Distributed Solar Power Generation Market Outlook 2031
The Distributed Solar Power Generation Market was USD 130.80 Billion in 2022 and is likely to reach USD 240.47 Billion by 2031, expanding at a CAGR of 7% during 2023 – 2031. Growth of the market is attributed to increasing energy consumption, traditional power sources unable to meet requirement, supportive government policies, and upcoming projects.
Solar energy is the radiant energy released from the sun, which is utilized by using various technologies such as photovoltaic cells, solar heating, and others. The solar energy is an efficient form of alternative energy and a suitable renewable solution toward global warming and growing greenhouse emissions.
The COVID-19 pandemic affected the demand and supply of distributed solar power generation market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Distributed Solar Power Generation Market Trends, Drivers, Restraints, and Opportunities
- Increasing consumer purchasing capacity and growing population are projected to boost the market.
- Growth in solar energy manufactures and rapidly growing production capacity is the major factor fueling the market.
- High cost of distributed solar power generation is projected to restrict the market expansion during the forecast period.
- R&D investment and technological advancement in distributed solar power generation market is projected to offer lucrative opportunities for the market players.
Scope of Distributed Solar Power Generation Market Report
The report on the distributed solar power generation market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Distributed Solar Power Generation Market–Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016-2021
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Forecast Period
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2023-2031
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Segmentation
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Technology [Concentrated Solar Power Systems and Photovoltaic Systems], Solar Module [Polycrystalline, Amorphous Silicon Cells, Cadmium Telluride, Monocrystalline, and Others], End-users [Industrial, Residential, Commercial, and Others]
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players covered in the Report
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JinkoSolar Holding Co. Ltd., Canadian Solar Inc., Trina Solar Limited, Active Solar GmbH, Wuxi Suntech Power Co. Ltd., Yingli Solar, Sharp Solar Energy Solution Group, Tesla Inc., and First Solar Inc.
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Distributed Solar Power Generation Market Segment Insights
The industrial segment is expected to grow at a rapid pace
Based on end-users, the distributed solar power generation market is divided into industrial, residential, commercial, and others. The industrial segment accounts for a key share of the market. Growth of the market is attributed to the rising energy consumption, rapid industrialization, growing demand for electricity, and developed electricity transmission infrastructure. The residential segment is anticipated to expand at a rapid pace during the forecast period due to factors such as rapid urbanization, government policies, increasing population, and rapid development in commercial sector.
The monocrystalline segment accounts for a major share of the market
On the basis of solar module, the distributed solar power generation market is segmented into polycrystalline, amorphous silicon cells, cadmium telluride, monocrystalline, and others. The monocrystalline segment accounts for a major share of the market. Growth of the market is attributed to increasing environmental pollution and rapidly decreasing water footprint. The polycrystalline segment is anticipated to expand at a rapid pace during the forecast period due to factors such as increasing application of solar systems in architectural sector and rising demand for solar power towers in electricity generations.
The photovoltaic systems segment accounts for a significant share of the market
Based on technology, the distributed solar power generation market is bifurcated into concentrated solar power systems and photovoltaic systems. The photovoltaic systems segment accounts for a significant share of the market. Growth of the market is attributed to low material cost and increasing efficiency of solar panel. The concentrated solar power segment is anticipated to expand at a rapid pace during the forecast period due to factors such as increased investment in research and development and rising adoption of solar storage system.
The market in Asia Pacific is estimated to hold a key market share
On the basis of regions, the distributed solar power generation market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of Europe is anticipated to expand at a high CAGR during the forecast period due to rapid economic growth in region and encouragement from government organizations. The market of Asia Pacific is estimated to hold key market share due to decrease in raw material prices of solar modules and increasing adoption of storage grid.
Segments
The distributed solar power generation market has been segmented on the basis of
Technology
- Concentrated Solar Power Systems
- Photovoltaic Systems
Solar Module
- Polycrystalline
- Amorphous Silicon Cells
- Cadmium Telluride
- Monocrystalline
- Others
End-users
- Industrial
- Residential
- Commercial
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the distributed solar power generation market include JinkoSolar Holding Co. Ltd., Canadian Solar Inc., Trina Solar Limited, Active Solar GmbH, Wuxi Suntech Power Co. Ltd., Yingli Solar, Sharp Solar Energy Solution Group, Tesla Inc., and First Solar Inc.
Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and to generate revenue and rise their production line of the business in the coming years.
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