Solar Energy Market Growth, Size, Trends, Revenue, Demand, Challenges and Future Competition
Solar Energy Market Size- By Technology, By Solar Module, By Application, By End Use- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Oct-2023 | Report ID: POAE2365 | Pages: 1 - 232 | Formats*: |
| Category : Power & Energy | |||
Solar Energy Market Introduction and Overview
According to SPER Market Research, the Global Solar Energy Market is estimated to reach USD 337.84 billion by 2033 with a CAGR of 12.5%.
The report includes an in-depth analysis of the Global Solar Energy Market, including market size and trends, product mix, Applications, and supplier analysis. Solar energy is derived from the sun's radiation and can be transformed into various energy forms like electricity and heat. Its abundance and renewability make it an appealing alternative to finite and climate-damaging fossil fuels. Various technologies, such as photovoltaic cells and concentrated solar power systems, capture and convert solar energy. The advantages include diminished greenhouse gas emissions, decreased reliance on fossil fuels, and a positive impact on creating a cleaner and sustainable energy future.
- September 2022: Three solar farms in Rajasthan with a combined clean energy capacity of 420 megawatts (MW) have been launched as Amazon India's first batch of utility-scale renewable energy projects in India. These include a 210 MW project that ReNew Power will create, a 100 MW project that Amp Energy India will develop, and a 110 MW project that Brookfield Renewable will develop.
- March 2022: A pilot project called Project Nexus was co-created by the California Department of Water Resources, utility Turlock Irrigation District (TID), Marin County, California-based water and energy project developer Solar AquaGrid, and the University of California.
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Market Opportunities and Challenges
Solar energy is used in air conditioners, water purifiers, and other devices which in turn generate enormous investment opportunities in the Solar Energy Market. A variety of solar-powered products, including solar-powered water purifiers, solar-powered air conditioners, solar-powered trees, solar outlets, and others, have been made possible by technological advances in solar energy, and it is predicted that these technologies will create enormous growth potential in the years to come. During the projection period, the medium-term growth of the worldwide solar energy market is anticipated to be supported by favourable government regulations, rising use of solar PV systems, and falling solar panel and installation cost prices.
On the other hand, factors including the increasing use of clean energy alternatives like gas-fired power plants and onshore and offshore wind projects are projected to restrain market expansion over the study period. According to estimates, the market growth will be constrained by the high cost of power and low capacity in comparison to other energy sources. The cost of the inverter, solar batteries, wiring, installation, and solar panels are all included in the price of installing solar panels. This is a significant issue that will limit the expansion of the solar energy market over the forecast period.
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Market Competitive Landscape
The major players in the Global Solar Energy Market include: Abengoa SA, Acciona SA, ACWA Power, Brightsource Energy Inc., Canadian Solar Inc., Engie SA, First Solar Inc., Hanwha Corporation, JA Solar Holding, JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., NextEra Energy Inc., REC Solar Holdings AS, Sharp Corporation, SunPower Corporation, Trina Solar Co. Ltd., Others. The tourism industry has grown as a result of the rapid development of industrialization, modernization, and the dissemination of knowledge via the internet, which in turn has increased demand for solar energy. Additional growth tactics, such as an increase in production capabilities, acquisitions, joint ventures, and research & development in solar energy applications, contributed to the achievement of significant changes in the global solar energy market trends.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Technology, By Solar Module, By Application, By End Use |
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe |
| Companies Covered | Abengoa SA, Acciona SA, ACWA Power, Brightsource Energy Inc., Canadian Solar Inc., Engie SA, First Solar Inc., Hanwha Corporation, JA Solar Holding, JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., NextEra Energy Inc., REC Solar Holdings AS, Sharp Corporation, SunPower Corporation, Trina Solar Co. Ltd., Others |
COVID-19 Impact on Global Solar Energy Market
Numerous industries, including the market for solar energy, were greatly damaged by the COVID-19 epidemic, which caused economic unrest, supply chain disruptions, and labour shortages that delayed solar project completion. The difficulties included fewer workers because of social exclusion, shortages of equipment because of import-export restrictions, and rising expenses. Manufacturing and shipping were disrupted as a result of the epidemic, which was centred in China, a significant source of solar components. These problems put a stop to economic activity, sparked health worries, and hindered market expansion. Governments and businesses responded by implementing stimulus plans to jump-start the world economy. They also loosened some regulations on port operations and logistics to speed up the delivery of blocked parts, which helped the recovery.
