Press release
Solar Energy Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Solar Energy Market Share
The growth of the solar energy market is expected to be fueled by the rise in government initiatives that support renewable energy sources. Such initiatives range from subsidies to relaxation of laws aimed at easing the implementation and utilization of solar energy. This support has resulted in the establishment of several solar projects globally, producing renewable energy at affordable rates for consumers. As these government initiatives multiply worldwide, the use of solar energy is expected to significantly increase. For instance, the Union budget 2022-2023 states that India will dedicate INR 4,500 crores ($0.58 billion) towards creating high-efficiency modules for solar photovoltaic cells under its PLI (Production-Linked Incentive) scheme. Hence, the rise in government initiatives promoting renewable energy sources is projected to spur the expansion of the solar energy market.
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What Is the projected market size and growth rate for the solar energy market?
There has been a tremendous expansion in the solar energy market size in recent years. The market value is projected to escalate from $169.5 billion in 2024 to $219.35 billion in 2025, with a compound annual growth rate (CAGR) of 29.4%. The surge during the historic period is largely due to factors like concerns over energy security, environmental consciousness, government inducements, energy autonomy, net metering policies, and initiatives for corporate sustainability.
The market size of solar energy is projected to experience rampant growth in the coming years, escalating to a staggering $515.3 billion in 2029 with a compound annual growth rate (CAGR) of 23.8%. The growth during the forecast period can be linked to the modernization of grids, heightened demand for electricity, urbanization, distributed generation, global climate accords, and communal solar initiatives. The anticipated period will also see significant trends such as improvements in solar panel functionalities, solar tracking systems, digital integration, and smart grid alignment, alongside the emergence of floating solar installations, and hybrid energy systems.
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What new trends are reshaping the solar energy market and its opportunities?
Leading corporations in the solar energy market are aiming to create innovative solutions such as high-performance solar modules. These are aimed at providing tailored photovoltaic solutions to the worldwide dispersed consumer market which will boost power generation and integrate aesthetic appeal. Photovoltaic panels classified as high-efficiency solar modules, have the ability to convert at least 19% of sunlight into practical electricity. They leverage advanced technologies to maximize energy production in constrained spaces. For instance, LONGi Green Energy Technology Co. Ltd., a corporation based in China and focused on solar energy, introduced their Hi-MO 6 solar modules in November 2022. These modules boast a noteworthy efficiency of up to 26.5%. The new product utilizes advanced PERC (passivated emitter rear cell) technology and is intended for large-scale solar projects. The Hi-MO 6 modules are engineered to considerably lower the Levelized Cost of Energy (LCOE), thereby increasing the competitiveness of solar energy. Moreover, these modules come with improved durability features, making them adaptable to various environmental situations.
What major market segments define the scope and growth of the solar energy market?
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
Subsegments:
1) By Solar Cell Panel: Monocrystalline Solar Panels, Polycrystalline Solar Panels, Thin-Film Solar Panels, Bifacial Solar Panels
2) By Solar Cell Paste: Silver Paste, Aluminum Paste, Conductive Adhesives
3) By Solar Silicon Wafer: Monocrystalline Silicon Wafers, Polycrystalline Silicon Wafers, Wafer Production Equipment
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Which region dominates the solar energy market?
Asia-Pacific was the largest region in the solar energy market in 2024. The regions covered in the solar energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the solar energy industry growth?
Major companies operating in the solar energy market include 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., REC Silicon ASA, Kaneka Corp, Abengoa Solar SA, Wuxi Suntech Power Co Ltd., GCL System Integration Technology Co Ltd., CSIL Inc.
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What Is Covered In The Solar Energy Global Market Report?
•Market Size Forecast: Examine the solar energy market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the solar energy market for a structured understanding.
•Key Players Overview: Analyze major players in the solar energy market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the solar energy market.
•Segment Contributions: Evaluate how different segments drive overall growth in the solar energy market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the solar energy market.
•Industry Challenges: Identify potential risks and obstacles affecting the solar energy market.
•Competitive Landscape: Review strategic developments in the solar energy market, including expansions, agreements, and new product launches.
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