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Solar Energy Market Size, Share, Growth & Forecast 2031

Global Solar Energy Market

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Segments - by Technologies (Solar Photovoltaic Systems and Concentrated Solar Power Systems), Solar Modules (Monocrystalline, Polycrystalline, Cadmium Telluride, and Amorphous Silicon Cells), Applications (Residential, Commercial, and Industrial), and Regions (Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

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Author :

Aamir Ansari

Fact-checked by :

Vineet Pandey

Editor :

Swapnil Hedau

Report Description

The global solar energy market was valued at around USD 53 billion in 2018 and is estimated to reach around USD 224 billion with a CAGR of nearly 20.5% over the forecast period, 2021-2028. Solar energy consists of energy radiated from the sun. With enhancements in technology, solar energy has emerged as an efficient and convenient form of unconventional energy.

Photovoltaics and concentrated solar power systems are the technologies used to harness solar energy. They are used to combat greenhouse emissions and global warming. Solar energy is widely available and promoted in all developing and developed countries, which has positively influenced the market.

Market Trends, Drivers, Restraints, and Opportunities:

The development of solar energy market is driven by increasing government incentives and tax rebates, followed by increasing demand for electricity in industrial sector, due to rise in population and infrastructure.
Climate change has fueled the demand for protection of environment. Conventional energy systems use fossil fuels, which experience fluctuating prices and lead to pollution. Solar energy, which is a renewable source of energy, generates power and may replace conventional energy systems. This factor is anticipated to favor the market growth. Increasing investments, R&D, and incentives in solar energy drive the growth of the solar energy market. For example, China has planned to provide solar Feed in Tariff (FIT) payments to large-scale projects.
The initial prices of installing solar panels and silver, which is used as a component, are high. This is expected to hinder the market growth. In addition to this, limitation in land available due to technical problems and ecological concerns are estimated to hamper the market growth. Countries like Russia, which have unfavorable or cold climatic conditions, restrain the growth of the solar energy market.
Advancements in solar photovoltaic systems are estimated to increase the implementation of storage grids, hence leading to increased opportunities in the solar energy market.

Scope of Solar Energy Market Report:

The report on the global waste to energy market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Global Solar Energy Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast
Base Year	2020
Historic Data	2018–2019
Forecast Period	2021–2028
Segmentation	Technologies (Solar Photovoltaic Systems and Concentrated Solar Power Systems), Solar Modules (Monocrystalline, Polycrystalline, Cadmium Telluride, and Amorphous Silicon Cells), Applications (Residential, Commercial, and Industrial)
Regional Scope	North America, Europe, Asia Pacific, Latin America, Middle East & Africa
E Report Coverage	Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players Covered	Abengoa Solar S.A, Acciona Energia S.A, Bright source Energy Inc., Canadian Solar Inc., Gintech Energy Corp., Esolar Inc., First Solar, Kaneka Corp., Sunpower Corporation, Tata Power Solar, Urja Global Limited, Waaree Group, Wuxi Suntech Power Co. Ltd., and Yingli Solar

Solar Energy Market Segment Insights:

Photovoltaic systems to be preferred over concentrated solar power systems

Based on technologies, the global solar energy market can be segmented into solar photovoltaic systems and concentrated solar power systems. Solar photovoltaic systems are further divided into mono-Si, thin film, and multi-Si; while concentrated solar power systems are divided into parabolic trough, solar power tower, fresnel reflectors, and dish stirling. Since the latter requires direct sun radiation instead of diffused sun rays, it is not cost-efficientefficient for small installations. Photovoltaic systems are expected to provide to high utility for all kinds of uses.

Monocrystalline solar module to hold a key share in the global solar energy market

On the basis of solar modules, the market can be divided into monocrystalline, polycrystalline, cadmium telluride, and amorphous silicon cells. All players, including manufacturers and others are estimated to shift to monocrystalline solar modules, due to its effectiveness, solid design, and durability. Low material cost of cadmium telluride and amorphous silicon cells is estimated to pave the way for growth in the market.

