The global solar energy market size was USD 76.50 Billion in 2020 and is expected to register a revenue CAGR of 19.9% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is expected to be driven by the growing investment in clean and renewable energy. Globally, solar energy is the cleanest and most abundant source of renewable energy. It is widely used to generate electricity, heat homes, and desalinate water. In addition to contributing to the reduction of carbon dioxide in the atmosphere, solar panels do not release harmful or toxic emissions into the air when they produce electricity. As fossil fuels and carbon-based energy sources are being reduced in impact on the environment, an increasing focus is being placed on clean energy.
In addition, due to its abundant availability, solar energy is easy to harness, contributing to dependence and, incidentally, boosting market revenue growth. Furthermore, research and development in the deployment of high-end solar energy systems across the globe are further increasing to improve the efficiency and sustainability of global energy systems.
Market Synopsis
The global solar energy market size was USD 76.50 billion in 2020 and is expected to register a revenue CAGR of 19.9% during the forecast period. Rapid rise in adoption of solar power systems and solutions in countries across the globe owing to rising focus on renewable energy sources, growing support from energy investors and scientific establishments, acceleration in solar power solutions to replace conventional fossil fuels, and conversion of solar energy into usable electricity for grid and off-grid applications in a more efficient and economical manner are some key factors expected to drive global market revenue growth over the forecast period. In addition, increasing implementation of photovoltaic solar panels in developed countries, rising use of solar energy systems for residential rooftop power generation, and rising research activities to develop high-function solar cells more cost-effectively using nanotechnology are some other key factors expected to contribute significantly to revenue growth of the market going ahead.
Solar energy is the cleanest and most promising alternative energy source with an annual flux that is nearly hundred times larger than global consumption. Harvest of 1% incident solar radiation can satisfy the energy needs of every individual on the planet. Solar energy has no adverse effects on environments and is infinitely renewable and is harvested by different methods.
Further key findings from the report suggest
- In the forecast period, solar photovoltaics are expected to generate the largest revenue share, as more and more people use them for solar energy harvesting and conversion to electricity. For electricity generation to meet growing global energy demands, photovoltaic solar modules with low cost, high efficiency, and increasing production capacity have the potential to drive the deployment of solutions on viable urban roofs.
- Over the forecast period, monocrystalline solar panels are expected to account for a significant portion of revenue, as they are more efficient, more commonly installed on rooftops in both urban and rural areas, and produce more electricity than panels made from other materials. They are also widely used in residential and commercial settings. In addition to greater heat resistance and a silicon nitride coat to increase absorption, monocrystalline solar panels are expected to be used in rural homes and to power street lights in the forecast period.
- Heating, lighting, charging, and electricity generation make up the global solar energy market. The increasing demand for energy and electricity has led to an increase in solar energy installation in residential and commercial areas, advancements in PVs and concentrated solar plants, and increasing investment to speed up the development of advanced technologies to convert solar energy directly into electricity, all of which contribute to the segment’s growth.
- The residential segment is expected to see significant revenue growth during the forecast period, as solar panels and solar energy systems are increasingly installed in urban and rural homes, and electricity consumption is increasing as home automation products are rapidly adopted and distributed energy systems are deployed in households. Many advantages can be gained from installing solar power systems, including lower electricity bills, reduced carbon footprint, and higher home values.
Major Companies:
- Jinko Solar Co. Ltd.
- Canadian Solar Inc.
- First Solar
- GCL-Poly Energy Holdings Limited
- SunPower Corporation
- SolarEdge Technologies
- Xinyi Solar Holdings Limited
- Yingli Solar
- SMA Solar Technology AG
Market Segmentation:
Technology Outlook (Revenue, USD Billion; 2021-2030)
- Solar Photovoltaic
- Concentrated Solar Power (CSP)
Application Outlook (Revenue, USD Billion; 2021-2030)
- Heating
- Lighting
- Charging
- Electricity Generation
