Global Solar Energy Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The global "Solar Energy Market Report to 2030" was estimated at nearly USD 185 billion in 2021. As per our study, the market is anticipated to reach a value of USD 300 billion by 2030 showing a CAGR of 7%. Scrutinizing the uncertainties of the COVID-19 pandemic, our research team is constantly tracking and assessing the impact of the pandemic on the Solar energy market. Our market search report includes these comprehensive insights as a critical market contributor.

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Solar Energy Market: Overview

Solar energy is radiation that can generate heat, cause chemical reactions, or generate electricity. The overall amount of solar energy on Earth far exceeds the world's current and projected energy needs. However, this highly diffused source has the power to fulfill all future energy needs if adequately harnessed. Solar energy is expected to be particularly appealing as a renewable energy source in the twenty-first century due to its infinite supply and nonpolluting nature, compared to the finite fossil fuels of petroleum, coal, and natural gas.

Solar Energy Market: Growth Drivers

The falling costs of renewable energy, a critical input in the production process, have been a significant growth factor driving the surge in green hydrogen. Green hydrogen development is expected to increase in 2022 as the penetration of renewable energy over the grid increases due to its prospect of acting as long-duration and seasonal storage of the availability of fuel on demand to generate power.

Furthermore, the volatile prices of fossil fuels, the need for dependence disassociation on fossil fuel imports from politically unstable regions, environmental issues over the greenhouse gas emissions concerning fossil fuel use, government incentives, and other support programs make solar power more cost-competitive, and a shift in consumer preference are all significant factors driving the solar energy market.

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Key Insights:

A) As per the analysis shared by our research analyst, the Solar Energy market is estimated to grow annually at a CAGR of around 7% over the forecast period (2022-2030).
B) In terms of revenue, the Solar Energy market size was valued at around USD 185 Billion in 2021 and is projected to reach USD 300 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) Based on technology segmentation, the Photovoltaic Systems segment was estimated to hold the maximum market share in 2021.
D) Based on solar module segmentation, the amorphous silicon cells segment is expected to witness a high CAGR from 2022 to 2030.
E) By application, the residential segment is expected to show a high growth rate during the forecast period.
F) Based on geography/region, the Asia Pacific region was the leading revenue generator in 2021.

Press Release For Solar Energy Market: https://www.custommarketinsights.com/press-releases/solar-energy-market-size/

Regional Landscape

In terms of region, Asia Pacific dominated the solar energy market, with a market share of over 30% in 2021. The Asia Pacific is home to over half of the world's population, providing a massive consumer base. Furthermore, China, Japan, and India are the top three countries in terms of solar power utilization. Rapid urbanization, rising disposable income, a hectic lifestyle, rising internet penetration, and increasing smartphone adoption are important macroeconomic factors driving the market's growth in the Asia Pacific.

North America is expected to proliferate during 2022-2030. The United States is the most prominent country in the region, accounting for most solar power consumption. Furthermore, rising purchasing power, improved access to digital technologies, higher internet penetration, and increased adoption of smart devices are key factors driving North American solar energy market growth.

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Key Players

Canadian Solar Inc.
JinkoSolar Holding Co. Ltd
Trina Solar Co. Ltd
SunPower Corporation
LONGi Green Energy Technology Co. Ltd
First Solar Inc.
JA Solar Holding
Abengoa SA
Acciona SA
Brightsource Energy Inc.
Engie SA
NextEra Energy Inc.
ACWA Power
Sharp Corporation
REC Solar Holdings AS
Hanwha Corporation

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The Solar Energy Market is segmented as follows:

By Solar Module

Polycrystalline
Monocrystalline
Cadmium Telluride
Amorphous Silicon Cells
Others

By Technology

Photovoltaic Systems
Concentrated Solar Power Systems

By Application

Residential
Industrial
Commercial

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.

This release was published on openPR.