Solar Energy Global Market Report 2024

The solar energy market size has grown exponentially in recent years. It will grow from $131.02 billion in 2023 to $169.81 billion in 2024 at a compound annual growth rate (CAGR) of 29.6%. The growth observed in the historic period can be attributed to various factors. These include concerns regarding energy security, heightened environmental awareness prompting shifts toward sustainable energy sources, government incentives encouraging the adoption of renewable energy, efforts toward achieving energy independence, policies supporting net metering for energy generation, and the increasing emphasis on corporate sustainability initiatives. Each of these elements contributed significantly to the observed growth and development within the energy sector during that period.

The solar energy market size is expected to see exponential growth in the next few years. It will grow to $418.15 billion in 2028 at a compound annual growth rate (CAGR) of 25.3%. The anticipated growth in the forecast period is expected to stem from several key factors. These include efforts towards grid modernization, a continual rise in electricity demand, the impact of urbanization and the shift towards distributed generation, the influence of global climate agreements on renewable energy adoption, and the proliferation of community solar programs. Additionally, major trends projected for this period encompass advancements in solar panel technologies, the adoption of solar tracking systems for optimized efficiency, increased focus on digitalization and smart grid integration within the energy sector, the emergence of floating solar installations, and the growing popularity of hybrid energy systems. These trends are poised to shape the trajectory of the energy industry and contribute to its growth in the forecast period.

The increasing governmental initiatives backing renewable energy sources are anticipated to propel the solar energy market's growth. These initiatives encompass subsidies and eased regulations promoting solar energy utilization, leading to widespread installation of solar projects globally. Highlighting such efforts, the Union Budget 2022-2023 earmarked INR 4,500 crores ($0.58 billion) for high-efficiency solar photovoltaic cell module development under the PLI scheme in India. This concerted global push for renewable energy is poised to significantly bolster the adoption and growth of solar energy solutions.

The escalating global demand for electricity is anticipated to fuel the solar energy market's growth. Solar energy, a renewable and sustainable power source, addresses this demand, reducing reliance on finite fossil fuels and curbing greenhouse gas emissions. Enerdata's World Energy and Climate Statistics revealed a 1.8% surge in U.S. electricity consumption in 2022. This mounting demand highlights solar energy as a pivotal solution, driving the expansion of the solar energy market.

The solar energy market witnesses a rising trend in the development of bifacial solar cells aimed at maximizing energy output. Companies and research institutions within the sector are prioritizing the advancement of bifacial solar cells to meet the growing demand for enhanced energy generation. Bifacial solar cells, absorbing light from both front and back surfaces, aim to capture albedo light that would otherwise go untapped. Notably, in August 2021, researchers at the Australian National University achieved a breakthrough, creating a dual-sided silicon solar cell boasting a 96.3% bifacial factor. With front and back conversion efficiencies of 24.3% and 23.4% respectively, the cell's efficiency holds the promise of surpassing single-sided silicon solar cells, potentially revolutionizing solar PV project efficiency.

Key players in the solar energy domain are pursuing strategic partnerships as a means to foster growth within the renewable energy sector. Strategic partnerships involve leveraging each other's strengths and resources to achieve mutual benefits. For example, in December 2023, Adani Green Energy Ltd. partnered with TotalEnergies SE to generate 1,050 megawatts of power from solar and wind sources. This alliance aligns with India's decarbonization objectives, leveraging technology to reduce energy costs and facilitate the widespread adoption of affordable, clean energy.

In March 2022, Sonnedix Power Holdings Limited, a UK-based global company focused on solar energy production, acquired Sun Power Energy, a Poland-based developer of solar photovoltaic modules. This acquisition expands Sonnedix's workforce, augments its 1GW development pipeline in Poland, and widens its market presence across Europe, fortifying its standing in the solar energy sector.

Major companies operating in the solar energy market report are 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., Bright Source Energy Inc., REC Silicon ASA, Kaneka Corp., Abengoa Solar SA, Yingli Green Energy Holding Company Limited, Wuxi Suntech Power Co. Ltd., GCL System Integration Technology Co. Ltd., CSIL Inc.

Asia-Pacific was the largest region in the solar energy market in 2023. The regions covered in the solar energy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solar energy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The solar energy market comprises several key types, including solar cell panels, solar cell paste, and solar silicon wafers. These solar cells function as panels that harness sunlight and convert it into electricity, applicable across residential and commercial sectors. Photovoltaic systems and concentrated solar power systems represent the technology behind solar energy utilization. Panel variations include mono-crystalline, thin film, and poly-crystalline types, each with its specific attributes. Solar energy finds application in residential and commercial settings, serving various end-users such as electricity generation, lighting, heating, and charging needs.

The solar energy market research report is one of a series of new reports that provides solar energy market statistics, including solar energy industry global market size, regional shares, competitors with a solar energy market share, detailed solar energy market segments, market trends and opportunities, and any further data you may need to thrive in the solar energy industry. This solar energy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solar energy market includes revenues earned by entities by providing services such as stand-alone power systems (SAPS), grid-feed solar systems, and grid-connected solar systems with battery storage. The solar energy market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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