Solar Energy Market to Reach $300.3 Billion, Globally, by 2032 at 12.3% CAGR: Allied Market Research
The global solar energy market is driven by factors such as increasing global emphasis on renewable energy, declined costs of solar technology, and advancements in solar energy solutions.
Portland, OR, May 18, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Solar Energy Market by Technology (Photovoltaic Systems, Concentrated Solar Power Systems), by Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others), by Application (Residential, Commercial, Industrial), by End-Use (Electricity Generation, Lighting, Heating, Charging): Global Opportunity Analysis and Industry Forecast, 2023-2032 ". According to the report, the global Solar Energy industry generated $94.6 billion in 2022, and is anticipated to generate $300.3 billion by 2032, witnessing a CAGR of 12.3% from 2023 to 2032.
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Prime determinants of growth
The global solar energy market is driven by factors such as increasing global emphasis on renewable energy, declined costs of solar technology, and advancements in solar energy solutions. However, the high initial installation cost of solar products and dependence on weather conditions restricts the market growth. Moreover, a rise in demand for solar-powered desalination systems and increase in popularity of solar-powered homes presents new opportunities in the coming years.
Report coverage & details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Fuel Type, Technology, and Region
Government Incentives and Regulations
Increase in popularity of solar-powered homes
High initial installation costs
Russia-Ukraine Wat Impact Scenario
The ongoing conflict between Russia and Ukraine may potentially have an impact on the solar energy market, but the specific effects are difficult to predict with certainty.
One possible impact may be on the supply chain for solar panels and other components. Both Russia and Ukraine are significant producers of solar panel materials such as silicon, and disruptions to production or transportation could lead to higher prices or shortages.
In addition, political instability in the region could lead to changes in energy policies or tariffs that affect the viability of solar energy projects. If the conflict leads to an increase in energy prices or a decrease in government incentives for renewable energy, it may become more difficult to finance and operate solar projects in the affected areas.
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The photovoltaic system segment to maintain its leadership status throughout the forecast period
Based on technology, the photovoltaic system segment held the highest market share in 2022, accounting for nearly 90% of the global solar energy market revenue, and is estimated to maintain its leadership status throughout the forecast period. The surge in the growth of the electric vehicle market is driving demand for solar-powered EV charging infrastructure which has a positive impact on the solar energy market. However, the concentrated solar power system segment is projected to manifest a CAGR of 12.9% from 2023 to 2032, owing to the increase in focus on reducing carbon emissions, transitioning to renewable energy sources, and government incentives and regulations that encourage the adoption of clean energy are expected to boost demand for CSP systems.
The polycrystalline segment to maintain its leadership status throughout the forecast period
Based on solar modules, the polycrystalline segment held the highest market share in 2022, accounting for more than half of the global solar energy market revenue, and is estimated to maintain its leadership status throughout the forecast period. Multi-Si technology is widely used in the electronic industry to manufacture calculators and smartwatches. Increase in the disposable income of consumers and a rise in the standard of living have boosted the demand for electronics and smart devices, which in turn is expected to increase the need for multi-Si solar cell technology. However, the others segment is projected to manifest a CAGR of 13.5% from 2023 to 2032, owing to the rise in consumer awareness, and growth in the application of amorphous silicon-based solar panels in residential and commercial applications.
The industrial segment to maintain its leadership status throughout the forecast period
Based on application, the industrial segment held the highest market share in 2022, accounting for more than two-fifths of the global solar energy market, and is estimated to maintain its leadership status throughout the forecast period. Rapid industrialization across the globe and an increase in population have led to an increase in the demand for various commercial products. . However, the residential segment is projected to manifest the highest CAGR of 12.8% from 2023 to 2032. Implementation of government initiatives in developed as well as developing economies to curb carbon emissions and to reduce the usage of conventional fuels to generate energy has led to an increase in the usage of rooftop solar PV systems to generate electricity for household purposes.
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Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global solar energy market revenue, and is likely to dominate the market during the forecast period. The government initiatives in Asia-Pacific towards renewable energy technologies to meet their climate goals have significantly promoted the growth of the solar energy market in Europe. The same region is expected to witness the fastest CAGR of 12.7% from 2023 to 2032. The region is characterized by a high demand for energy, rapid urbanization, and the presence of most of the developing countries. These factors, among others, are driving the adoption of solar energy in the Asia-Pacific.
Leading Market Players: -
First Solar, Inc.
Jinkosolar Holding Co., Ltd.
Yingli Green Energy Holding Company Limited
Hanwha Q Cells Co., Ltd.
Ja Solar Holdings Co. Ltd.
Enphase Energy, Inc.
The report provides a detailed analysis of these key players in the global solar energy market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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