Key Target Audience
- Commercial and Industrial Enterprises
- Consumers of Solar Technology
- Environmental Organizations
- EPC (Engineering, Procurement, and Construction) Firms
- Grid Operators and System Integrators
- Investors and Financial Institutions
- Residential Consumers
- Technology Developers and Manufacturers
- Utilities and Energy Providers
- Others
Our in-depth analysis of the Solar Energy Market includes the following segments:
| By Technology: |
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| By Solar Module: |
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| By Application: |
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| By End Use: |
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Key Topics Covered in the Report
- Global Solar Energy Market Size (FY’2023-FY’2033)
- Overview of Global Solar Energy Market
- Segmentation of Global Solar Energy Market By Technology (Concentrated Solar Power Systems, Photovoltaic Systems)
- Segmentation of Global Solar Energy Market By Solar Module (Amorphous Silicon Cells, Cadmium Telluride, Monocrystalline, Polycrystalline, Others)
- Segmentation of Global Solar Energy Market By Application (Residential, Commercial, Industrial)
- Segmentation of Global Solar Energy Market By End Use (Charging, Electricity Generation, Heating, Lighting)
- Statistical Snap of Global Solar Energy Market
- Expansion Analysis of Global Solar Energy Market
- Problems and Obstacles in Global Solar Energy Market
- Competitive Landscape in the Global Solar Energy Market
- Impact of COVID-19 and Demonetization on Global Solar Energy Market
- Details on Current Investment in Global Solar Energy Market
- Competitive Analysis of Global Solar Energy Market
- Prominent Players in the Global Solar Energy Market
- SWOT Analysis of Global Solar Energy Market
- Global Solar Energy Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Solar Energy Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Solar Energy Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Solar Energy Market
7. Global Solar Energy Market, By Technology (USD Million)
7.1. Global Solar Energy Market Value Share and Forecast, By Technology, 2023-20337.2. Concentrated Solar Power Systems
7.2.1. Dish Stirling7.2.2. Fresnel Reflectors7.2.3. Parabolic Through7.2.4. Solar Power Tower
7.3. Photovoltaic Systems
8. Global Solar Energy Market, By Solar Module (USD Million)
8.1. Global Solar Energy Market Value Share and Forecast, By Solar Module, 2023-20338.2. Amorphous Silicon Cells8.3. Cadmium Telluride8.4. Monocrystalline8.5. Polycrystalline8.6. Others
9. Global Solar Energy Market, By Application (USD Million)
9.1. Global Solar Energy Market Value Share and Forecast, By Application, 2023-20339.2. Residential9.3. Commercial9.4. Industrial
10. Global Solar Energy Market, By End Use (USD Million)
10.1. Global Solar Energy Market Value Share and Forecast, By End Use, 2023-203310.2. Charging10.3. Electricity Generation10.4. Heating10.5. Lighting
11. Global Solar Energy Market Forecast, 2019-2033 (USD Million)
11.1. Global Solar Energy Market Size and Market Share
12. Global Solar Energy Market, By Technology, 2019-2033 (USD Million)
12.1. Global Solar Energy Market Size and Market Share By Technology (2019-2026)12.2. Global Solar Energy Market Size and Market Share By Technology (2027-2033)
13. Global Solar Energy Market, By Solar Module, 2019-2033 (USD Million)
13.1. Global Solar Energy Market Size and Market Share By Solar Module (2019-2026)13.2. Global Solar Energy Market Size and Market Share By Solar Module (2027-2033)
14. Global Solar Energy Market, By Application, 2019-2033 (USD Million)
14.1. Global Solar Energy Market Size and Market Share By Application (2019-2026)14.2. Global Solar Energy Market Size and Market Share By Application (2027-2033)
15. Global Solar Energy Market, By End Use, 2019-2033 (USD Million)
15.1. Global Solar Energy Market Size and Market Share By End Use (2019-2026)15.2. Global Solar Energy Market Size and Market Share By End Use (2027-2033)
16. Global Solar Energy Market, By Region, 2019-2033 (USD Million)
16.1. Global Solar Energy Market Size and Market Share By Region (2019-2026)16.2. Global Solar Energy Market Size and Market Share By Region (2027-2033)16.3. Asia-Pacific
