Press release
Strategic Forecast for the Solar Electricity Industry: Market Outlook 2025-2034
Solar Electricity Market
Solar Electricity Market Size Growth Forecast: What to Expect by 2025?
The growth of the solar electricity market has been swift in recent times. There's a projected growth from $103.58 billion in 2024 to $123.37 billion in 2025, indicating a compound annual growth rate (CAGR) of 19.1%. Factors contributing to the progress during the historic period include robust economic expansion in emerging markets, the steep price of diesel power, corporate initiatives advocating solar electricity, and a surge in investments for research and development (r&d).
How Will the Solar Electricity Market Size Evolve and Grow by 2029?
Expectations for the solar electricity market size point towards significant expansion in the coming years, with forecasts suggesting it could reach $219.29 billion by 2029, with a compound annual growth rate (CAGR) of 15.5%. Factors contributing to this anticipated growth include a trend towards environmentally friendly practices and corporate social responsibility, as well as growing urbanization and technological progress. Future trends predict a shift towards digital technologies and artificial intelligence within the industry, and the combination of solar power and storage capabilities offering cost and operational efficiencies. Successfully integrating these emerging technologies could also reduce capital costs associated with storage and significantly benefit from the solar investment tax credit. Such successful projects could pave the way for substantial growth in the solar energy industry, boosting the solar electricity market size.
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What Drivers Are Propelling the Growth of Solar Electricity Market Forward?
The progress of the solar electricity market has been significantly influenced by intensified funding from government entities. Enhanced governmental expenditure on cutting-edge research and development of solar panels has proved beneficial for the market. As an illustration, the International Renewable Energy Agency, an intergovernmental organization based in the UAE, reported in February 2023 that global investments in energy transition methods, which encompass energy efficiency, hit an unprecedented peak of USD 1.3 trillion in 2022, registering a 19% rise from the levels of 2021. Consequently, augmented investment in research and development concerning solar energy-powered electricity generation by government entities propelled the growth of the solar electricity market.
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Which Emerging Trends Are Transforming the Solar Electricity Market in 2025?
The use of artificial intelligence is growing to cater to the increasing needs of the solar power sector. Artificial Intelligence emulates the functionality of human intelligence in machinery, primarily computer systems. This includes expert systems, natural language processing, speech recognition, and machine vision which are widely used applications of AI. The latest advancements in solar energy technology involve the application of machine learning through microgrid controllers and artificial intelligence, implemented to keep up with the expanding business requirements. As the needs of the solar industry and businesses relying on it as a sustainable energy source continue to grow, these technologies continue to advance. Moreover, novel software advancements are setting the course for companies leveraging artificial intelligence and machine learning in solar energy technology. For example, in 2022, a joint project was announced by the Israel Innovation Authority and Mekorot, Israel's national water company, for a trial of an AI-powered floating solar panel. Developed by Xfloat, an Israeli start-up, this solar photovoltaic system generates electricity by following the sun.
What Are the Key Segments in the Solar Electricity Market?
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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Who Are the Key Players Shaping the Solar Electricity Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth in the Solar Electricity Market?
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
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