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.

Solar Energy Market Analysis

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.

Solar Energy Market Overview

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.

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Solar Energy Market: Strategic Insights

Solar Energy Market

• 
  CAGR (2022 - 2030)

  13.0%
• Market Size 2022
  US$ 207,270.00 Million
• Market Size 2030
  US$ 552,450.28 Million

Market Dynamics

GROWTH DRIVERS

• Growing Focus on Deploying Concentrated Solar Power Technology

FUTURE TRENDS

• NA

OPPORTUNITIES

• Application of Solar Power in Aerospace, Space, and Defense Industries

Key Players

• JinkoSolar Holding Co Ltd
• Canadian Solar Inc
• Trina Solar Co. Ltd
• First Solar Inc
• ADT Solar
• ACCIONA Energ?a
• BrightSource
• Abengoa SA
• Heliogen Inc
• Nextera Energy

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Technology

• Photovoltaic Systems
• Concentrated Solar Power Systems

Application

• Electricity Generation
• Heating
• Others

End User

• Residential
• Commercial & Industrial
• Utility Scale

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Solar Energy Market Drivers and Opportunities

Rising Government Initiatives for Solar Power is Expected to be the Prime Driver for the Solar Energy Market

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.

Application of Solar Power in Aerospace, Space, and Defense Industries

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.

Solar Energy Market Report Segmentation Analysis

Key segments that contributed to the derivation of the solar energy market analysis are technology, application, and end-user.

• Based on the technology, the solar energy market has been divided into photovoltaic systems and concentrated solar power systems. The photovoltaic systems segment held a larger market share in 2022.
• In terms of application, the market has been segmented into electricity generation, heating, and others. The electricity generation segment dominated the market in 2022.
• In terms of end-user, the market has been segmented into residential, commercial & industrial, utility scale. The utility scale segment dominated the market in 2022.

Solar Energy Market Share Analysis by Geography

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.

Solar Energy Market Report Scope

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Solar Energy Market News and Recent Developments

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:

• On July 2023, Trina Solar and Aquila Clean Energy signed a framework agreement for the supply of 800MW of photovoltaic modules. (Source: Trina Solar, Press Release/Company Website/Newsletter)
• On August 2022, First Solar announced to invest up to US$1 billion in a new, 3.5 GWDC manufacturing facility in the US Southeast. Existing Northwest Ohio footprint to be expanded by 0.9 GWDC with US$185 million upgrade. (Source: First Solar, Press Release/Company Website/Newsletter)

Solar Energy Market Report Coverage and Deliverables

The “Solar Energy Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles with SWOT analysis