Press release
Increasing Demand For Renewable Energy Sources Fuels Growth In The Solar Market Driver: A Major Catalyst in the Evolution of the Solar Market in 2025
Solar Market Size
In recent times, there's been a slight increase in the size of the solar market. Its growth is projected to move from a total worth of $277.93 billion in 2024 to $282.25 billion in 2025, reflecting a compound annual growth rate (CAGR) of 1.6%. Factors like the burgeoning population in emerging economies, an increased uptake of renewable energy sources for electricity production, a shift from traditional power sources, the construction of new power grids and large-scale storage systems, and heightened awareness about climate change have played crucial roles in the historical growth of this sector._x000D_
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It is projected that the solar market will experience consistent expansion in the upcoming years, growing to $334.01 billion by 2029 with a compound annual growth rate (CAGR) of 4.3%. Factors contributing to this growth during the forecast period include an increase in solar photovoltaics investments, a rise in the demand for sustainable energy options, competitive pricing, a surge in renewable energy demand, and government incentives and regulations. The integration of innovative technologies, advancements in solar technology, the development of flexible and lightweight solar panels, solar tracking systems, and the incorporation of internet of things (IoT) are forecasted to be the key trends during this period._x000D_
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What Are the Key Drivers Behind the Growth of the Solar Market?_x000D_
The surge in the requirement for renewable energy sources is projected to stimulate the expansion of the solar market in the future. Renewable energy sources like sunlight, wind, water, and biomass are unrivaled natural resources capable of creating environmentally friendly and sustainable energy. The preference for solar energy is impelled by the necessity for responsible and renewable energy alternatives to minimize carbon emissions, reduce energy expenditure, and lessen dependence on limited fossil fuels. Renewable energy resources utilize solar power to produce uncontaminated electricity and heat by capturing sunlight, curtailing reliance on fossil fuels, and promoting sustainability initiatives, owing to the abundant and renewable aspect of the sun. For instance, as stated by Eurostat, a government agency based in Luxembourg, in December 2023, renewable energy accounted for 23.0% of energy consumption in the European Union in 2022, a rise from 21.9% in 2021. Hence, the increasing demand for renewable energy sources propels the growth in the solar market._x000D_
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Who Are the Major Industry Players Fueling Solar Market Expansion?_x000D_
Major companies operating in the solar market are Reliance Industries Limited, Hanwha Group, NTPC Limited, JSW Group, Kyocera Corporation, Trina Solar Co. Ltd., JinkoSolar Holding Co. Ltd., Sungrow Power Supply Co. Ltd., Canadian Solar Inc., First Solar Inc., LONGi Green Energy Technology Co. Ltd., SolarEdge Technologies Inc., Sunrun Inc., Yingli Solar, Shoals Technologies Group Inc., Sterling and Wilson Renewable Energy Limited, Waaree Energies Limited, Solaria Energía y Medio Ambiente S.A., Vikram Solar Limited, Borosil Renewables Limited, Loom Solar _x000D_
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Who Are the Major Industry Players Fueling Market Expansion?_x000D_
Leading firms active in the solar industry are focusing on developing advanced solar technologies, including the production of next-generation solar panels that utilize dual glass technology. This focus is part of a larger strategy to improve their standing in the solar energy market, offering a product that showcases sophisticated technology and unparalleled performance. Dual glass technology enhances both durability and efficiency, making it a top choice for performing, enduring solar panels. For example, in December 2022, Soleos Solar Energy, a solar EPC company based in India, unveiled its ANTARES BI 144, a solar panel product belonging to the new generation. This solar panel makes the most of dual glass technology by capturing sunlight from both directions, which can raise energy production by 10-15%. The capacity of this panel fluctuates between 400 and 700 watts and it has a bifocality factor of 70%. It has been designed to bear severe environmental pressures, with a resistance to wind loads as high as 2.4 kPa and snow loads reaching 5.5 kPa._x000D_
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How Is the Segmentation of the Solar Market Defined?_x000D_
The solar market covered in this report is segmented - _x000D_
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1) By Solar Module: Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Other Solar Modules_x000D_
2) By Technology: Photovoltaic Systems, Concentrated Solar Power Systems_x000D_
3) By Applications: Residential, Commercial, Industrial_x000D_
4) By End Users: Electricity Generation, Lighting, Heating, Charging_x000D_
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Subsegments:_x000D_
1) By Monocrystalline: High-Efficiency Monocrystalline Modules, Bifacial Monocrystalline Panels, Flexible Monocrystalline Solar Cells _x000D_
2) By Polycrystalline: Standard Polycrystalline Panels, High-Performance Polycrystalline Modules, Bifacial Polycrystalline Panels _x000D_
3) By Cadmium Telluride: Thin-Film Cadmium Telluride Modules, Utility-Scale Cadmium Telluride Systems, Lightweight Cadmium Telluride Panels _x000D_
4) By Amorphous Silicon Cells: Thin-Film Amorphous Silicon Panels, Flexible Amorphous Silicon Modules, Integration With Building Materials _x000D_
5) By Other Solar Modules: Organic Photovoltaic Cells (OPV), Perovskite Solar Cells, Hybrid Solar Cells, Concentrated Photovoltaic (CPV) Modules _x000D_
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What Is the Leading Region in the Solar Market?_x000D_
Asia-Pacific was the largest region in the solar market in 2024. The regions covered in the solar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa._x000D_
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What Is Covered In The Solar Global Market Report?_x000D_
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- Market Size Analysis: Analyze the solar Market Size by key regions, countries, product types, and applications._x000D_
- Market Segmentation Analysis: Identify various subsegments within the solar market for effective categorization._x000D_
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape._x000D_
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market._x000D_
- Market Contribution: Evaluate contributions of different segments to the overall solar market growth._x000D_
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers._x000D_
- Industry Challenges: Analyze challenges and risks affecting the solar market._x000D_
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market._x000D_
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