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Global Solar Energy Market Size, Share, Growth, Forecast: By Technology: Solar Photovoltaic, Concentrated Solar Power; By Solar Module: Monocrystalline, Polycrystalline, Thin-Film Solar Modules, Others; By Application: Residential, Commercial and Industrial, Utility; Regional Analysis; Market Dynamics; Competitive Landscape; 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
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Solar Energy Market Analysis
8.1 Key Industry Highlights
8.2 Global Solar Energy Historical Market (2018-2023)
8.3 Global Solar Energy Market Forecast (2024-2032)
8.4 Global Solar Energy Market by Technology
8.4.1 Solar Photovoltaic
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.1.3 Breakup by Type
8.4.1.3.1 Mono-Si
8.4.1.3.2 Thin Film
8.4.1.3.3 Multi-Si
8.4.1.3.4 Others
8.4.2 Concentrated Solar Power
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.2.3 Breakup by Type
8.4.2.3.1 Parabolic Trough
8.4.2.3.2 Power Tower
8.4.2.3.3 Linear Fresnel
8.5 Global Solar Energy Market by Solar Module
8.5.1 Monocrystalline
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Polycrystalline
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Thin-Film Solar Modules
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Others
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.6 Global Solar Energy Market by Application
8.6.1 Residential
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Commercial and Industrial
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Utility
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Solar Energy Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Solar Energy Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Solar Energy Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Solar Energy Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Solar Energy Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Solar Energy Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Turkey
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Israel
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 South Africa
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Adani Green Energy Limited
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Acciona SA
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Canadian Solar Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 JA Solar Technology Co., Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Sunrun Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 SunPower Corporation
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Kaneka Corporation
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Tata Power Solar Systems Ltd.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Suntech Power Holdings Co., Ltd.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 JinkoSolar Holding Co., Ltd
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Solar Energy Market: Key Industry Highlights, 2018 and 2032
2. Global Solar Energy Historical Market: Breakup by Technology (GW), 2018-2023
3. Global Solar Energy Market Forecast: Breakup by Technology (GW), 2024-2032
4. Global Solar Energy Historical Market: Breakup by Solar Module (GW), 2018-2023
5. Global Solar Energy Market Forecast: Breakup by Solar Module (GW), 2024-2032
6. Global Solar Energy Historical Market: Breakup by Application (GW), 2018-2023
7. Global Solar Energy Market Forecast: Breakup by Application (GW), 2024-2032
8. Global Solar Energy Historical Market: Breakup by Region (GW), 2018-2023
9. Global Solar Energy Market Forecast: Breakup by Region (GW), 2024-2032
10. North America Solar Energy Historical Market: Breakup by Country (GW), 2018-2023
11. North America Solar Energy Market Forecast: Breakup by Country (GW), 2024-2032
12. Europe Solar Energy Historical Market: Breakup by Country (GW), 2018-2023
13. Europe Solar Energy Market Forecast: Breakup by Country (GW), 2024-2032
14. Asia Pacific Solar Energy Historical Market: Breakup by Country (GW), 2018-2023
15. Asia Pacific Solar Energy Market Forecast: Breakup by Country (GW), 2024-2032
16. Latin America Solar Energy Historical Market: Breakup by Country (GW), 2018-2023
17. Latin America Solar Energy Market Forecast: Breakup by Country (GW), 2024-2032
18. Middle East and Africa Solar Energy Historical Market: Breakup by Country (GW), 2018-2023
19. Middle East and Africa Solar Energy Market Forecast: Breakup by Country (GW), 2024-2032
20. Global Solar Energy Market Structure
Key Questions Answered in the Report
In 2023, the market reached approximately 205.13 GW.
The market is projected to grow at a CAGR of 7.7% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach around 400.22 GW by 2032.
The major market drivers include the continuous decrease in the cost of solar power and technological advancements aimed at improving the energy generation efficiency of solar panels.
The major trends propelling the market development include rising environmental concerns and the implementation of favourable government policies promoting the utilisation of solar energy.
The major regional market for solar energy includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major solar modules covered in the market report include monocrystalline, polycrystalline, and thin-film solar modules, among others.
The key players in the global solar energy market are Adani Green Energy Limited, Acciona SA, Canadian Solar Inc., JA Solar Technology Co., Ltd., Sunrun Inc., SunPower Corporation, Kaneka Corporation, Tata Power Solar Systems Ltd., Suntech Power Holdings Co., Ltd., and JinkoSolar Holding Co., Ltd, among others.
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