Solar energy is the energy gained from the sun’s rays, which may be harvested and turned into various types of energy such as electricity and heat. Because this energy is copious and renewable, it is an appealing alternative to traditional fossil fuels, which are finite and contribute to climate change. Solar energy may be captured using a variety of technologies, including photovoltaic cells, which convert sunlight directly into electricity, and concentrated solar power systems, which use the heat of the sun to create electricity or hot water for a variety of purposes. Solar energy offers several advantages, including lowering greenhouse gas emissions, reducing reliance on fossil fuels, and contributing to a cleaner, more sustainable energy future.

The expansion of the worldwide solar energy industry is being driven primarily by an increase in energy consumption as a result of population growth. Furthermore, a boom in demand for sustainable energy resources has been observed throughout the world, accompanied by favourable government laws that have helped industry growth. These policies aim to lessen reliance on fossil fuels while also assisting in pollution management. As a result, demand for renewable energy sources such as solar energy increases. Furthermore, the decrease of carbon footprint and an increase in the need for low-cost energy generation are likely to drive the growth of the solar energy market.

However, constraints such as the high cost of installation, storage, and power conversion equipment, as well as the poor efficiency of solar modules, are projected to stymie the market’s growth. On the contrary, a reduction in the cost of solar systems and energy storage devices is predicted to provide a profitable potential for market expansion. Furthermore, an increase in the price of fossil fuels is expected to provide lucrative opportunities for market expansion, as the price of fossil fuels, such as coal, is expected to raise the cost of electricity generation, resulting in an increase in the use of alternative energy sources such as solar energy.

Research Methodology:

After secondary research provided a fundamental understanding of the worldwide Solar Power Market scenario, extensive primary research was carried out. A number of primary interviews were carried out with industry experts from the supply and demand sides, including C- and D-level executives, product managers, and marketing and sales managers of major manufacturers, distributors, and channel partners from tier 1 and tier 2 companies offering Solar Power Market, as well as personnel from academia, research, and CROs. These interviews were conducted across five major regions: North America, Europe, Asia Pacific, and the Rest of the World (Latin America & the Middle East & Africa). Participants from the supply-side and demand-side participated in about 70% and 30% of the primary interviews, respectively. Through the use of questionnaires, emails, online surveys, in-person interviews, and phone interviews, this main data was gathered.

The segmentation coverage of the study is provided below.

Solar Power Market based on Technology:

• Solar Photovoltaic
  • Mono-Si
  • Thin Film
  • Multi-Si
  • Others
• CSP
  • Parabolic Trough
  • Power Tower
  • Linear Fresnel

Solar Power Market based on Application: 

• Residential
• Non-Residential
• Utility

Solar Power Market based on Geography:

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia Pacific (APAC)
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific (RoAPAC)
• Latin America (LATAM)
  • Brazil
  • Argentina
  • Rest of South America
• Middle East and Africa (MEA)
  • UAE
  • Turkey
  • Saudi Arabia
  • South Africa
  • Rest of Middle East & Africa

The solar energy market is forecasted by technology, solar module, application, end-use, and geography. The worldwide solar energy industry is divided into two segments based on technology: photovoltaic systems and concentrated solar power systems. The market is divided into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others based on the solar module. The market is classified into three categories based on application: residential, commercial, and industrial. The market is divided into four segments based on end-use: power production, lighting, heating, and charging. The market is researched by region and predicts prospective development prospects in North America, Europe, Asia-Pacific, and Latin America.

Based on technology, the photovoltaic systems category emerged as the worldwide leader in 2022, capturing more than four-fifths of the solar energy market share, and this trend is expected to continue over the forecast period. The rapid expansion of the electric vehicle industry is increasing demand for solar-powered EV charging infrastructure, which benefits the solar energy business. Furthermore, the global market for PV systems has grown significantly in recent years, owing to falling costs and government incentives. Furthermore, governments all over the globe are prioritising renewable energy sources, and demand for solar power is likely to surge, generating chances for industry innovation and expansion.

Based on solar module, the polycrystalline segment emerged as the worldwide leader in 2022, collecting more than half of the solar energy market shares, and this trend is expected to continue over the projected period. In the electrical sector, multi-Si technology is commonly employed to create calculators and smartwatches. Consumers’ disposable income has increased, as has their level of living, driving up demand for gadgets and smart devices, which is predicted to drive up demand for multi-Si solar cell technology.

According to application, the industrial sector emerged as the highest market share in 2022, accounting for more than two-fifths of the solar energy market share, and this trend is expected to continue over the forecast period. Rapid global industrialization and population growth have increased demand for a variety of commercial items. Increased output has increased demand for power, resulting in a rise in the use of solar concentrators in the power generation industry. Furthermore, solar concentrator energy is utilised in desalination facilities in areas with limited water supplies, particularly in the Middle East region.

• This report illustrates the most vital attributes of the Solar Power Market, which are driving and providing opportunities.
• This research gives an in-depth analysis of the Solar Power Market growth on the basis of several segments in the market.
• This report presents the predictions of the past and present trends of the Solar Power Market.
• This study also presents the competitive analysis, such as key strategies and capabilities of major players of the Solar Power Market.