Solar energy is the energy that is derived from the rays of the sun, which is renewable and sustainable. It is an alternative source of energy that has gained popularity across the globe due to its environmental benefits and cost-effectiveness. Solar energy may be harnessed in different ways, such as through solar panels or solar thermal systems, to generate electricity or heat for residential, commercial, and industrial use. The use of solar energy reduces the dependence on fossil fuels and helps to mitigate climate change by reducing greenhouse gas emissions. The solar energy market size was valued at $94.6 billion in 2022, and solar energy industry is estimated to reach $300.3 billion by 2032, growing at a CAGR of 12.3% from 2023 to 2032.
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The solar energy market has witnessed significant growth
over the years, driven by several factors. The main driver is the increase in
demand for clean and renewable energy sources. Governments and organizations
worldwide are promoting the adoption of solar energy through incentives,
subsidies, and regulations to reduce carbon emissions and mitigate climate
change. Another driver is the declining cost of solar energy technology, making
it more accessible to a broader range of consumers.
However, there are restraints in the market, such as the
intermittent of solar energy, which makes it less reliable and less efficient
than traditional sources of energy. In addition, the initial investment
required for solar energy systems may be high, making it difficult for some
consumers to adopt them. There are opportunities in the market, such as the
development of energy storage technologies to address the issue of intermittent
and the increasing demand for solar energy in emerging markets, despite these
restraints.
The solar energy market forecast is segmented on the basis
of technology, solar module, application, end-use, and region. On the basis of
technology, the global solar energy market is bifurcated into photovoltaic
system and concentrated solar power system. On the basis of solar module, the
market is classified into monocrystalline, polycrystalline, cadmium telluride,
amorphous silicon cells, and others. On the basis of application, the market is
divided into residential, commercial, and industrial. On the basis of end-use,
the market is segregated into electricity generation, lighting, heating, and
charging. On the basis of region, the market is studied across North America,
Europe, Asia-Pacific, and LAMEA and suggests future solar energy market growth
opportunities.
On the basis of technology, the photovoltaic system is
expected to have the largest market share due to its wide range of applications
from electronic appliances to utility-scale power generation.
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On the basis of solar modules, the polycrystalline module is
expected to have the largest market share due to its high efficiency and better
performance in low-light conditions. The polycrystalline module is also
expected to have significant growth due to its lower cost compared to
monocrystalline modules. The cadmium telluride and amorphous silicon cells are
expected to have a moderate growth rate due to their low-cost and high
flexibility in installation.
On the basis of application, the industrial application for
electricity generation is expected to have the largest market share due to the
high energy requirements of industrial processes. The residential application
for lighting and heating is expected to have a significant growth rate due to
the increasing adoption of solar energy systems in households. The commercial
application for charging electric vehicles is also expected to grow due to the
increase in demand for electric vehicles.
On the basis of end-use, the electricity generation segment
is expected to have the largest market share due to the increase in demand for
clean and sustainable energy sources. The lighting and heating segments are
also expected to have significant growth due to the increase in adoption of
solar energy systems for these applications. The charging segment for electric
vehicles is expected to have a moderate growth rate due to the increase in
adoption of electric vehicles in the transportation sector.
On the basis of region, Asia-Pacific accounts for the
largest share of the market, followed by North America and Europe. Asia-Pacific
has emerged as a global leader in the solar energy market, due to a surge in
energy demand in developing economies such as India, China, and Thailand, owing
to a decrease in dependency on conventional energy sources, including coal
& crude oil, and an increase in urbanization. In addition, the development
of rural electrification activities in countries such as India, China, and
Thailand and the rise in government initiatives to promote the use of renewable
energy are anticipated to boost the growth of the global solar energy market
opportunities from 2023 to 2032.
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Key findings of the study
- As per solar energy market analysis, on the basis of
technology, the photovoltaic systems segment emerged as the global leader by
acquiring more than four-fifths of the solar energy market share in 2022 and is
anticipated to continue solar energy market trends during the forecast period.
- On the basis of solar modules, the polycrystalline segment emerged as the
global leader by acquiring more than half of the solar energy market shares in
2022 and is anticipated to continue this trend during the forecast period.
Competitive Landscape
First Solar, Inc., SunPower Corporation, Canadian Solar
Inc., JinkoSolar Holding Co., Ltd., Trina Solar Co., Ltd, Yingli Green Energy
Holding Company Limited, Hanwha Q Cells, JA Solar Holdings Co., Ltd., SolarEdge
Technologies, and Enphase Energy Inc., are some of the major players discussed
in the report.
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David Correa
Allied Analytics LLP
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