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Solar Energy Systems Market worth $460.42 billion by 2030, growing at a CAGR of 12.16% - Exclusive Report by 360iResearch
Solar Energy Systems Market | 360iResearch
The Global Solar Energy Systems Market to grow from USD 183.73 billion in 2022 to USD 460.42 billion by 2030, at a CAGR of 12.16%.
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A solar energy system represents a specific technology or set of components utilized in capturing, converting, storing, and/or distributing solar power. These systems are crucial in mitigating climate change, promoting sustainable development, and reducing dependency on fossil fuels. By employing solar-powered technologies, individuals and organizations can create a cleaner environment, conserve natural resources, and foster economic growth. They also offer financial advantages by creating manufacturing, installation, maintenance, and research jobs. In addition to grid-connected systems that feed surplus power back into the electrical grid, there are off-grid applications, including residential rooftop installations and portable charging devices that provide electricity access in remote locations without access to conventional utility services. Furthermore, hybrid systems combining solar energy with other renewable sources and storage options, including batteries, enable greater reliability and flexibility in meeting diverse energy needs. The promising government incentives and initiatives for solar panel installations, increased applications of solar energy in various verticals, and a rapid inclination toward renewable energy adoption are driving the growth of the solar energy systems market. However, high costs associated with building solar energy systems, climatic conditions, and geographical latitudes may affect the efficiency of solar panels and hinder market development. Nevertheless, the emerging innovations and surging R & D activities are paving the way for advanced solar energy systems and present immense opportunities for the industry's progress.
In the Americas, solar power is emerging as a rapidly expanding industry, owing to federal tax incentives, such as Investment Tax Credit (ITC), state-level policies, including Renewable Portfolio Standards (RPS), and net metering schemes that support residential installations. Furthermore, Latin American countries, including Brazil, Mexico, and Chile, are gaining momentum by implementing clean energy auctions and financing mechanisms to attract investments. The EMEA region showcases diverse dynamics within the solar energy system market. European countries, including Italy, France, Germany, and Spain, are at the forefront of adopting solar technology. The European Union's ambitious renewable energy targets for 2030 have spurred significant investments. Meanwhile, the Middle East and Africa present vast opportunities for expansion owing to abundant sunshine hours and untapped markets. APAC has emerged as another key player in the global solar energy system market due to its rapidly growing economies and increasing demand for clean power generation. China leads this region with massive manufacturing capabilities enabling it to cater to domestic demand and export markets. Other prominent nations such as India, Japan, and Australia invest heavily in solar infrastructure development through favorable policy frameworks such as Feed-in Tariffs (FiTs) and government subsidies. Government policies, economic factors, and growing awareness of renewable energy sources drive the diverse market dynamics in each region. Solar technology plays a pivotal role in transforming the global energy mix as the world works toward sustainable energy goals.
Market Segmentation & Coverage:
This research report categorizes the Solar Energy Systems Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Component, market is studied across Hardware, Services, and Solutions. The Hardware is further studied across Batteries, Inverters, Module, and Solar Panels. The Module is further studied across Amorphous Silicon Cells, Cadmium Telluride Silicon Cells, Monocrystalline Silicon Cells, and Polycrystalline Silicon Cells. The Solutions is further studied across Asset Management, Meter Data Management, Network Monitoring, and Remote Metering. The Hardware commanded largest market share of 66.65% in 2022, followed by Services.
Based on Technology, market is studied across Concentrated, Photovoltaic, and Thermal Solar. The Photovoltaic commanded largest market share of 52.12% in 2022, followed by Concentrated.
Based on Source, market is studied across MRO and New Installation. The MRO commanded largest market share of 57.88% in 2022, followed by New Installation.
Based on Deployment, market is studied across Hybrid, Off Grid, and On Grid. The On Grid commanded largest market share of 62.12% in 2022, followed by Hybrid.
Based on End-user, market is studied across Commercial, Industrial, and Residential. The Commercial commanded largest market share of 60.65% in 2022, followed by Industrial.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 39.32% in 2022, followed by Asia-Pacific.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Solar Energy Systems Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Solar Energy Systems Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Solar Energy Systems Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Abengoa, Acciona, S.A., Canadian Solar Inc., Complete Solaria Inc., Engie, Enphase Energy, Inc., First Solar, Inc., Hanwha Solutions Corporation, JA SOLAR Technology Co., Ltd., Jiangsu Zhongli Group Co., Ltd., Jinko Solar Co., Ltd., Kaneka Corporation, LONGi Green Energy Technology Co., Ltd., New BrightSource, Ltd., NextEra Energy Resources, LLC., Petronas Group, Reliance Industries Ltd., Risen Energy Co., Ltd., Schneider Electric SE, Sharp Corporation, Siemens AG, SolarEdge Technologies Inc., SunPower Corporation, Suzlon Energy Limited, Tata Power Solar Systems Limited, Trina Solar Co., Ltd., United Renewable Energy LLC, Vivint, Inc., and Yingli Energy Development Co., Ltd..
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Solar Energy Systems Market, by Component
7. Solar Energy Systems Market, by Technology
8. Solar Energy Systems Market, by Source
9. Solar Energy Systems Market, by Deployment
10. Solar Energy Systems Market, by End-user
11. Americas Solar Energy Systems Market
12. Asia-Pacific Solar Energy Systems Market
13. Europe, Middle East & Africa Solar Energy Systems Market
14. Competitive Landscape
15. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Solar Energy Systems Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Solar Energy Systems Market?
3. What is the competitive strategic window for opportunities in the Solar Energy Systems Market?
4. What are the technology trends and regulatory frameworks in the Solar Energy Systems Market?
5. What is the market share of the leading vendors in the Solar Energy Systems Market?
6. What modes and strategic moves are considered suitable for entering the Solar Energy Systems Market?
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