Global Solar Energy Market Projected to Reach USD 425.39 billion by 2032

25-Apr-2024 | Facts and Factors

Findings from Facts and Factors report “Solar Energy Market Size, Share, Growth Analysis Report By Technology (Photovoltaic (PV) Systems and Concentrated Solar Power (CSP), By Application (Residential, Commercial, Industrial, and Utility-scale), By End-Use (On-Grid and Off-Grid), And By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032” states that the global solar energy market in 2023 was above USD 234.57 billion. The market is expected to grow around a CAGR of 6.84% and is anticipated to reach over USD 425.39 billion by 2032.

A radiant energy generated by the sun is solar energy, harnessed by the use of various technologies such as photovoltaic cells, solar heating, solar architecture, solar thermal energy and others. It is an effective source of unconventional energy and a convenient sustainable solution for rising greenhouse and global warming emissions. Solar energy is used for the production of the solar electricity. Solar energy is used in the number of ways such as heating water and cooking, to generate electricity, etc. The traditional solar cells are manufactured from silicon while second generation solar cells are made from amorphous silicon which are also called as thin-film solar cell.

Browse the full “Solar Energy Market Size, Share, Growth Analysis Report By Technology (Photovoltaic (PV) Systems and Concentrated Solar Power (CSP), By Application (Residential, Commercial, Industrial, and Utility-scale), By End-Use (On-Grid and Off-Grid), And By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032" https://www.fnfresearch.com/solar-energy-market-report

The main factors for the growth of solar energy market are government incentives provision & tax rebates for the installation of solar panels and awareness of the environmental pollution. Increased in the rooftop installations for the residential use is expected a boom in the market during the forthcoming years. Furthermore, rising demand of solar power tower in electricity generation is projected to generate more demand for concentrated solar power systems.

Rising energy demand coupled with the growing population and raising the non-conventional price of energy is expected to drive the market in the upcoming years. However, climatic conditions especially in the geographical region, such as snowfall, rainfall and high initial installation cost may restrain the growth of solar energy market. Conversely, government initiative for the use of renewable energy, low maintenance and operating cost of the solar power project and rapid industrialization in the developing countries are bolstering the global market for solar energy.

By technology segmentation, the concentrated solar power system category is expected to contribute the largest market share in the global solar energy market. Concentrated solar power system stores the energy by using thermal energy storage technology. On the other hand, photovoltaic system is used to generate direct electric current. On the basis of the solar module segment, polycrystalline and monocrystalline category is expected to witness high growth owing to its use in residential applications. By application segment, the commercial category led the market in 2023 and it is anticipated to grow in the future years attributed to increase installation of solar energy system in commercial sectors such as hospitals, hotels, offices, etc.

On the basis of the end-use segment, the electricity generation category led the market in 2023 and it is anticipated to grow in the future years attributed to the solar energy in the electric generation. By geography, in 2023, North America dominated the market and it is projected to witness highest market share attributed the implementation of renewable solar energy projects. Europe is also anticipated to share the highest market growth during the forthcoming years owing to the increasing awareness about environmental conservation

Report Scope

Some of the leading players in the global market include

Abengoa, BrightSource Energy, Inc., Canadian Solar Inc., Convert Italia, Enphase Energy, Inc., eSolar Inc., First Solar, Inc., JinkoSolar Holding Co. Ltd, JinkoSolar Holding Co., Ltd., LONGi Green Energy Technology Co. Ltd., SolarEdge Technologies, SunPower Corporation, Tata Power Solar System Ltd, Trina Solar Co. Ltd, Waaree Group, Yingli Green Energy Holding Company Limited, and others..

This report segments the solar energy market as follows:

By Technology

• Photovoltaic (PV) Systems
• Concentrated Solar Power (CSP)

By Application

• Residential
• Commercial
• Industrial
• Utility-scale

By End-Use

• On-Grid
• Off-Grid

By Regional Segmentation Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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