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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Solar Energy Market size was valued at USD 42.6 Billion in 2022 and is expanded to grow at a significant CAGR of 19.7% from 2023-2029. 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.

Solar Energy Market Key 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

2024-2030

Base Year

2023

CAGR

19.7%

Largest Market

Europe

Fastest Growing Market

Asia-Pacific
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.

Key Features of the Reports

  • The solar energy market report provides granular level information about the market size, regional market share, historic market (2018-2022) and forecast (2023-2029)
  • 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

By 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 (2023 - 2029)

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, 2018-2022 and Forecast, 2023-2029      
4.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (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, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)      
5.1. Solar Photovoltaic (PV)      
5.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (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, 2018-2022 and Forecast, 2023-2029 (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, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)      
6.1. Monocrystalline      
6.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (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, 2018-2022 and Forecast, 2023-2029 (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, 2018-2022 and Forecast, 2023-2029 (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, 2018-2022 and Forecast, 2023-2029 (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, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)      
7.1. Residential      
7.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (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, 2018-2022 and Forecast, 2023-2029 (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, 2018-2022 and Forecast, 2023-2029 (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, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)      
8.1. North America      
8.1.1. Market Analysis, 2018-2022 and Forecast, 2023-2029 (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, 2018-2022 and Forecast, 2023-2029 (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, 2018-2022 and Forecast, 2023-2029 (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, 2018-2022 and Forecast, 2023-2029 (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, 2018-2022 and Forecast, 2023-2029 (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, 2023-2029      
9. North America Solar Energy Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)      
9.1. Technology Analysis 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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, 2023-2029      
9.6. North America Solar Energy Market Dynamics - Trends      
10. Europe Solar Energy Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)      
10.1. Technology Analysis 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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, 2023-2029      
Details      
10.6. Europe Solar Energy Market Dynamics - Trends      
11. Asia-Pacific Solar Energy Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)      
11.1. Technology Analysis 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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, 2023-2029      
11.6. Asia-Pacific Solar Energy Market Dynamics - Trends      
12. Latin America Solar Energy Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)      
12.1. Technology Analysis 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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, 2023-2029      
12.6. Latin America Solar Energy Market Dynamics - Trends      
13. Middle East and Africa Solar Energy Market Analysis, 2018-2022 and Forecast, 2023-2029 (Revenue, USD Mn)      
13.1. Technology Analysis 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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 2018-2022 and Forecast 2023-2029 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, 2023-2029      
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.

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