Press release
Solar Energy Market Anticipated To Witness Robust Growth, Surpassing $515.3 Billion By 2029
Solar Energy
What Is the Expected Solar Energy Market Size During the Forecast Period?
The dimension of the solar energy market has seen tremendous growth in the past few years. Expansion from a valuation of $169.5 billion in 2024 to $219.35 billion in 2025 is anticipated, equating to a compound annual growth rate (CAGR) of 29.4%. This significant rise during the historical period could be ascribed to factors such as the importance placed on energy security, environmental consciousness, government incentives, the quest for energy independence, implementation of net metering policies, and corporate sustainability strategies.
The solar energy market is predicted to experience tremendous expansion in the coming years. Predictions state that it will burgeon to a substantial $515.3 billion by 2029, growing at a compound annual growth rate (CAGR) of 23.8%. This predicted escalation during the forecast period can be associated with reasons such as grid modernization, the rise in electricity demand, urban growth and distributed generation, worldwide climate pacts, and communal solar initiatives. The forecast period also anticipates significant trends like evolution in solar panel technology, solar tracking systems, digitization and integration of smart grids, installation of floating solar systems, and hybrid energy systems.
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What Are the High-Growth Segments in 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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What Key Drivers Are Expected to Influence Future Solar Energy Market Growth?
The proliferation of the solar energy market is anticipated to be boosted by escalating government initiatives endorsing renewable energy resources. Such endeavors by the government encapsulate subsidies and more lenient regulations for the establishment and application of solar energy. The execution of these initiatives has prompted various solar project installations globally to produce renewable energy that is economically accessible to consumers. With the amplified global governmental initiatives, there will be a considerable upswing in the acceptance of solar energy worldwide. For instance, as per the Union budget 2022-2023, India plans to earmark INR 4,500 crores ($0.58 billion) for creating high-efficacy modules for solar photovoltaic cells under its Production-Linked Incentive (PLI) scheme. Consequently, the ascent in government initiatives endorsing renewable energy resources is supposed to catalyze the expansion of the solar energy market.
Which Companies Hold the Largest Share Across Different Solar Energy Market Segments?
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.
What Trends Are Expected to Dominate the Solar Energy Market in the Next 5 Years?
Firms leading the solar energy market are prioritizing the creation of pioneering solutions, such as high-efficiency solar modules. These are designed to provide top-notch photovoltaic solutions that cater to the global dispersed consumer market, boosting both power production and aesthetics. The high-efficiency solar modules are photovoltaic panels that successfully transform a minimum of 19% of solar energy into practical electricity. These modules utilize cutting-edge technology to optimize energy production in restricted areas. For example, LONGi Green Energy Technology Co. Ltd., a solar corporation based in China, unveiled the Hi-MO 6 solar modules in November 2022. These modules boast a noteworthy efficiency rate of up to 26.5%. The new offering leverages the superior PERC (passivated emitter rear cell) technology and is aimed at utility-scale solar ventures. Designed to drastically cut down the levelized cost of energy (LCOE), the Hi-MO 6 modules are all set to make solar power more cost-effective. They are also engineered with improved durability traits, making them ideal for a variety of environmental conditions.
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What Are the Emerging Geographies for The Solar Energy Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Solar Energy Market?
2. What is the CAGR expected in the Solar Energy Market?
3. What Are the Key Innovations Transforming the Solar Energy Industry?
4. Which Region Is Leading the Solar Energy Market?
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