Lewes, Delaware, Oct. 07, 2024 (GLOBE NEWSWIRE) -- The Global Solar Energy Market Size is projected to grow at a CAGR of 19.68% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 145.72 Billion in 2024 and is expected to reach USD 541.84 Billion by the end of the forecast period.
The solar energy sector is undergoing unprecedented growth, driven by technological advancements, decreasing costs of photovoltaic cells, and increasing government incentives to reduce carbon footprints. With the rising need for clean energy and enhanced grid integration capabilities, solar energy is rapidly becoming the go-to solution for businesses, governments, and consumers alike.
Key Highlights of the Solar Energy Market Report:
- Market Size and Forecast: Projected growth trajectory and trends shaping the solar energy landscape over the next decade.
- Technological Advancements: Innovations in solar panel efficiency, storage solutions, and integration with smart grids.
- Key Market Players: Detailed profiles of industry giants, emerging disruptors, and their strategic initiatives.
- Regional Insights: A thorough analysis of the leading regions in solar energy adoption, including key growth markets across North America, Europe, and Asia-Pacific.
- Regulatory Landscape: Insights into government policies, tax incentives, and international agreements driving solar energy investments.
Our Solar Energy Market report equips industry stakeholders with the intelligence needed to stay ahead of competitors and make informed business decisions. Whether you are a renewable energy company, investor, equipment manufacturer, or policy-maker, this report provides a roadmap for capitalizing on emerging opportunities and overcoming market challenges.
For more information or to purchase the report, please contact us at: https://www.verifiedmarketresearch.com/download-sample?rid=137115
Browse in-depth TOC on “Global Solar Energy Market Size”
202 - Pages
126 – Tables
37 – Figures
Report Scope
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2021-2031 |
| GROWTH RATE | CAGR of~19.68% |
| BASE YEAR FOR VALUATION | 2024 |
| HISTORICAL PERIOD | 2021-2023 |
| FORECAST PERIOD | 2024-2031 |
| REPORT COVERAGE | Revenue Forecast, Growth Factors, Competitive Landscape, key Players, Segmentation Analysis |
| SEGMENTS COVERED |
|
| REGION COVERED |
|
| KEY PLAYERS | Tesla, First Solar, SunPower Corporation, Canadian Solar, Jinko Solar, LONGi Solar, Trina Solar, Hanwha Q Cells, SolarEdge Technologies, and Enphase Energy are leading companies in the solar energy industry. |
| CUSTOMIZATION | Report customization along with purchase available upon request |
Global Solar Energy Market Overview
Government Incentives and Policies: International governmental measures designed to diminish carbon footprints have significantly influenced the Solar Energy Market. Subsidies, tax incentives, and grants promote the adoption of solar power among businesses and homeowners, substantially enhancing market expansion. These incentives diminish initial expenses, facilitating swift expansion and creating opportunities for new participants and innovation within the sector.
Technological Advancements in Solar Panels: Advancements in photovoltaic (PV) cell technology have resulted in increased efficiency, decreased cost per watt, and improved overall output of solar panels. This has significantly enhanced the usage of solar energy across various industries, strengthening the Solar Energy Market. As corporations allocate resources to research, subsequent breakthroughs will enhance the accessibility, affordability, and reliability of solar electricity for extensive implementation.
Decreasing Costs of Solar Equipment: The continual decline in the prices of solar panels and associated equipment, attributed to economies of scale and advancements in manufacturing techniques, is a significant catalyst in the Solar Energy Market. Decreased costs render solar power investments increasingly feasible for businesses and governments, hence broadening the market's scope. With the rise in acceptance, the cost curve is anticipated to decrease further, fostering exponential growth.
To Purchase a Comprehensive Report Analysis: https://www.verifiedmarketresearch.com/select-licence?rid=137115
High Initial Installation Costs: Despite the decline in equipment prices, the substantial initial installation expenses continue to be a considerable obstacle for some prospective purchasers, especially smaller enterprises and residential clients. The Solar Energy Market is hindered by the financial limitations of specific industries, impeding wider adoption and compelling many to depend on conventional energy sources.
Intermittency and Reliability Issues: The generation of solar energy is significantly influenced by meteorological conditions and geographical positioning, resulting in intermittency challenges. Energy storage systems, despite advancements, continue to be costly and inadequately developed. This constrains the scalability of solar power as an independent energy source in numerous places, hindering the overall expansion of the Solar Energy Market and promoting dependence on hybrid energy models.
