Press release
Solar Energy Market Current Scenario with Forecast to 2033| ReneSola Power Inc., BayWa r.e. AG, Longi Green Energy Technology Co Ltd.
The Business Research Company presents an extensive market research report on the Solar Energy Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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.
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Key Market Players:
Major companies operating in the solar energy market report are ReneSola Power Inc., BayWa r.e. AG, Longi Green Energy Technology Co Ltd., Trina Solar Limited, JinkoSolar Holding Co Ltd., JA Solar Holdings Co Ltd., Hanwha Q CELLS Co Ltd., Canadian Solar Inc., Sungrow Power Supply Co Ltd., Tata Power Solar, China Three Gorges New Energy Group Co Ltd., Acciona Energia SA, Risen Energy Co Ltd., Daqo New Energy Corp, First Solar. Inc., Xinyi Solar Holdings Limited, Enphase Energy. Inc., Sunrun Inc., Astronergy Solar Company Limited, Maxeon Solar Technologies. Ltd., Boralex Inc., Shunfeng International Clean Energy Ltd., Bright Source Energy Inc., REC Silicon ASA, Kaneka Corp, Abengoa Solar SA, Yingli Green Energy Holding Company Limited, Wuxi Suntech Power Co Ltd., GCL System Integration Technology Co Ltd., CSIL Inc.
Market Drivers:
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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https://www.thebusinessresearchcompany.com/report/solar-energy-global-market-report
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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