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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.*
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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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United States (Head Office)
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+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124