The solar energy market was valued at US$ 207,270.00 million in 2022 and is expected to reach US$ 552,450.28 million by 2030; it is anticipated to account for a CAGR of 13.0% from 2022 to 2030.
A key contributor of GHG (greenhouse gas) emissions that lead to climate change is power generation using fossil fuels. The utilization of solar energy is growing due to rising concern towards more sustainable and green energy alternatives, growing climate change concerns, and government initiatives towards boosting the usage of renewable energy across the globe.
The rise in energy consumption also boosted the need for alternative energy generation sources, as conventional energy resources such as fossil fuels are leading to environmental pollution. Renewable alternative options such as solar emerged to curb immense carbon emissions and their negative impact on the environment, along with the agenda of balancing the energy supply and demand. The growing energy prices and uncertainty of energy supply in some remote locations have boosted the application of solar photovoltaics, which is anticipated to drive the development of the solar energy market globally.
Governments and organizations of major countries such as the US, China, and South Africa focus on investing in advanced technologies to enhance the operational efficiency of solar plants. Concentrated solar power (CSP) technologies leverage mirrors to reflect and concentrate daylight onto receivers that accumulate light energy and transform it into thermal energy or heat. The deployment of CSP systems is increasing globally due to the growing need for energy in different sectors and government concerns about environmental pollution. Further, the rise in the development of the renewable energy sector and favorable government initiatives toward using a sustainable approach to reduce carbon emissions are fueling the investment in CSP plants, which is anticipated to propel the growth of the solar energy market globally.
The application of solar energy has rapidly increased in recent years due to its capability to reduce the adverse environmental effects of conventional energy resources such as coal, natural gas, and oil. Hence, governments of various countries across the globe imposed tax incentives and favorable policies to support the remarkable growth of solar energy. In 2022, the Government of India announced its plan to implement the Rooftop Solar Programme Phase II. As per the scheme, the Ministry of New and Renewable Energy (MNRE) will offer Central Financial Assistance to residential consumers for installing rooftop solar systems. Factors such as volatile fossil fuel prices have fuelled renewable energy investments and boosted policy support through new initiatives in Europe, Japan, and China; the US Inflation Reduction Act; and a strong positioning of climate and energy security objectives, particularly in import-reliant economies. Thus, the rising number of government initiatives toward boosting solar power is driving the solar energy market.
The growing technological development and government initiatives are boosting the application of solar energy in various end-use sectors such as aerospace and defense. One of the key applications of solar power in the aerospace and defense industries is solar-powered UAVs. Solar-powered UAVs facilitate secure communication in distant areas among defense forces, enhancing broadband connection. Thus, the growing application of solar power in the space, aerospace, and defense industries is expected to establish lucrative opportunities for the solar energy market players to boost the adoption of solar energy-based systems in the coming years.
Key segments that contributed to the derivation of the solar energy market analysis are technology, application, and end-user.
The geographic scope of the Solar Energy Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Growing focus on lowering environmental pollution by reducing greenhouse gas emissions and rising government initiatives toward increasing the stake of renewable energy resources in the overall power mix are major reasons for solar energy market growth in Asia Pacific. China, Australia, India, and Japan are a few key countries contributing to Asia Pacific's solar energy market growth. Growing focus on concentrated solar power plants and increasing demand for energy security are important drivers for the solar energy market in Asia Pacific.
The regional trends and factors influencing the Solar Energy Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Solar Energy Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 207,270.00 Million |
| Market Size by 2030 | US$ 552,450.28 Million |
| Global CAGR (2022 - 2030) | 13.0% |
| Historical Data | 2020-2021 |
| Forecast period | 2022-2030 |
| Segments Covered |
By Technology
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Solar Energy Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Solar Energy Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Solar Energy Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Solar Energy Markets market and strategies:
The “Solar Energy Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas: