Solar Energy Market to Reach Value of USD 292.21 Billion by 2030 | Skyquest Technology
Solar energy market is segmented on the basis of technology, and application. By technology, the market is segmented into solar photovoltaic, and concentrated solar power. By application, market is segmented into residential, non-residential, utility- Industry forecast 2023-2030
Westford,USA, Jan. 03, 2024 (GLOBE NEWSWIRE) — According to SkyQuest report, the global solar energy market is poised for significant growth driven by the escalating demand for sustainable energy sources as a viable alternative to conventional ones. Solar energy is emerging as a leader in the race toward sustainable energy production, primarily due to the continuous reduction in the cost of solar energy systems.
Browse in-depth TOC on the “Solar Energy Market”
- Pages – 157
- Tables – 61
- Figures – 77
The global electricity demand is continuously rising, driven by population growth, rapid urbanization, and the widespread electrification of diverse sectors, including transportation in the solar energy market. Solar photovoltaic (PV) systems emerge as a versatile and decentralized solution to address the mounting energy needs. These systems hold the key to meeting the surging demand for electricity, especially in regions characterized by limited or unreliable grid infrastructure.
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Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 180.78Billion |
| 2030 Value Projection | USD 292.21Billion |
| CAGR | 7.1% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in GlobalSolar Energy Market
- JinkoSolar
- Canadian Solar
- Trina Solar
- SunPower Corporation
- First Solar
- LONGi Solar
- JA Solar
- Yingli Solar
- Hanwha Q Cells
- Risen Energy
- Vikram Solar
- LG Solar
- SolarEdge Technologies
- SMA Solar Technology
- Enphase Energy
- REC Group
- Huawei Technologies Co. Ltd.
- Sharp Solar
- Kyocera Solar
- Mitsubishi Electric Corporation
- Solairedirect
- GCL-Poly Energy Holdings Limited
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Residential Segment is Expected to Rise Significantly, due to Increased Availability of Solar Technology
The residential end-use sector is poised for substantial expansion in the coming years due to the heightened accessibility of solar energy systems. This increased availability of solar technology has paved the way for more homeowners to harness the benefits of clean and renewable energy sources in the solar energy market.
The market in Europeexhibited remarkable growth in the solar energy market, with revenues soaring to $117,810.0 million in 2022. This sudden rise can be predominantly attributed to the accelerated adoption of renewable energy sources, particularly solar energy, for electricity generation across the continent.
Utility Segment is Expected to Dominate Market Due to Substantial Investments towards Solar Energy
The utility segment has emerged as the leader in the energy sector, accounting for over 66.30% of the total income[RS1] , a position it is poised to maintain throughout the forecast period. This dominance reflects a global trend wherein numerous countries directly invest in solar energy for utility-scale electricity production in the solar energy market.
Regional market in the Asia-Pacific, including major players such as China, India, and Japan have taken significant strides toward advancing renewable energy adoption. These countries have demonstrated their commitment to a sustainable future by implementing ambitious renewable energy targets and fostering supportive policy environments in the solar energy market.
A comprehensive analysis of the major players in the solar energy market has been recently conducted. The report encompasses various aspects of the market, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Solar Energy Market
- In 2022, Solaria introduced the PowerXT 430R-PL (430-watt) solar panel, marking a significant advancement in solar technology. These panels are set to revolutionize the industry by being fully equipped to integrate Module-Level Power Electronics (MLPE) technology. This innovative feature allows solar PV systems to optimize their performance, particularly in challenging conditions such as shading.
- Canadian Solar announced in 2022 that it had forged two Power Purchase Agreements (PPA) with Axpo Italia, spanning a decade-long commitment. Under these agreements, Axpo Italia is slated to procure 70% of the energy generated by two solar power facilities currently in construction.
Key Questions Answered in the Solar Energy Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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[RS1]In which year? Please mention
