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Global Solar Energy Market to reach USD XX billion by the end of 2030

Global Solar Energy Market Size study & Forecast, by Technology (Photovoltaic Systems, Concentrated Solar Power Systems), by Solar Module (Cadmium Telluride, Amorphous Silicon Cells, Monocrystalline, Polycrystalline, Others), by Application (Residential, Commercial, Industrial), by End-Use (Electricity Generation, Lighting, Heating, Charging) and Regional Analysis, 2023-2030

Product Code: EPRE-83945401
Publish Date: 20-02-2024
Page: 200

Global Solar Energy Market is valued at approximately USD XX billion in 2022 and is anticipated to grow with a healthy growth rate of more than XX% during the forecast period 2023-2030. Solar energy is the radiant energy emitted by the sun, which can be harnessed and converted into various forms of usable power. This energy is abundant and sustainable, making it a popular choice for clean and renewable energy solutions. There are two primary ways to harness solar energy: photovoltaic (PV) technology and solar thermal technology. The key factors driving the market growth are the growing demand for renewable energy sources, the rise in concerns over climate change and environmental issues, and cohesive government incentives & regulations that are anticipated to support the market growth during the forecast period 2023-2030.

Additionally, the supportive government initiatives for the development of renewable energy infrastructure are anticipated to create a lucrative demand for the market. For instance, In Sept. 2021, the U.S. Department of Agriculture revealed that the Department is planning to invest USD 464 million to build or improve renewable energy infrastructure and to assist rural communities, agricultural producers and companies’ lower energy costs in 48 states and Puerto Rico. USD 129 million of these projects have been funded by the USDA under the Rural Electricity for America Program. This programme offers assistance to support the purchase and installation of renewable energy systems as well as improvements to energy efficiency for rural small enterprises and agricultural producers. By improving their energy efficiency, rural America anticipated to generate and save more than 379 million kilowatt-hours (kWh), or 35,677 homes’ worth of electricity annually. Also, USD 335 million of these projects are being funded by the USDA under the Electric Loan Program. To increase reliability in rural regions, 1,432 miles of line anticipated to be built or improved due to the funding. The loans come with USD 102 million for investments in smart grid technology, which makes use of digital communications to track and respond to local variations in electricity consumption. Moreover, the growing popularity of solar-powered homes and the increase in demand for solar-powered desalination systems are anticipated to create lucrative opportunities for the market over the projected years. However, the high initial installation costs stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Solar Energy Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to supportive government incentives and policies, growing public awareness of environmental issues and the need for sustainable energy sources, and ongoing advancements in solar technology, energy storage, and grid integration. Whereas, the Asia Pacific is expected to grow with the fastest growth rate over the forecast period, owing to factors such as the supportive regulatory frameworks and policies, advances in solar technology, particularly the manufacturing of photovoltaic (PV) cells and panels, and increasing awareness of environmental issues that anticipated to support the regional market growth.

Major market player included in this report are:
Hanwha Q Cells Co., Ltd.
Trina solar
Canadian Solar Inc
SolarEdge Technologies
JA Solar Holdings Co. Ltd.
First Solar, Inc.
JinkoSolar Holding Co., Ltd.
Yingli Green Energy Holding Company Limited
Enphase Energy, Inc.
SunPower Corporation

Recent Developments in the Market:
Ø In March 2023, BELECTRIC Solar Ltd UK and NextEnergy Solar Fund have solidified their collaboration by entering into a framework agreement exceeding 150 MWp in operations and maintenance (O&M). This significant milestone follows a rigorous competitive tendering process overseen by WiseEnergy. Over the next three years, BELECTRIC is poised to integrate a minimum of ten solar farms, totaling 150 MWp, into its O&M portfolio across various counties in England. These solar power installations, with capacities ranging from 5 MW to 34 MW, are strategically situated in locations such as Dorset, Lincolnshire, and East Sussex.

