Solar Energy Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis (2017-2021) and Forecast (2022-2028)

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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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Report

Description

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

MARKET SUMMARY
-
19.7% CAGR
  • Study Period– 2022 – 2028
  • Base Year– 2021
  • CAGR– 19.7%
  • Largest Market– North-America
  • Fastest Growing Market– Asia-Pacific

Solar Energy Market

  • The solar energy market report gives comprehensive outlook across the region with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa.
  • The solar energy market is segmented based on technology, solar module, application, end use, and geography.
Key Players
  • Tata Power Solar Systems Ltd.
  • BrightSource Energy, Inc.
  • SunPower Corporation
  • Waaree Energies Ltd.
  • Trina Solar.
Solar Energy Market

Dynamics

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.


Asia-Pacific Got Significant Share

Solar Energy Market

The Asia-Pacific solar energy market is expected to reach USD 8.7 billion in 2021 and USD 15.9 billion by 2028, with a CAGR of 11.6% percent between 2022 and 2028. The High electricity demand, rising living standards, and adequate solar irradiation are just a few of the important drivers driving the regional market forward. In 2021, Europe was the other big market for solar energy. The market is being fueled by favorable legislation, renewable energy targets, and an increasing number of solar farms.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Features of the Report

  • 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


Location

GEOGRAPHY

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


Report

Company Profile

  • Abengoa.
  • ACCIONA.
  • Canadian Solar.
  • United Renewable Energy.
  • KANEKA CORPORATION
  • Tata Power Solar Systems Ltd.
  • BrightSource Energy, Inc.
  • SunPower Corporation
  • Waaree Energies Ltd.
  • Trina Solar

Description

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.

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