Solar Energy Market to Reach USD 223.3 Billion by 2026, Growing at a CAGR of 20.5% | Valuates Reports
BANGALORE, India, July 22, 2022 /PRNewswire/ — The Global Solar Energy Market is Segmented by Technology (Photovoltaic Systems and Concentrated Solar Power Systems), by Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), by Application (Residential, Commercial and Industrial) and End-Use (Electricity Generation, Heating, Charging and Lighting): Global Opportunity Analysis and Industry Forecast, 2019-2026. It is published in Valuates Reports under the Energy & Utilities Category.
Solar The global solar energy market was valued at USD 52.5 Billion in 2018 and is projected to reach USD 223.3 Billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.
Major Factors Driving the Growth of the Solar Energy Market
Supportive government policies, a growing shift towards alternative sources of energy due to rising environmental pollution, rising investments, and increasing installations of photovoltaic systems, concentrated solar power, and solar batteries will fuel the growth of the market.
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TRENDS INFLUENCING THE GLOBAL SOLAR ENERGY MARKET
Supportive government policies are driving the growth of the solar energy market. Numerous countries are adopting policies like investment tax credits, capital subsidies, renewable energy tax exemptions, feed-in tariffs, and competitive auctions to decrease the costs of renewable energy installations and pave the way for the deployment of large-scale commercial projects.
Due to growing environmental pollution, residential and industrial sectors are transitioning to alternative energy sources like solar panels. Homes and residential complexes use solar panels for electricity generation, cooling, and heating. Businesses are relying on solar power to diversify their energy sources, increase efficiency and cut costs. This allows companies to reduce their dependence on fossil fuel reserves. Such factors will boost the growth of the solar energy market during the forecast period.
Rooftop solar photovoltaic systems are spreading rapidly thanks to supportive policies like net metering and fiscal initiatives. The demand for first-generation monocrystalline and polycrystalline silicon cells is high due to ongoing R&D and an increase in the efficiency of solar panels. This is expected to bolster the growth of the solar energy market in the coming years.
Concentrated solar power systems will drive the expansion of the solar energy market. CSP uses special reflectors to concentrate the energy of the sun onto a small receiver. The heat generated is used for producing an electrically powered steam turbine. The biggest advantage of CSP is its reliability and predictable cost. Unlike conventional fuel, there is an abundant supply of sunshine. Costs are less over the entire lifetime of plant operation. Over half of the total operational cost takes place in the first year itself. This increases the long-term understanding of investors and boosts the overall ROI. These pricing policies are helping grid operators to increase the number of CSP installations.
Due to stringent environmental regulations, several companies are investing in renewable energy projects. Eco-friendly power generation is the need of the hour. Solar panels are low-cost options that come with battery storage systems. Solar batteries store the excess energy to power homes during cloudy days, power outages, and at night. It provides additional support when the panels do not generate enough electricity. These factors will boost the growth of the solar energy market during the forecast period.
The most advanced solar panels are able to convert 20 to 25% of the sun’s energy into power. The lack of efficiency in energy conversion will hamper the growth prospects of the solar energy market in the upcoming years.
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SOLAR ENERGY MARKET SHARE
Based on technology, concentrated solar power systems are expected to dominate during the forecast period due to the rising demand for alternative energy sources and economical pricing policies.
Based on solar modules, the monocrystalline segment will maintain the lead in the solar energy market share as these solar modules are space efficient and have higher efficiency rates. They are effective in low-light conditions and have a long shelf life.
Based on application, the residential segment is expected to be the most lucrative owing to the increasing number of rooftop solar installations and rising consumer awareness.
Based on region, Europe will witness considerable growth due to favorable government policies and preference for grid solar panel installations.
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- Abengoa Solar S.A.,
- Acciona Energia S.A.,
- Wuxi Suntech Power Co. Ltd.,
- Bright source Energy Inc.,
- Esolar Inc.,
- Gintech Energy Corp.,
- Kaneka Corp.,
- Sunpower Corporation,
- Canadian Solar Inc.,
- Tata Power Solar.
- First Solar Inc.,
- Trina Solar Limited,
- Sharp Corporation,
- Yingli Solar,
- Verengo Inc,
- RGS Energy,
- JA Solar,
- GT Advantage Technologies,
- Hanwha Q Cells,
- Motech Industries Inc.
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– Due to the COVID-19 pandemic, the global Photovoltaic market size is estimated to be worth USD 62970 Million in 2022 and is forecast to a readjusted size of USD 188980 Million by 2028 with a CAGR of 20.1% during the forecast period.
– Small Wind Turbine market size is estimated to be worth US$ 229 million in 2022 and is forecast to be a readjusted size of US$ 624.6 million by 2028 with a CAGR of 18.2% during the review period.
– Silver Paste market size was US$ 4701 million and it is expected to reach US$ 12350 million by the end of 2027, with a CAGR of 14.8% during 2021-2027.
– Building Energy Management System (BEMS) market size is projected to reach US$ 8876 million by 2027, from US$ 4341.6 million in 2020, at a CAGR of 11.4% during 2021-2027.
– Energy Management Software market size is projected to reach USD 69300 million by 2027, from USD 33200 million in 2020, at a CAGR of 10.6% during 2021-2027.
– The global Solar Inverter market size is projected to reach USD 26650 million by 2026, from USD 14600 million in 2019, at a CAGR of 8.9% during 2021-2026.
– Power Optimizer market size is estimated to be worth US$ 1035.9 million in 2022 and is forecast to be a readjusted size of US$ 1528.7 million by 2028 with a CAGR of 6.7% during the review period.
– Due to the COVID-19 pandemic, the global Wind Energy market size is estimated to be worth USD 7287.2 million in 2022 and is forecast to a readjusted size of USD 9599.3 million by 2028 with a CAGR of 4.7% during the review period.
– The global Small Wind Power market was valued at USD 675.6 Million in 2020 and it is expected to reach USD 1688.6 Million by the end of 2027, growing at a CAGR of 13.8% during 2021-2027.
– In 2020, the global PV Glass (Solar Glass; Solar Photovoltaic Glass) market size was USD 2938 Million and it is expected to reach USD 4359.6 Million by the end of 2027, with a CAGR of 5.8% during 2021-2027.
– The global energy as a service market size was valued at USD 54.4 Billion in 2020 and is projected to reach USD 112.7 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 7.6% from 2021 to 2030.
– The global renewable energy market was valued at USD 881.7 Billion in 2020, and is projected to reach USD 1,977.6 Billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030.
– Due to the COVID-19 pandemic, the global Residential Solar Energy Storage market size is estimated to be worth USD 2749.1 Million in 2022 and is forecast to a readjusted size of USD 13770 Million by 2028 with a CAGR of 30.8% during the review period.
– The global Solar Energy Charge Controller market was valued at USD 389.7 Million in 2020 and it is expected to reach USD 501.9 Million by the end of 2027, growing at a CAGR of 3.4% during 2021-2027.
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– The global virtual power plant market was valued at USD 1.3 Billion in 2019 and is projected to reach USD 5.9 Billion by 2027, growing at a CAGR of 21.3% from 2020 to 2027.
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