The Solar Energy Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Solar Energy Global Market Report 2024, The solar energy market size has grown exponentially in recent years. It will grow from $131.02 billion in 2023 to $169.81 billion in 2024 at a compound annual growth rate (CAGR) of 29.6%. The growth in the historic period can be attributed to energy security concerns, environmental awareness, government incentives, energy independence, net metering policies, corporate sustainability initiatives.
The solar energy market size is expected to see exponential growth in the next few years. It will grow to $418.15 billion in 2028 at a compound annual growth rate (CAGR) of 25.3%. The growth in the forecast period can be attributed to grid modernization, increasing electricity demand, urbanization and distributed generation, global climate agreements, community solar programs. Major trends in the forecast period include advancements in solar panel technologies, solar tracking systems, digitalization and smart grid integration, floating solar installations, hybrid energy systems.
The increasing government initiatives to support renewable energy sources are expected to propel the growth of the solar energy market. Government initiatives include subsidies and relaxed laws for the implementation and use of solar energy. These initiatives have led to the installation of various solar projects across the world for the production of renewable energy that is affordable to consumers. As government initiatives increase globally, there will be a significant rise in the adoption of solar energy across the world. For instance, according to the Union budget 2022-2023, India will allocate INR 4,500 crores ($0.58 billion) for the development of high-efficiency modules for solar photovoltaic cells under the PLI (Production-Linked Incentive) scheme. Therefore, increasing government initiatives to support renewable energy sources are expected to drive the growth of the solar energy market.
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The solar energy market covered in this report is segmented –
1) By Type: Solar Cell Panel, Solar Cell Paste, Solar Silicon Wafer
2) By Technology: Photovoltaic Systems, Concentrated Solar Power Systems
3) By Panel: Mono-Crystalline, Thin Film, Poly-Crystalline
4) By Application: Residential, Commercial
5) By End Use: Electricity Generation, Lighting, Heating, Charging
Major companies operating in the solar energy market are adopting a strategic partnership approach to foster growth in the renewable energy sector. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in December 2023, Adani Green Energy Ltd., an India-based renewable energy company, partnered with TotalEnergies SE, a France-based petroleum business company. With this partnership, these companies aim to generate 1,050 megawatts of power from solar and wind, aligning with India’s decarbonization goals and leveraging technology to reduce the levelized cost of energy (LCOE) and facilitate the widespread adoption of affordable, clean energy.
The solar energy market report table of contents includes:
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