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Solar Energy Market Outlook, Current Strategies, and Growth by Top Companies: First Solar, SunPower Corporation, Canadian Solar

08-14-2023 07:38 AM CET | Energy & Environment

Press release from: Allied Market Research

Solar Energy Market

Solar Energy Market

Solar energy, harnessed from the boundless power of the sun, is a clean, sustainable, and inexhaustible resource that holds the key to a brighter, more environmentally responsible future. By converting sunlight into electricity through photovoltaic cells or utilizing solar thermal systems for heating and other applications, solar energy reduces carbon emissions, lowers energy costs, and empowers communities with energy independence. Embracing this remarkable technology not only mitigates the impact of climate change but also propels us toward a greener, more resilient world. The solar energy market size was valued at $94.6 billion in 2022, and the solar energy industry is estimated to reach $300.3 billion by 2032, growing at a CAGR of 12.3% from 2023 to 2032.

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The solar energy market has witnessed significant growth over the years, driven by several factors. The main driver is the increase in demand for clean and renewable energy sources. Governments and organizations worldwide are promoting the adoption of solar energy through incentives, subsidies, and regulations to reduce carbon emissions and mitigate climate change. Another driver is the declining cost of solar energy technology, making it more accessible to a broader range of consumers.

However, there are restraints in the market, such as the intermittent of solar energy, which makes it less reliable and less efficient than traditional sources of energy. In addition, the initial investment required for solar energy systems may be high, making it difficult for some consumers to adopt them. There are opportunities in the market, such as the development of energy storage technologies to address the issue of intermittent and the increasing demand for solar energy in emerging markets, despite these restraints.

The solar energy market forecast is segmented on the basis of technology, solar module, application, end-user, and region. On the basis of technology, the global solar energy market is bifurcated into photovoltaic systems and concentrated solar power systems. On the basis of solar modules, the market is classified into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others. On the basis of application, the market is divided into residential, commercial, and industrial. On the basis of end-user, the market is segregated into electricity generation, lighting, heating, and charging. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA and suggests future solar energy market growth opportunities.

On the basis of technology, the photovoltaic system is expected to have the largest market share due to its wide range of applications from electronic appliances to utility-scale power generation.

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On the basis of solar modules, the polycrystalline module is expected to have the largest market share due to its high efficiency and better performance in low-light conditions. The polycrystalline module is also expected to have significant growth due to its lower cost compared to monocrystalline modules. The cadmium telluride and amorphous silicon cells are expected to have a moderate growth rate due to their low-cost and high flexibility in installation.

On the basis of application, the industrial application for electricity generation is expected to have the largest market share due to the high energy requirements of industrial processes. The residential application for lighting and heating is expected to have a significant growth rate due to the increasing adoption of solar energy systems in households. The commercial application for charging electric vehicles is also expected to grow due to the increase in demand for electric vehicles.

On the basis of end-use, the electricity generation segment is expected to have the largest market share due to the increase in demand for clean and sustainable energy sources. The lighting and heating segments are also expected to have significant growth due to the increase in adoption of solar energy systems for these applications. The charging segment for electric vehicles is expected to have a moderate growth rate due to the increase in adoption of electric vehicles in the transportation sector.

On the basis of region, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe. Asia-Pacific has emerged as a global leader in the solar energy market, due to a surge in energy demand in developing economies such as India, China, and Thailand, owing to a decrease in dependency on conventional energy sources, including coal & crude oil, and an increase in urbanization. In addition, the development of rural electrification activities in countries such as India, China, and Thailand and the rise in government initiatives to promote the use of renewable energy are anticipated to boost the growth of the global solar energy market opportunities from 2023 to 2032.

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Key findings of the study

• As per solar energy market analysis, on the basis of technology, the photovoltaic systems segment emerged as the global leader by acquiring more than four-fifths of the solar energy market share in 2022 and is anticipated to continue solar energy market trends during the forecast period.
• On the basis of solar modules, the polycrystalline segment emerged as the global leader by acquiring more than half of the solar energy market shares in 2022 and is anticipated to continue this trend during the forecast period.
• On the basis of application, the industrial segment emerged as the largest market share in 2022 which accounts for more than two-fifths of the solar energy market share and is anticipated to continue this trend during the forecast period.
• On the basis of end-use, the electricity generation segment emerged as the largest market share in 2022 which accounts for more than half of the solar energy market share, and is anticipated to continue this trend during the forecast period.
• On the basis of region, Asia-Pacific is the major consumer of solar energy among other regions. It accounted for more than two-fifths of the global market shares in 2022.

Impact of Russia - Ukraine War on Global Solar Energy Market

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.

However, it is also possible that the conflict could drive investment in renewable energy to decrease dependence on fossil fuels and energy imports. This could lead to increased demand for solar panels and related equipment, as well as new opportunities for solar energy developers.

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Competitive Landscape

First Solar, Inc., SunPower Corporation, Canadian Solar Inc., JinkoSolar Holding Co., Ltd., Trina Solar Co., Ltd, Yingli Green Energy Holding Company Limited, Hanwha Q Cells, JA Solar Holdings Co., Ltd., SolarEdge Technologies, and Enphase Energy Inc., are some of the major players discussed in the report.

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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