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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Solar Energy Market Size
The global solar energy market size reached nearly 205.13 GW in 2023. The market is assessed to grow at a CAGR of 7.7% between 2024 and 2032, reaching around 400.22 GW by 2032.
Key Takeaways
- Three-quarters of all renewable capacity additions globally in 2023 came from solar PV alone.
- Power generation from solar PV increased to a record 270 TWh in 2022, up 26% from 2021.
- The capacity of solar energy in India, a country in south Asia, peaked at about 63.1.7 GW in 2022, up from a capacity of about 13.5 GW in the previous year.
Solar energy is the term used to describe the heat and light emitted by the sun that can be captured and transformed into useful types of energy. It is a form of renewable energy that utilises the sun's immense power as a sustainable and clean source of electricity and heat.
The process of capturing solar energy involves the use of solar panels, also known as photovoltaic (PV) panels. Photovoltaic cells present in the PV panels are made of semiconductor material, which absorbs some photons from sunlight while others are reflected off the cell. These absorbed are then used to generate electric current through the photovoltaic effect. As the demand for photovoltaic installations rises, storage grid adoption is anticipated to soar, fuelling solar energy market demand along with the need for lithium-ion batteries for solar energy storage.
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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