The global solar energy market size was worth around USD 90.4 billion in 2022 and is predicted to grow to around USD 215.9 billion by 2030 with a compound annual growth rate (CAGR) of roughly 11.5% between 2023 and 2030.
The term “solar energy” refers to the power derived from solar radiation, which can be captured and converted into various forms of energy, including heat and electricity.
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???? Solar Energy Market Analysis
It provides an attractive alternative to conventional fossil fuels, which are limited and contribute to climate change, due to their abundance and renewability. Diverse technologies may be used to capture solar energy, such as photovoltaic cells, which use the sun’s heat to generate electricity, and concentrated solar power systems, which use the sun’s heat to produce heated water for a variety of purposes or directly convert sunlight into electricity. Utilizing solar energy offers numerous benefits, including a reduction in greenhouse gas emissions and reliance on fossil fuels, as well as the promotion of a cleaner and more sustainable energy future.
???? Major Insights
• According to the analysis shared by our research analyst, the global Solar Energy market is projected to expand at a CAGR of approximately 11.5% during the period of forecast (2023-2030).
• In terms of revenue, the size of the global Solar Energy market was approximately USD 90,4 billion in 2022 and is anticipated to reach USD 219.9 billion by 2030.
• Growing environmental concern due to rising greenhouse gas emissions is expected to drive the solar energy market’s expansion over the forecast period.
➤ Increasing environmental concerns fuel market expansion
The release of dangerous greenhouse gases that cause air pollution is anticipated to increase environmental concerns, which will increase the demand for solar energy, which is a sustainable and clean source of energy. For instance, replacing fossil fuels with solar power for energy generation could substantially reduce carbon dioxide emissions, which contribute to global warming and climate change. Increasing temperatures cause extreme weather conditions, including rising sea levels, glacier runoff, and ecological changes. By reducing the demand for fossil fuels and greenhouse gas emissions, the use of solar energy reduces the carbon footprint. The Lawrence Berkeley National Laboratory, for instance, estimates that utility-scale solar electricity generates between 394 and 447 MWh per acre per year. Thus, one acre of solar panels with zero emissions prevents 121 to 138 metric tons of carbon dioxide from entering the atmosphere each year.
➤ High initial expense hinders market expansion
Despite the fact that the price of solar panels has decreased over time, governments, businesses, and households may still find it challenging to afford the initial costs of solar systems. Despite the fact that incentives and financing options contribute to alleviating this restriction, some individuals continue to have affordability concerns. According to secondary sources, the average cost of solar panels is approximately $16,000, ranging from $4,500 to $36,000 depending on the type and model, as well as any inverters and the BOS, which refers to all necessary operating equipment. Therefore, it is anticipated that the high initial cost of solar energy installation will hinder the development of the solar energy industry.
➤ Increasing product introductions present a lucrative growth opportunity for the market
During the forecast period, the rising number of product launches presents a lucrative opportunity for the solar energy market to expand. Green World Renewable Energy LLC, a leading provider of Solar Permit Designing & PE Stamping services in the United States, unveiled a revolutionary solar panel and combiner box system at the ISNA Exhibition in Long Beach, California, in February 2023. These solar energy products provide a dependable and efficient method of solar energy collection. This system provides a sustainable, affordable, and environmentally friendly alternative to conventional energy sources, thereby addressing the rising demand for renewable energy sources. The combiner box is an essential component of the system that aides in managing and optimizing the electricity generated by the solar panels. By integrating the output from multiple panels into a single stream, administration and monitoring of the entire system are simplified. Built with safety and dependability in mind, the combiner box is equipped with cutting-edge safeguards to prevent overloading and short circuits.
➤ Environmental concerns present a barrier to market expansion
Solar panel manufacturing procedures that employ rare materials and a lot of energy can damage the environment during both production and disposal. Recycling and effective waste disposal are essential practices that should always be implemented. Consequently, the environmental impact associated with the disposal of solar panels poses a significant barrier to the market’s growth over the forecast period.
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The Global Solar Energy Market is segmented based on product, application and region
Global Solar Energy Market: Product Segment Analysis
● Photovoltaic Systems
● Concentrated Solar Power Systems
Global Solar Energy Market: Application Segment Analysis
● Electricity Generation
● Lighting
● Heating
● Charging
The global Solar Energy market is dominated by players like:
● ReneSola
● Trina Solar Limited
● First Solar Inc
● Yingli Solar
● JA Solar
● RGS Energy
● Sharp Corporation
● Waaree Grou12
● Motech Industries Inc
● Hanwha Q Cells
● eSolar Inc
● SunPower Corporation
● Tata Power Solar Systems Ltd
● Canadian Solar Inc
● Azure Power and Urja Global Limited
➤ Asia-Pacific is anticipated to lead market expansion over the forecast period
During the forecast period, Asia-Pacific is anticipated to dominate the global solar energy market. Numerous nations in the Asia-Pacific region, such as China, India, and Japan, have adopted ambitious renewable energy goals and supportive solar energy policies. These policies include feed-in tariffs and renewable portfolio criteria in addition to solar installation incentives.
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Strong government support and sound policy frameworks have enabled the expansion of the solar energy sector in the region. The International Renewable Energy Agency estimates that the total installed capacity of solar energy increased by more than 110 GW between 2021 and 2022. In 2021, the installed capacity was approximately 485 GW, and by 2022, it had increased to 597 GW, with China and India controlling the majority of the installed capacity. Consequently, the aforementioned statistics are anticipated to drive market expansion over the forecast period.
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