Solar Energy Market: By Technology (Photovoltaic Systems and Concentrated Solar Power Systems), By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), By Application (Residential, Commercial, and Industrial), By End Use (Electricity Generation, Lighting, Heating, and Charging), and Geography

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The solar energy market is anticipated to be valued at USD 42.6 Billion in 2021 and is expanded to grow at a significant CAGR of 19.7% over 2022-2028. 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.

Recent Market Developments:

In December 2021, Tata Power clinched the largest solar plus battery project in India from the Solar Energy Corporation of India. The contract includes a 100 MW EPC solar project and a 120 MWh utility-scale Battery Energy Storage System. The total project outlay was around INR 945 crore. In July 2021, Waaree Energy Storage System announces partnership with Zypp Electric. The tailor-made system with remote monitoring will provide an integrated view of battery assets and complete delivery performance to ensure seamless operations and cost efficiency.

Solar Energy Market Summary

Study Period

2023-29

Base Year

2022

CAGR

19.7%

Largest Market

North-America

Fastest Growing Market

Asia-Pacific
Solar Energy Market

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.

Key Features of the Reports

  • The solar energy market report provides granular level information about the market size, regional market share, historic market (2017-2021) and forecast (2022-2028)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario

Solar Energy Market Segmentation

Technology
  • Photovoltaic Systems
  • Concentrated Solar Power Systems
By Application
  • Residential
  • Commercial
  • Industrial
By End User
  • Electricity Generation
  • Lighting
  • Heating
  • Charging

Frequently Asked Questions

The CAGR of the solar energy market is 19.7% over the forecast period (2022 - 2028)

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, 2017-2021 and Forecast, 2022-2028
4.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (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, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
5.1. Solar Photovoltaic (PV)
5.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (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, 2017-2021 and Forecast, 2022-2028 (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, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
6.1. Monocrystalline
6.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (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, 2017-2021 and Forecast, 2022-2028 (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, 2017-2021 and Forecast, 2022-2028 (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, 2017-2021 and Forecast, 2022-2028 (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, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
7.1. Residential
7.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (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, 2017-2021 and Forecast, 2022-2028 (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, 2017-2021 and Forecast, 2022-2028 (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, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
8.1. North America
8.1.1. Market Analysis, 2017-2021 and Forecast, 2022-2028 (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, 2017-2021 and Forecast, 2022-2028 (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, 2017-2021 and Forecast, 2022-2028 (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, 2017-2021 and Forecast, 2022-2028 (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, 2017-2021 and Forecast, 2022-2028 (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, 2022-2028
9. North America Solar Energy Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
9.1. Technology Analysis 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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, 2022-2028
9.6. North America Solar Energy Market Dynamics – Trends
10. Europe Solar Energy Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
10.1. Technology Analysis 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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, 2022-2028
Details
10.6. Europe Solar Energy Market Dynamics – Trends
11. Asia-Pacific Solar Energy Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
11.1. Technology Analysis 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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, 2022-2028
11.6. Asia-Pacific Solar Energy Market Dynamics – Trends
12. Latin America Solar Energy Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
12.1. Technology Analysis 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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, 2022-2028
12.6. Latin America Solar Energy Market Dynamics – Trends
13. Middle East and Africa Solar Energy Market Analysis, 2017-2021 and Forecast, 2022-2028 (Revenue, USD Mn)
13.1. Technology Analysis 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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 2017-2021 and Forecast 2022-2028 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, 2022-2028
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
  • Canadian Solar Inc
  • eSolar Inc.
  •  Hanwha Q Cells
  •  JinkoSolar Holding Co. Ltd.
  • LONGi Green Energy Technology Co. Ltd.
  • Nesselenergy
  • SunPower Corporation
  • Tata Power Solar
  • Trina Solar Ltd.
  • Wuxi Suntech Power Co. Ltd.