Press release
Solar Electricity Market Poised for 15.5 % Growth, Set to Hit $219.29 Billion by 2029
Solar Electricity
The growth of the solar electricity market has been greatly influenced by enhanced investments from governmental bodies. This sector has witnessed remarkable benefits from the escalated government funding directed towards the research and development of superior solar panel technology. As an instance, the International Renewable Energy Agency, an intergovernmental organization located in UAE, reported in February 2023, that global investments in energy transition technologies, consisting of energy efficiency, hit a historic peak of USD 1.3 trillion in 2022. This marked a significant 19% increase from the levels reported in 2021. Thus, the driving factor behind the expansion of the solar electricity market can be credited to increasing government organization investments in research and development focused on electricity generation through solar energy.
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What is the future CAGR of the solar electricity market, and how will it impact industry expansion?
The size of the solar electricity market has seen a swift expansion in the last couple of years. The figures are projected to increase from $103.58 billion in 2024 to $123.37 billion in 2025, representing a compound annual growth rate (CAGR) of 19.1%. The considerable growth in the previous period can be ascribed to the powerful economic growth in developing markets, the expensive nature of diesel power, steps taken by corporations to advocate for solar electricity, and a surge in investments in research and development (r&d).
Anticipated to experience significant expansion in the coming years, the solar electricity market's projected value is set to reach $219.29 billion by 2029, at a Compound Annual Growth Rate (CAGR) of 15.5%. This growth for the forecast period can be credited to factors such as the green movement and corporate social responsibility, escalating urbanization, and the advancement of technology. The market's progression during the forecast period is likely to be influenced by acceptance of digital technologies and artificial intelligence, synergizing cost with storage possibilities in solar energy, operational efficiencies, and the possibility of decreased storage capital costs due to the solar investment tax credit. The solar energy industry can pave its growth trajectory through the successful implementation of such projects with emerging technologies, thereby stimulating expansion in the solar electricity market.
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How are the latest trends influencing the growth of the solar electricity market?
Trend 1: The growing requirements of the solar power industry are increasingly being met through the application of artificial intelligence (AI). AI involves the use of machines to imitate human intelligence procedures, specifically in computer systems. This includes standard applications such as expert systems, natural language processing, speech recognition, and machine vision. State-of-the-art solar technology solutions involve AI and machine learning via microgrid controllers. Such technologies keep advancing to cater to the expanding needs of the solar sector and businesses that leverage them for energy efficiency. Furthermore, innovative software developments are paving the way for the future of companies incorporating AI and machine learning into solar technology. For example, in 2022, a collaborative project with Mekorot, Israel's national water company, and the Israel Innovation Authority was announced for the trial of a sun-tracking, AI-powered solar panel that generates power. This solar photovoltaic system is a product of the Israeli startup Xfloat.
Which key market segments comprise the solar electricity market and drive its revenue growth?
The solar electricity market covered in this report is segmented -
1) By Technology: Photovoltaic Systems, Concentrated Solar Power Systems
2) By Solar Module: Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others.
3) By End User: Residential, Commercial
Subsegments:
1) By Photovoltaic Systems: Crystalline Silicon Photovoltaic (C-Si) Systems, Thin-Film Photovoltaic Systems, Bifacial Solar Panels, Building-Integrated Photovoltaics (Bipv)
2) By Concentrated Solar Power Systems: Parabolic Trough Systems, Solar Power Towers, Fresnel Reflectors, Dish/Engine Systems
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What regions are at the forefront of solar electricity market expansion?
Asia-Pacific was the largest region in the solar electricity market in 2024. Western Europe was the second largest region in the global solar electricity market analysis. The regions covered in the solar electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the leading players fueling growth in the solar electricity market?
Major companies operating in the solar electricity market include SPIC Solar, Enel SpA, Canadian Solar Inc, Engie, Adani Green Energy Limited, Datang International Power Generation Company Limited, Acciona Energia S.A, Electricite De France SA, Huaneng Power International, Inc., Trina Solar Limited, Waaree Group, Tata Power Solar Systems Ltd., Urja Global Limited, Wuxi Suntech Power Co. Ltd., Azure Power, Vivaan Solar, Ja Solar Holdings Co., Ltd, Aiko Solar, Zhongli, Suntech, Statkraft As, National Grid Plc, Agder Energi Sa, Ibc Solar Ag, Centrotherm International Ag, Schott Solar Ag, Ecotricity Group Ltd, Lightsource Bp Renewable Energy Investments Limited, Hive Energy, Solaria Energia Y Medio Ambiente Sa, Iberdrola Sa, Cobra Instalaciones Y Servicios Sa, Red Electrica Corporacion Sa, Edf En, Saint Gobain, Wagner Solar, Ekotechnik Czech Sro, Svp Solar Sro, Solar Global As, Solartec Holding As, Photon Energy Nv, Modus Energy, Polski Solar Holding, Renesola Ltd, Sunshine Solar Energy Srl, Amerisolar, Altius-Solar, Nivus Gmbh, Danagroup.Hu, Nextera Energy Inc, Vestas Wind Systems A/S, General Electric Co, M. A. Mortenson Company, First Solar, Inc, Sunpower Corporation, Renewable Energy Systems Ltd, Rosendin Electric Inc, Hanwha Corporation, Inkosolar Holding Co. Ltd, Swinerton Renewable Energy, 8minute Solar Energy, Atlas Renewable Energy, Sonnedix Power Holdings Ltd, Enerwhere Sustainable Energy Dmcc, Acwa Power Barka Saog, Alsa Solar Systems Llc, Benban Solar Project, Kathu Solar Park, Ilanga Concentrated Solar Power 1, Jasper Solar Power Project, Kalkbult Solar Plant, Kaxu Solar One, Lesedi Solar Pv Project
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What Is Covered In The Solar Electricity Global Market Report?
• Market Size Forecast: Examine the solar electricity market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the solar electricity market for a structured understanding.
• Key Players Overview: Analyze major players in the solar electricity market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the solar electricity market.
• Segment Contributions: Evaluate how different segments drive overall growth in the solar electricity market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the solar electricity market.
• Industry Challenges: Identify potential risks and obstacles affecting the solar electricity market.
• Competitive Landscape: Review strategic developments in the solar electricity market, including expansions, agreements, and new product launches.
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