Global Solar Energy Market Share Likely to Grow At a CAGR of 7% By 2033

The Asia Pacific to exhibit noteworthy growth in the solar energy market

The global Solar Energy Market to 2030 was estimated at nearly USD 185 billion in 2021. As per our study, the solar energy market size is anticipated to reach a value of USD 300 billion by 2030 showing a CAGR of 7%. Scrutinizing the uncertainties of the COVID-19 pandemic, our research team is constantly tracking and assessing the impact of the pandemic on the Solar energy market. Our market search report includes these comprehensive insights as a critical market contributor.

Solar Energy Market: Overview

Solar energy is radiation that can generate heat, cause chemical reactions, or generate electricity. The overall amount of solar energy on Earth far exceeds the world’s current and projected energy needs. However, this highly diffused source has the power to fulfill all future energy needs if adequately harnessed. Solar energy is expected to be particularly appealing as a renewable energy source in the twenty-first century due to its infinite supply and nonpolluting nature, compared to the finite fossil fuels of petroleum, coal, and natural gas. 

Browse the complete “Solar Energy Market Size, Trends and Insights By Solar Module (Polycrystalline, Monocrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others), By Technology (Photovoltaic Systems, Concentrated Solar Power Systems), By Application (Residential, Industrial, Commercial), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032 “report at https://www.custommarketinsights.com/report/solar-energy-market/

Growth Factors

The falling costs of renewable energy, a critical input in the production process, have been a significant growth factor driving the surge in green hydrogen. Green hydrogen development is expected to increase in 2022 as the penetration of renewable energy over the grid increases due to its prospect of acting as long-duration and seasonal storage of the availability of fuel on demand to generate power.

Furthermore, the volatile prices of fossil fuels, the need for dependence disassociation on fossil fuel imports from politically unstable regions, environmental issues over the greenhouse gas emissions concerning fossil fuel use, government incentives, and other support programs make solar power more cost-competitive, and a shift in consumer preference are all significant factors driving the solar energy market.

Segmental Overview

The solar energy market is segmented into solar modules, technology, and application. Based on technology, the Photovoltaic systems segment accounted for the largest solar energy market, responsible for nearly 70% of the market in 2020. Furthermore, PV systems can typically range from portable systems or small rooftop generation to massive utility-scale generation plants, contributing to the high demand for PV systems.

Based on application, the industrial segment generated more than 35% of revenue and will dominate the global solar energy market in 20201. The rapidly expanding industrial sector and low-cost renewable energy have created enormous growth opportunities for solar power applications in the industrial sector. Further, the residential segment is the fastest growing segment, owing to increased customer awareness of the monitoring and environmental advantages associated with solar power, which is expected to fuel its overall growth in the residential segment.

Regional Overview

In terms of region, Asia Pacific dominated the solar energy market, with a market share of over 30% in 2021. The Asia Pacific is home to over half of the world’s population, providing a massive consumer base. Furthermore, China, Japan, and India are the top three countries in terms of solar power utilization. Rapid urbanization, rising disposable income, a hectic lifestyle, rising internet penetration, and increasing smartphone adoption are important macroeconomic factors driving the market’s growth in the Asia Pacific. 

North America is expected to proliferate during 2022-2030. The United States is the most prominent country in the region, accounting for most solar power consumption. Furthermore, rising purchasing power, improved access to digital technologies, higher internet penetration, and increased adoption of smart devices are key factors driving North American solar energy market growth.

Report Scope

Key Players Insights

Most of these firms are consistently implementing strategic decisions, such as partnerships, acquisitions, and mergers, whenever possible and are focusing on capacity expansions and innovations to strengthen their position in the increasingly competitive market.

Our report offers quantitative and qualitative insights into the solar energy market and major development initiatives the key players adopt. Further, it offers competitive details and market share analysis. The report further includes relevant financial information, products and services offered, SWOT analysis, and the players’ recent developments.

Key Players

• Canadian Solar Inc.
• JinkoSolar Holding Co. Ltd
• Trina Solar Co. Ltd
• SunPower Corporation
• LONGi Green Energy Technology Co. Ltd
• First Solar Inc.
• JA Solar Holding
• Abengoa SA
• Acciona SA
• Brightsource Energy Inc.
• Engie SA
• NextEra Energy Inc.
• ACWA Power
• Sharp Corporation
• REC Solar Holdings AS
• Hanwha Corporation

The global Solar energy market is segmented as follows:

By Solar Module

• Polycrystalline
• Monocrystalline
• Cadmium Telluride
• Amorphous Silicon Cells
• Others

By Technology

• Photovoltaic Systems
• Concentrated Solar Power Systems

By Application

• Residential
• Industrial
• Commercial

On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America