Solar Energy Market: By Technology, By Solar Module, By Application, By End Use, and Geography
Solar Energy Market size was valued at US$ 42.6 Billion in 2022 and is expanded to grow at a significant CAGR of 19.7% from 2023-2029. Government subsidies and tax breaks to install solar panels, as well as increased environmental pollutants, are propelling the solar energy sector ahead. Economic development and population growth have resulted in a significant increase in global electricity demand. Electricity generation is in high demand due to rising living standards and infrastructure development. To meet the rising demand, most countries are building new solar plants or expanding existing ones. During the projected period, this is anticipated to fuel the growth of the solar power market. To boost Photovoltaic systems' ability to replace existing conventional sources, photovoltaic (PV) storage solutions must be developed. The use of storage grid is expected to expand as demand for PV installations rises, fueling demand for lithium ion-powered batteries for solar energy storage and driving solar industry growth. For the next five years, solar photovoltaic (PV) technology is predicted to contribute for the most yearly renewable capacity expansions, well outpacing wind and hydro. Through economies of scale, the solar PV business has substantially reduced costs during the last six years. Prices dropped as the market was flooded with equipment, and the cost of solar panels dropped rapidly, resulting in a surge in solar PV system installation. The continued cost decrease of PV systems favours growing off-grid applications, which drives the solar Photovoltaic market.
Study Period
2024-2030Base Year
2023CAGR
19.7%Largest Market
EuropeFastest Growing Market
Asia-Pacific
A boom in rooftop installations has fueled demand for solar cells, which has been followed by an increase in architectural uses. In addition, the demand for parabolic troughs and solar power towers in the electricity generation sector is likely to increase the demand for concentrated solar power systems. Factors like reliability, overall production, and competitiveness have only a minor impact on the adoption of PV system technology. Furthermore, general climatic conditions and geographic latitudes, particularly in areas prone to winter and rainfall, limit the growth of the solar energy sector.
Report Benchmarks |
Details |
Report Study Period |
2024-2030 |
Market CAGR |
19.7% |
By Technology |
|
By Application |
|
By End User |
|
Download Free Sample Report
The CAGR of the solar energy market is 19.7% over the forecast period (2023 - 2029)
Abengoa, Canadian Solar, BrightSource Energy, Inc., SunPower Corporation, Waaree Energies Ltd.
The Asia Pacific is the fastest-growing region in the solar energy market
1. Executive Summary | |||
2. Global Solar Energy Market Introduction | |||
2.1. Global Solar Energy Market - Taxonomy | |||
2.2. Global Solar Energy Market -Definitions | |||
2.2.1. By Technology | |||
2.2.2. By Solar Module | |||
2.2.3. By Application | |||
2.2.4. By Region | |||
3. Global Solar Energy Market Dynamics | |||
3.1. Drivers | |||
3.2. Restraints | |||
3.3. Opportunities/Unmet Needs of the Market | |||
3.4. Trends | |||
3.5. Global Solar Energy Market Dynamic Factors - Impact Analysis | |||
3.6. Global Solar Energy Market - Competition Landscape | |||
4. Global Solar Energy Market Analysis, 2018-2022 and Forecast, 2023-2029 | |||
4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) | |||
4.3. Market Opportunity Analysis | |||
5. Global Solar Energy Market, By Technology, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
5.1. Solar Photovoltaic (PV) | |||
5.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
5.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) | |||
5.1.3. Market Opportunity Analysis | |||
5.2. Concentrated Solar Power (CSP) | |||
5.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
5.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) | |||
5.2.3. Market Opportunity Analysis | |||
6. Global Solar Energy Market, By Solar Module, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
6.1. Monocrystalline | |||
6.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
6.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) | |||
6.1.3. Market Opportunity Analysis | |||
6.2. Polycrystalline | |||
6.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
6.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) | |||
6.2.3. Market Opportunity Analysis | |||
6.3. Amorphous Silicon Cells | |||
6.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
6.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) | |||
6.3.3. Market Opportunity Analysis | |||
6.4. Others | |||
6.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
6.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) | |||
6.4.3. Market Opportunity Analysis | |||
7. Global Solar Energy Market, By Application, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
7.1. Residential | |||
7.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
7.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) | |||
7.1.3. Market Opportunity Analysis | |||
7.2. Commercial & Industrial | |||
7.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
7.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) | |||
7.2.3. Market Opportunity Analysis | |||
7.3. Utility | |||
7.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
7.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) | |||
7.3.3. Market Opportunity Analysis | |||
8. Global Solar Energy Market Forecast, By Region, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
8.1. North America | |||
8.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
8.1.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) | |||
8.1.3. Market Opportunity Analysis | |||
8.2. Europe | |||
8.2.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
8.2.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) | |||
8.2.3. Market Opportunity Analysis | |||
8.3. Asia-Pacific | |||
8.3.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
