Global Solar Energy Market Market Size Analysis Report - Market Share, Forecast Trends and Outlook (2024-2032)

Solar Energy Market Growth

Utility sector is a leading segment due to the growing development of utility-scale solar facilities

The utility sector is likely to be a significant segment of the market. The primary factors contributing to the segment's growth are the increasing construction of utility-scale solar plants and the greater operational effectiveness of photovoltaic (PV) panels in comparison to other options.

Photovoltaic power plants of considerable scale, comprised of multiple PV arrays, serve as an advantageous asset for utilities. These plants can be built relatively quickly compared to traditional power plants, thanks to streamlined installation processes and simplified electrical connectivity. This efficiency in construction allows utilities to expedite the deployment of solar energy, meeting energy demands more rapidly while leveraging the flexibility and speed inherent in photovoltaic technologies.

According to our solar energy market analysis, it is anticipated that solar energy generation will be increasingly adopted in residential applications owing to the rising demand for energy in homes and the evolving perspective of people about sustainable living. Its scalability allows homeowners to generate electricity for their use and reduce the reliance on conventional grids while addressing the escalating energy demands of modern households.

Solar photovoltaics are growing in popularity due to its low cost and technological advancements

Solar PV systems use semiconductor-based solar panels, usually silicon, to directly convert sunlight into electricity. Direct current (DC) power is produced when sunshine strikes the solar cells, exciting electrons. In houses, companies, and the electrical grid, this direct current (DC) electricity is transformed into alternating current (AC) using an inverter.

The International Renewable Energy Agency reported that between 2022 and 2021, the installed capacity of solar photovoltaics worldwide climbed by more than 22%, while concentrated solar power systems had a 2% growth in installed capacity. This indicates that solar photovoltaics have been more widely used than concentrated solar power systems. Solar photovoltaics (PV) is anticipated to play a major role in helping Australia meet its 2030 objective of producing 82% of its electricity from renewable sources, such as wind and solar PV, increasing the solar energy market share.

Solar Energy Market Report Snapshots

Solar Energy Market Size

Solar Energy Market Growth

Solar Energy Companies