Complex Regulatory Frameworks: Discrepant regulations and policies throughout areas present a hurdle for enterprises aiming to participate in the Solar Energy Market. Managing various tax frameworks, authorization procedures, and grid integration regulations introduces complexity and may prolong project deadlines. This legislative heterogeneity hinders market growth, especially for cross-border investments and multinational solar energy initiatives.
Geographical Dominance in the Solar Energy Market
The Solar Energy Market is predominantly influenced by regions such as North America, Europe, and Asia-Pacific, propelled by advantageous governmental policies, technical innovations, and elevated solar irradiation. The Asia-Pacific area is at the forefront of swift industrialization and significant solar initiatives in China and India, driving regional advancement. This regional supremacy expedites market growth since these areas establish industry standards, draw investments, and foster innovation, generating worldwide ripple effects.
Key Players
The “Global Solar Energy Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Tesla, First Solar, SunPower Corporation, Canadian Solar, Jinko Solar, LONGi Solar, Trina Solar, Hanwha Q Cells, SolarEdge Technologies, and Enphase Energy are leading companies in the solar energy industry.
Solar Energy Market Segment Analysis
Based on the research, Verified Market Research has segmented the global Solar Energy Market into Technology, Application and Geography.
- Solar Energy Market, by Technology
- Solar Photovoltaic
- Concentrated Solar Power
- Solar Energy Market, by Application
- Residential
- Non-residential
- Utility
- Solar Energy Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
Browse Related Reports:
Global Silicon Wafers Market Size By (0-100 mm, 100-200 mm, 200- 300 mm), Type (N-type, Ptype), Application (Solar Cells, Photoelectric Cells, Integrated Circuits), End-User (Consumer Electronics, Automotive, Industrial, Telecommunications), By Geography, And Forecast
Global Hybrid Solar Wind Energy Storage Market Size By Product (Standalone and Grid Connected), By Application (Residential, Commercial, and Utility/Industrial), By Geography, And Forecast
Global Solar Farm Market Size By Type (Utility-Scale Solar Farms, Rooftop Solar, Floating Solar Farms), By Technology (Photovoltaic (PV) Solar Farms, Concentrated Solar Power (CSP) Farms), By Application (On-Grid Solar Farms, Off-Grid Solar Farms, Hybrid Solar Farms), By Geography, And Forecast
Global Distributed Energy Resource Management System Market Size by Component (Software, Service), By Application (Solar, Energy Storage, Wind, EV Charging station), By End-User (Commercial, Industrial, Residential), By Geography, And Forecast
Top Solar PV Inverter Manufacturers converting AC power into DC power
Visualize Solar Energy Market using Verified Market Intelligence -:
Verified Market Intelligence is our BI Enabled Platform for narrative storytelling in this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue-impacting decisions for a brilliant future.
VMI provides a holistic overview and global competitive landscape with respect to Region, Country, Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.
About Us
Verified Market Research® stands at the forefront as a global leader in Research and Consulting, offering unparalleled analytical research solutions that empower organizations with the insights needed for critical business decisions. Celebrating 10+ years of service, VMR has been instrumental in providing founders and companies with precise, up-to-date research data.
With a team of 500+ Analysts and subject matter experts, VMR leverages internationally recognized research methodologies for data collection and analyses, covering over 15,000 high impact and niche markets. This robust team ensures data integrity and offers insights that are both informative and actionable, tailored to the strategic needs of businesses across various industries.
VMR's domain expertise is recognized across 14 key industries, including Semiconductor & Electronics, Healthcare & Pharmaceuticals, Energy, Technology, Automobiles, Defense, Mining, Manufacturing, Retail, and Agriculture & Food. In-depth market analysis cover over 52 countries, with advanced data collection methods and sophisticated research techniques being utilized. This approach allows for actionable insights to be furnished by seasoned analysts, equipping clients with the essential knowledge necessary for critical revenue decisions across these varied and vital industries.
Verified Market Research® is also a member of ESOMAR, an organization renowned for setting the benchmark in ethical and professional standards in market research. This affiliation highlights VMR's dedication to conducting research with integrity and reliability, ensuring that the insights offered are not only valuable but also ethically sourced and respected worldwide.
