Solar Energy Market is projected to grow at a

GmiiRResearch 12/21/2022 6:25:51 AM

Solar Energy Market is projected to grow at a significant CAGR of 19.5% during the forecast period, till 2029.

The factors driving the growth of Solar Energy Market includes increasing concerns related greenhouse gas emissions and climate change, rising focus on utilizing renewable sources of energy, growing consumption of electricity around the world and improvements in the living standards. Moreover, technological innovations in the solar photovoltaics, Government initiatives promoting the use of solar energy, increasing investments by major corporations on research and development, rising demand for parabolic troughs and solar power towers and rapid urbanization, are some of the additional factors supplementing the Solar Energy Market Growth. As per the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan (PM KUSUM) scheme, the Government of India plans to add solar and other renewable capacity of 25,750 MW by 2022 worth INR 34,422 Crore including service charges to the implementing agencies.

However, growth of the Solar Energy Market is hindered due to transportation of equipment and electric grid distance.

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The leading players operating in the market are BrightSource Energy, Inc., ENF Ltd., Kaneka Corporation, SunPower Corporation, Abengoa, Wuxi Suntech Power Co., Ltd., Canadian Solar, Acciona Energia, S.A., eSolar and Tata Power Solar Systems Ltd., among others.

Based on Technology, the Photovoltaic Systems segment is predicted to grow at a significant CAGR during the forecast period

As per the Solar Energy Market Forecast, Solar Photovoltaic cells are easy to install and requires low maintenance along with technological advancements in the PV systems, are some of the factors responsible for the segment’s growth.

Based on Solar Module, the Monocrystalline segment is projected to expand at a robust CAGR over the forecast period

Monocrystalline are space-efficient and possess longer lifespan, are some of the factors propelling Global Solar Energy Market.

Based on Region, the European region is anticipated to capture the largest market share during the forecast period

According to the Solar Energy Market Research, Government polices promoting the use of clean energy, growing electricity consumption United Kingdom and France, increasing population growth rates, rapid industrialization, and high per capita incomes, are some of the important factors augmenting the market growth in European region.

Key Developments

  • In 2019, SunPower Corporation decided to separate into two independents, strategically aligned, complementary, and publicly traded companies that are SunPower and Maxeon Solar Technologies.

  • In 2019, Acciona Energia, S.A entered into an agreement with Tenaska, to attain a portfolio of photovoltaic projects in the seven states all around the country. The portfolio comprises of around 3,000 MW of rated power in the utility-scale photovoltaic plants and 1000 MW of battery storage.

Market Segmentation

Segmentation by Technology  

  • Concentrated Solar Power Systems

    • Solar Power Tower

    • Parabolic Trough

    • Dish Stirling

    • Fresnel Reflectors

  • Photovoltaic Systems

Segmentation by Solar Module  

  • Polycrystalline

  • Monocrystalline

  • Amorphous Silicon Cells

  • Cadmium Telluride

  • Others

Segmentation by Application  

  • Commercial

  • Residential

  • Industrial

Segmentation by End-Use  

  • Lighting

  • Electricity Generation

  • Charging

  • Heating

Segmentation by Region

  • Asia Pacific

    • China

    • Japan

    • India

    • Rest of APAC

  • North America

    • United States of America

    • Canada

  • Europe

    • United Kingdom

    • Germany

    • France

    • Spain

    • Rest of Europe

  • RoW

    • Brazil

    • South Africa

    • Saudi Arabia

    • UAE

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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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