocrystalline
16.7.2 Polycrystalline
16.7.3 Cadmium Telluride
16.7.4 Amorphous Silicon Cells
16.7.5 Others
16.8 Historic and Forecast Market Size by Country
16.8.1 Brazil
16.8.2 Argentina
16.8.3 Rest of SA
Chapter 17 Investment Analysis
Chapter 18 Analyst Viewpoint and Conclusion