16.3.1. Australia16.3.2. China16.3.3. India16.3.4. Japan16.3.5. South Korea16.3.6. Rest of Asia-Pacific
16.4. Europe
16.4.1. France16.4.2. Germany16.4.3. Italy16.4.4. Spain16.4.5. United Kingdom16.4.6. Rest of Europe
16.5. Middle East and Africa
16.5.1. Kingdom of Saudi Arabia16.5.2. United Arab Emirates16.5.3. Rest of Middle East & Africa
16.6. North America
16.6.1. Canada16.6.2. Mexico16.6.3. United States
16.7. Latin America
16.7.1. Argentina16.7.2. Brazil16.7.3. Rest of Latin America
17. Company Profile
17.1. Abengoa SA
17.1.1. Company details17.1.2. Financial outlook17.1.3. Product summary17.1.4. Recent developments
17.2. Acciona SA
17.2.1. Company details17.2.2. Financial outlook17.2.3. Product summary17.2.4. Recent developments
17.3. ACWA Power
17.3.1. Company details17.3.2. Financial outlook17.3.3. Product summary17.3.4. Recent developments
17.4. Brightsource Energy Inc.
17.4.1. Company details17.4.2. Financial outlook17.4.3. Product summary17.4.4. Recent developments
17.5. Canadian Solar Inc.
17.5.1. Company details17.5.2. Financial outlook17.5.3. Product summary17.5.4. Recent developments
17.6. Engie SA
17.6.1. Company details17.6.2. Financial outlook17.6.3. Product summary17.6.4. Recent developments
17.7. First Solar Inc.
17.7.1. Company details17.7.2. Financial outlook17.7.3. Product summary17.7.4. Recent developments
17.8. Hanwha Corporation
17.8.1. Company details17.8.2. Financial outlook17.8.3. Product summary17.8.4. Recent developments
17.9. JA Solar Holding
17.9.1. Company details17.9.2. Financial outlook17.9.3. Product summary17.9.4. Recent developments
17.10. JinkoSolar Holding Co. Ltd.
17.10.1. Company details17.10.2. Financial outlook17.10.3. Product summary17.10.4. Recent developments
17.11. LONGi Green Energy Technology Co. Ltd.
17.11.1. Company details17.11.2. Financial outlook17.11.3. Product summary17.11.4. Recent developments
17.12. NextEra Energy Inc.
17.12.1. Company details17.12.2. Financial outlook17.12.3. Product summary17.12.4. Recent developments
17.13. REC Solar Holdings AS
17.13.1. Company details17.13.2. Financial outlook17.13.3. Product summary17.13.4. Recent developments
17.14. Sharp Corporation
17.14.1. Company details17.14.2. Financial outlook17.14.3. Product summary17.14.4. Recent developments
17.15. SunPower Corporation
17.15.1. Company details17.15.2. Financial outlook17.15.3. Product summary17.15.4. Recent developments
17.16. Trina Solar Co. Ltd.
17.16.1. Company details17.16.2. Financial outlook17.16.3. Product summary17.16.4. Recent developments
17.17. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Solar Energy Market is projected to reach USD 337.84 billion by 2033, growing at a CAGR of 12.5% during the forecast period.
Solar Energy Market grew in market size from 2022. The Market is expected to reach USD 337.84 billion by 2033, at a CAGR of 12.5% during the forecast period.
Solar Energy Market CAGR of 12.5% during the forecast period.
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Solar Energy Market size is USD 337.84 billion from 2023 to 2033.
Solar Energy Market Segment is covered By Type, By Application.
The North America is anticipated to have the highest market share in the Solar Energy Market.
The key players in the market include Companies Covered Abengoa SA, Acciona SA, ACWA Power, Brightsource Energy Inc., Canadian Solar Inc., Engie SA, First Solar Inc., Hanwha Corporation, JA Solar Holding, JinkoSolar Holding Co. Ltd., LONGi Green Energy Technology Co. Ltd., NextEra Energy Inc., REC Solar Holdings AS, Sharp Corporation, SunPower Corporation, Trina Solar Co. Ltd., Others.
Solar energy is derived from the sun's radiation and can be transformed into various energy forms like electricity and heat.
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