Global Solar Energy Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Technology, Solar Module, Application, End-Use, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Technology:
Photovoltaic Systems
Concentrated Solar Power Systems
By Solar Module:
Cadmium Telluride
Amorphous Silicon Cells
By Application:
By End-Use:
Electricity Generation
By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Solar Energy Market, by Region, 2020-2030 (USD Billion)
1.2.2. Solar Energy Market, by Technology, 2020-2030 (USD Billion)
1.2.3. Solar Energy Market, by Solar Module, 2020-2030 (USD Billion)
1.2.4. Solar Energy Market, by Application, 2020-2030 (USD Billion)
1.2.5. Solar Energy Market, by End-Use, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Solar Energy Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Solar Energy Market Dynamics
3.1. Solar Energy Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Growing demand for renewable energy sources Rise in concerns over climate change and environmental issues Cohesive government incentives & regulations
3.1.2. Market Challenges High initial installation costs
3.1.3. Market Opportunities Growing popularity of solar-powered homes Increase in demand for solar-powered desalination systems
Chapter 4. Global Solar Energy Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Solar Energy Market, by Technology
5.1. Market Snapshot
5.2. Global Solar Energy Market by Technology, Performance – Potential Analysis
5.3. Global Solar Energy Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
5.4. Solar Energy Market, Sub Segment Analysis
5.4.1. Photovoltaic Systems
5.4.2. Concentrated Solar Power Systems
Chapter 6. Global Solar Energy Market, by Solar Module
6.1. Market Snapshot
6.2. Global Solar Energy Market by Solar Module, Performance – Potential Analysis
6.3. Global Solar Energy Market Estimates & Forecasts by Solar Module 2020-2030 (USD Billion)
6.4. Solar Energy Market, Sub Segment Analysis
6.4.1. Cadmium Telluride
6.4.2. Amorphous Silicon Cells
6.4.3. Monocrystalline
6.4.4. Polycrystalline
6.4.5. Others
Chapter 7. Global Solar Energy Market, by Application
7.1. Market Snapshot
7.2. Global Solar Energy Market by Application, Performance – Potential Analysis
7.3. Global Solar Energy Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
7.4. Solar Energy Market, Sub Segment Analysis
7.4.1. Residential
7.4.2. Commercial
7.4.3. Industrial
Chapter 8. Global Solar Energy Market, by End-Use
8.1. Market Snapshot
8.2. Global Solar Energy Market by End-Use, Performance – Potential Analysis
8.3. Global Solar Energy Market Estimates & Forecasts by End-Use 2020-2030 (USD Billion)
8.4. Solar Energy Market, Sub Segment Analysis
8.4.1. Electricity Generation
8.4.2. Lighting
8.4.3. Heating
8.4.4. Charging
Chapter 9. Global Solar Energy Market, Regional Analysis
9.1. Top Leading Countries
9.2. Top Emerging Countries
9.3. Solar Energy Market, Regional Market Snapshot
9.4. North America Solar Energy Market
9.4.1. U.S. Solar Energy Market Technology breakdown estimates & forecasts, 2020-2030 Solar Module breakdown estimates & forecasts, 2020-2030 Application breakdown estimates & forecasts, 2020-2030 End-Use breakdown estimates & forecasts, 2020-2030
9.4.2. Canada Solar Energy Market
9.5. Europe Solar Energy Market Snapshot
9.5.1. U.K. Solar Energy Market
9.5.2. Germany Solar Energy Market
9.5.3. France Solar Energy Market
9.5.4. Spain Solar Energy Market
9.5.5. Italy Solar Energy Market
9.5.6. Rest of Europe Solar Energy Market
9.6. Asia-Pacific Solar Energy Market Snapshot
9.6.1. China Solar Energy Market
9.6.2. India Solar Energy Market
9.6.3. Japan Solar Energy Market
9.6.4. Australia Solar Energy Market
9.6.5. South Korea Solar Energy Market
9.6.6. Rest of Asia Pacific Solar Energy Market
9.7. Latin America Solar Energy Market Snapshot
9.7.1. Brazil Solar Energy Market
9.7.2. Mexico Solar Energy Market
9.8. Middle East & Africa Solar Energy Market
9.8.1. Saudi Arabia Solar Energy Market
9.8.2. South Africa Solar Energy Market
9.8.3. Rest of Middle East & Africa Solar Energy Market

Chapter 10. Competitive Intelligence
10.1. Key Company SWOT Analysis
10.1.1. Company 1
10.1.2. Company 2
10.1.3. Company 3
10.2. Top Market Strategies
10.3. Company Profiles
10.3.1. Hanwha Q Cells Co., Ltd. Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
10.3.2. Trina solar
10.3.3. Canadian Solar Inc
10.3.4. SolarEdge Technologies
10.3.5. JA Solar Holdings Co. Ltd.
10.3.6. First Solar, Inc.
10.3.7. JinkoSolar Holding Co., Ltd.
10.3.8. Yingli Green Energy Holding Company Limited
10.3.9. Enphase Energy, Inc.
10.3.10. SunPower Corporation
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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