Solar Energy Market To Surpass USD 82.49 Billion By 2030 Owing To Growing Use Of Renewable Energy Sources – WhaTech

Based on SNS Insider’s research, solar energy technology consists of photovoltaics and concentrated solar power systems, whereas monocrystalline thin film, polycrystalline or silicon wafers are used to manufacture panels. Solar energy is used for residential and commercial purposes, electricity generation, lighting, heating and charging

The Solar Energy Market is experiencing a remarkable surge driven by a convergence of factors, including technological advancements, policy support, and growing environmental awareness. With solar photovoltaic (PV) technology becoming increasingly cost-effective, solar power has emerged as a compelling alternative to traditional fossil fuels.

Governments worldwide are incentivizing solar adoption through subsidies, tax credits, and favorable regulations, fostering a conducive environment for market expansion. Moreover, the integration of energy storage solutions with solar infrastructure is enhancing reliability and enabling greater grid independence, further propelling the market’s growth trajectory.

Furthermore, as the world intensifies its efforts to combat climate change, solar energy stands out as a cornerstone of the transition towards a sustainable energy future. The scalability and versatility of solar power make it suitable for diverse applications, from large-scale utility projects to residential rooftop installations.

This versatility, coupled with declining costs and improved efficiency, positions solar energy as a vital component of the global energy mix. As technological innovation continues to drive down costs and enhance performance, the solar energy market is poised to witness sustained expansion, playing a pivotal role in fostering energy security and environmental stewardship worldwide.

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Key players

• Hanwha Q Cells Co., Ltd.
• jinkoSolar Holding Co., Lta.
• SolarEdge Technologies
• Enphase Energy, Inc.
• Canadian Solar
• Trina solar
• First Solar, Inc.
• SunPower Corporation
• Vingli Green Energy Holding Company Limited
• JA Solar Holdings Co. Ltd.

Market Size-

The SNS Insider report indicates that the Solar Energy Market was valued at USD 170.22 billion in 2022, and is expected to reach market size of USD 550.40 billion by 2030, with a compound annual growth rate (CAGR) of 15.8% expected over the forecast period from 2023 to 2030.

Market Report Scope –

The type of energy that comes from sun power is clean and sustainable. Solar panels use energy conversion from the sun to generate power.

Solar energy does not release harmful gases in the environment, which is a clean source of power. As the sun provides enough energy to meet the energy needs of the world, it is a limitless source of energy.

It’s going to cut your electricity bills in half, which is going to reduce your monthly expenses.

Market Growth Factors –

The demand for solar energy is expected to increase as it is a renewable and clean source of energy, due to growing environmental concerns due to the emission of harmful greenhouse gases that lead to air pollution. For example, carbon dioxide emissions that cause global temperatures to rise and contribute to climate change could be reduced by up to 80% when energy is produced with Solar Panels instead of fuels.

Extreme weather conditions such as sea level rise, melting glaciers and ecosystem changes are caused by this increase in temperature.

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Segmentation Analysis –

Based on technology, the global Solar PV segment has been the largest in 2022, driven by an increase in investment in photovoltaic projects due to increasing energy demand around the world. Calculators, wristwatches, and other small electronic equipment can be powered by little solar panels (small PV) in situations when low power is needed.

Solar PV systems have a very good life expectancy, are easy to maintain and do not incur any fuel costs.

Based on application, The utilities segment, which led the sector, accounted for more than 66.30% of total revenues. This segment will continue to lead throughout the forecast period.

In order to shift away from traditional energy production, many countries have invested in the development of photovoltaic power for utility scale electricity generation. This is expected to result in an increase of demand for products.

It is more affordable to install utility scale solar energy systems, since larger installations could achieve economies of scale.

KEY MARKET SEGMENTS

By Product

• Solar Panels
• Charge Controllers
• Batteries
• Inverter
• Others

By Source

• New Installation
• MRO

By End-use

• Residential
• Commercial
• Industrial
• Utility

Key Regional Development –

The Asia Pacific region is the largest market with North America and Europe following closely. Due to a reduction in dependency on conventional energy sources, including coal and crude oil, as well as an increase in urbanisation, Asia Pacific has become the world’s leading solar power market due to increasing demand from developing economies such as India, China or Thailand.

The growth of the global opportunities for Solar Energy Market is also expected to be supported by development of Rural electrification activities in countries like India, China and Thailand as well as a rising number of government initiatives promoting the use of Renewable Energy.

Key Takeaway from Solar Energy Market Study–

The rapid growth of utility scale solar projects is one of the main market trends in the global solar energy market. Solar installations at utility scale are becoming more and more economically feasible, as technology advances continue to reduce the cost of PV panels while improving their efficiency.

These large-scale projects are attractive to governments, energy companies and investors alike because of their cost effectiveness in the production of significant quantities of clean energy.

Recent Development Related to Solar Energy Market –

In March 2022, Canadian Solar announced that it had signed two PPAs with Axpo Italia for a period of 10 years, whereby Axpo Italia would purchase 70 % of the energy generated by 2 solar power plants currently under construction which will have an installed capacity of 84 MWh.

In January 2022, Recurrent Energy, LLC, a subsidiary of Canadian Solar, disclosed that it had signed a buy and sell agreement with Appalachian Power for the Recurrent Firefly Energy solar project in Pittsylvania County, Virginia. The Firefly project will be Appalachian Power’s biggest purchaser of solar energy.

Table of Contents – Major Key Points:

Chapter 1 Introduction

Chapter 2 Research Methodology

Chapter 3 Market Dynamics

Chapter 4 Impact Analysis 

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of Ongoing Recession on Major Economies

Chapter 5 Value Chain Analysis

Chapter 6 Porter’s 5 Forces Model

Chapter 7 Solar Energy Market Segmentation, By Product

Chapter 8 Solar Energy Market Segmentation, By Source

Chapter 9 Solar Energy Market Segmentation, By End-use

Chapter 10 PEST Analysis

Chapter 11 Regional Analysis

Chapter 12 Company Profile

Chapter 13 Competitive Landscape

Chapter 14 Use Case and Best Practices

Chapter 15 Conclusion

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