All three segments of applications to grow significantly

In terms of applications, the market can be divided into residential, commercial and industrial. The rising number of residential projects and public awareness about domestic use of solar panels is estimated to offer lucrative revenues in the solar energy market. Numerous installations in restaurants, offices, and hospitals are projected to pave the way for growth of the commercial segment. The industrial segment is expected to grow, as several governments are providing subsidies and tax rebates to industries to install solar panels.

Asia Pacific to dominate the market share in the global solar energy market

Based on regions, the market can be divided into Europe, North America, Asia Pacific, and Middle East & Africa. The Asia Pacific market was valued around 75 billion in 2019. It is anticipated to continue to hold a significant market share during the forecast period. In the Asia Pacific region, countries such as India and China experience soaring demand for electricity; however, they need to keep low carbon emissions. Consequently, the Asia Pacific region is expected to increase their solar power capacity and grow at a CAGR of 26% during the forecast period.

Segments

Technologies

Solar Photovoltaic Systems
Concentrated Solar Power Systems

Solar Modules

Monocrystalline
Polycrystalline
Cadmium Telluride
Amorphous Silicon Cells

Applications

Residential
Commercial
Industrial

Regions

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

Key Players

Abengoa Solar S.A.
Acciona Energia S.A.
Bright source Energy Inc.
Canadian Solar Inc.
Gintech Energy Corp.
Esolar Inc.
First Solar
Kaneka Corp.
Sunpower Corporation
Tata Power Solar
Urja Global Limited
Waaree Group
Wuxi Suntech Power Co. Ltd.
Yingli Solar

Competitive Landscape

The players are expected to engage in merger and acquisitions for collaborations and profitability. Abengoa Solar S.A, Acciona Energia S.A, Bright source Energy Inc., Canadian Solar Inc., Gintech Energy Corp., Esolar Inc., First Solar, Kaneka Corp., Sunpower Corporation, Tata Power Solar, Urja Global Limited, Waaree Group, Wuxi Suntech Power Co. Ltd., and Yingli Solar are the key players in the market.

Global Solar Energy Market By Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Solar Energy Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Solar Energy Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Solar Energy Market - Supply Chain
  4.5. Global Solar Energy Market Forecast
     4.5.1. Solar Energy Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Solar Energy Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Solar Energy Market Absolute $ Opportunity
5. Global Solar Energy Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Solar Energy Market Size and Volume Forecast by Applications
     5.3.1. Residential
     5.3.2. Commercial
     5.3.3. Industrial
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Solar Energy Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Solar Energy Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Solar Energy Demand Share Forecast, 2019-2026
7. North America Solar Energy Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Solar Energy Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Solar Energy Market Size and Volume Forecast by Applications
     7.4.1. Residential
     7.4.2. Commercial
     7.4.3. Industrial
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Solar Energy Demand Share Forecast, 2019-2026
8. Latin America Solar Energy Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Solar Energy Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Solar Energy Market Size and Volume Forecast by Applications
     8.4.1. Residential
     8.4.2. Commercial
     8.4.3. Industrial
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Solar Energy Demand Share Forecast, 2019-2026
9. Europe Solar Energy Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Solar Energy Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Solar Energy Market Size and Volume Forecast by Applications
     9.4.1. Residential
     9.4.2. Commercial
     9.4.3. Industrial
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Solar Energy Demand Share Forecast, 2019-2026
10. Asia Pacific Solar Energy Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Solar Energy Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Solar Energy Market Size and Volume Forecast by Applications
     10.4.1. Residential
     10.4.2. Commercial
     10.4.3. Industrial
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Solar Energy Demand Share Forecast, 2019-2026
11. Middle East & Africa Solar Energy Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Solar Energy Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Solar Energy Market Size and Volume Forecast by Applications
     11.4.1. Residential
     11.4.2. Commercial
     11.4.3. Industrial
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Solar Energy Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Solar Energy Market: Market Share Analysis
  12.2. Solar Energy Distributors and Customers
  12.3. Solar Energy Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Abengoa Solar S.A.
     12.4.2. Acciona Energia S.A.
     12.4.3. Bright source Energy Inc.
     12.4.4. Canadian Solar Inc.
     12.4.5. Gintech Energy Corp.
     12.4.6. Esolar Inc.
     12.4.7. First Solar
     12.4.8. Kaneka Corp.
     12.4.9. Sunpower Corporation
     12.4.10. Tata Power Solar

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