8.3.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) | |||
8.3.3. Market Opportunity Analysis | |||
8.4. Latin America | |||
8.4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
8.4.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) | |||
8.4.3. Market Opportunity Analysis | |||
8.5. Middle East and Africa | |||
8.5.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
8.5.2. Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) | |||
8.5.3. Market Opportunity Analysis | |||
8.6. Global Solar Energy Market - Opportunity Analysis Index, By Technology, Application, End User, and Region, 2023-2029 | |||
9. North America Solar Energy Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
9.1. Technology Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) | |||
9.1.1. Solar Photovoltaic (PV) | |||
9.1.2. Concentrated Solar Power (CSP) | |||
9.2. Solar Module Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) | |||
9.2.1. Monocrystalline | |||
9.2.2. Polycrystalline | |||
9.2.3. Amorphous Silicon Cells | |||
9.2.4. Others | |||
9.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) | |||
9.3.1. Residential | |||
9.3.2. Commercial & Industrial | |||
9.3.3. Utility | |||
9.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) | |||
9.4.1. USA | |||
9.4.2. Canada | |||
9.5. North America Solar Energy Market - Opportunity Analysis Index, By Technology, Solar Module, Application, and Country, 2023-2029 | |||
9.6. North America Solar Energy Market Dynamics - Trends | |||
10. Europe Solar Energy Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
10.1. Technology Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) | |||
10.1.1. Solar Photovoltaic (PV) | |||
10.1.2. Concentrated Solar Power (CSP) | |||
10.2. Solar Module Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) | |||
10.2.1. Monocrystalline | |||
10.2.2. Polycrystalline | |||
10.2.3. Amorphous Silicon Cells | |||
10.2.4. Others | |||
10.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) | |||
10.3.1. Residential | |||
10.3.2. Commercial & Industrial | |||
10.3.3. Utility | |||
10.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) | |||
10.4.1. Germany | |||
10.4.2. UK | |||
10.4.3. France | |||
10.4.4. Spain | |||
10.4.5. Italy | |||
10.4.6. Russia | |||
10.4.7. Rest of Europe | |||
10.5. Europe Solar Energy Market - Opportunity Analysis Index, By Technology, Solar Module, Application, and Country, 2023-2029 | |||
Details | |||
10.6. Europe Solar Energy Market Dynamics - Trends | |||
11. Asia-Pacific Solar Energy Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
11.1. Technology Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) | |||
11.1.1. Solar Photovoltaic (PV) | |||
11.1.2. Concentrated Solar Power (CSP) | |||
11.2. Solar Module Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) | |||
11.2.1. Monocrystalline | |||
11.2.2. Polycrystalline | |||
11.2.3. Amorphous Silicon Cells | |||
11.2.4. Others | |||
11.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) | |||
11.3.1. Residential | |||
11.3.2. Commercial & Industrial | |||
11.3.3. Utility | |||
11.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) | |||
11.4.1. China | |||
11.4.2. India | |||
11.4.3. Japan | |||
11.4.4. ASEAN | |||
11.4.5. Australia & New Zealand | |||
11.4.6. Rest of Asia-Pacific | |||
11.5. Asia-Pacific Solar Energy Market - Opportunity Analysis Index, By Technology, Solar Module, Application, and Country, 2023-2029 | |||
11.6. Asia-Pacific Solar Energy Market Dynamics - Trends | |||
12. Latin America Solar Energy Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
12.1. Technology Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) | |||
12.1.1. Solar Photovoltaic (PV) | |||
12.1.2. Concentrated Solar Power (CSP) | |||
12.2. Solar Module Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) | |||
12.2.1. Monocrystalline | |||
12.2.2. Polycrystalline | |||
12.2.3. Amorphous Silicon Cells | |||
12.2.4. Others | |||
12.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) | |||
12.3.1. Residential | |||
12.3.2. Commercial & Industrial | |||
12.3.3. Utility | |||
12.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) | |||
12.4.1. Brazil | |||
12.4.2. Mexico | |||
12.4.3. Rest of Latin America | |||
12.5. Latin America Solar Energy Market - Opportunity Analysis Index, By Technology, Solar Module, Application, and Country, 2023-2029 | |||
12.6. Latin America Solar Energy Market Dynamics - Trends | |||
13. Middle East and Africa Solar Energy Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn) | |||
13.1. Technology Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) | |||
13.1.1. Solar Photovoltaic (PV) | |||
13.1.2. Concentrated Solar Power (CSP) | |||
13.2. Solar Module Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%) | |||
13.2.1. Monocrystalline | |||
13.2.2. Polycrystalline | |||
13.2.3. Amorphous Silicon Cells | |||
13.2.4. Others | |||
13.3. Application Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%) | |||
13.3.1. Residential | |||
13.3.2. Commercial & Industrial | |||
13.3.3. Utility | |||
13.4. Country Analysis 2018-2022 and Forecast 2023-2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%) | |||
13.4.1. Gulf Cooperation Council (GCC) Countries | |||
13.4.2. South Africa | |||
13.4.3. Rest of MEA | |||
13.5. MEA Solar Energy Market - Opportunity Analysis Index, By Technology, Solar Module, Application, and Country, 2023-2029 | |||
13.6. MEA Solar Energy Market Dynamics - Trends | |||
14. Competition Landscape | |||
14.1. Strategic Dashboard of Top Market Players | |||
14.2. Company Profiles (Introduction, Financial Analysis, Key Offerings, Key Developments, Strategies, and SWOT Analysis) | |||
14.2.1. Canadian Solar Inc | |||
14.2.2. eSolar Inc. | |||
14.2.3. Hanwha Q Cells | |||
14.2.4. JinkoSolar Holding Co. Ltd. | |||
14.2.5. LONGi Green Energy Technology Co. Ltd. | |||
14.2.6. Nesselenergy | |||
14.2.7. SunPower Corporation | |||
14.2.8. Tata Power Solar | |||
14.2.9. Trina Solar Ltd. | |||
14.2.10. Wuxi Suntech Power Co. Ltd. | |||
15. Research Methodology | |||
16. Key Assumptions and Acronyms |
Key Market Players