Solar Energy System Market, By Technology (Concentrated Solar Power Systems and Photovoltaic Systems), By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), By Application (Residential, Commercial and Industrial), By End-Use (Electricity Generation, Heating, Charging and Lighting), By Region – Global Analysis Forecast Till 2030

The Global Solar Energy System Market size was estimated at USD 52.5 billion in 2021 and is expected to hit around USD 313.3 bn by 2030, projected to grow at a compound annual growth rate (CAGR) of 20.9% during the forecast period 2022 to 2030.

The radiant energy that the sun emits is known as solar energy, and it may be captured using a variety of technologies, including photovoltaic cells, solar heating, and others. It is a valuable unconventional energy source and a practical renewable response to rising greenhouse gas emissions and global warming.

Over the projected period, the solar energy system market is expected to increase due to the rising demand for sources of sustainable energy generation to replace conventional energy sources. Solar energy is now more competitive in the energy generation sector thanks to solar energy systems' falling costs. Due to significant investments in solar energy technology, component costs are anticipated to decline significantly in the upcoming years. This would make solar energy systems more affordable than already operational coal or gas power plants. Demand for products is anticipated to increase due to the need for alternative energy sources and a decrease in reliance on fossil fuels.

Market Dynamics

Drivers:

Increased environmental degradation and the availability of government incentives and tax breaks for solar panel installation are the main factors driving the market for solar energy. Additionally, solar energy systems' reduced water footprint has increased demand for them in the sectors that produce electricity. Due to an increase in rooftop installations, followed by an increase in applications in the architectural sector, the demand for solar cells has significantly increased. Additionally, it is anticipated that increased demand for concentrated solar power systems would result from the use of parabolic troughs and solar power towers in the production of electricity.

Restraints:

The cost of solar inverters has decreased dramatically over the past ten years due to substantial advancements in inverter technology. The DC charge produced by the solar panels is converted into AC charge by solar inverters so that the house's appliances may use it. The other portion includes the wiring, mounting, and racking needed for the product installation. Due to a lack of investments and already low pricing, this category is predicted to grow at a slow CAGR during the projection period, which would restrain the growth of the business.

Key players:

• Abengoa Se

• Acciona S.A.

• Canadian solar, Inc.

• Esolar, Inc.

• United renewable energy co. Ltd.

• Sunpower corporation

• Kaneka corporation

• Tata power solar systems ltd.

• Wuxi suntech power co., ltd.

• Brightsource energy, Inc.

• And Others

Market Segmentation:

Solar Energy System Market, By Application

• Residential

• Commercial

• Industrial

Solar Energy System Market, By Technology

• Photovoltaic Systems

  • Moni-Si

  • Thin Film

  • Multi-Si

  • Others

• Concentrated Solar Power Systems

  • Parabolic trough

  • Solar power tower

  • Fresnel reflectors

  • Dish Stirling

Solar Energy System Market, By End Use

• Electricity Generation

• Lighting

• Heating

• Charging

Solar Energy System Market, By Solar Module

• Monocrystalline

• Polycrystalline

• Cadmium Telluride

• Amorphous Silicon Cells

• Others

Solar Energy System Market, By Geography

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

• Asia-Pacific

  • China

  • India

  • Japan

  • South Korea

  • Malaysia

  • Philippines

• Latin America

  • Brazil

  • Rest of Latin America

• Middle East & Africa (MEA)

  • GCC

  • North Africa

  • South Africa

  • Rest of the Middle East & Africa

Regional Analysis:

With a sales share of more than 59.49%, Asia Pacific dominated the global solar energy system market in 2021. In terms of revenue, East Asia held the top spot in the Asia Pacific area in 2021. High product demand has developed in the area as a result of the desire to lessen dependency on conventional power sources and the existence of established competitors who are consistently improving their offers. Due to the growing investments in renewable energy made by the countries in the Middle East and Africa, the area is anticipated to develop at a substantial CAGR between 2022 and 2030. Due to the high installation costs for solar energy, the region has a relatively low adoption rate.

Scope of the Report:

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