Pune, India, Oct. 03, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Solar Energy Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Technology (Photovoltaic Systems and Concentrated Solar Power Systems), Application (Electricity Generation, Heating, and Others), End User (Residential, Commercial & Industrial, and Utility Scale), and Geography,” the market was valued at US$ 207.2 billion in 2022 and is expected to reach US$ 552.4 billion by 2030; it is anticipated to account for a CAGR of 13.0% from 2022 to 2030.
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The growing technological development and government initiatives are boosting the application of solar energy in various end use sectors such as aerospace and defense. One of the key applications of solar power in the aerospace and defense industries is solar-powered UAVs. Solar-driven UAVs are unarmed platforms that depend solely on energy powered by the SUN to properly perform their functions. Solar UAVs are utilized in roles such as communications and persistent ISR. Solar-powered UAVs help secure communication in remote areas among defense forces, improving broadband connection. In addition, spacecraft have solar panels that transform the Sun's energy into electricity that provides power to the spacecraft. Also, solar energy has been utilized to power spacecraft on Mars, including NASA's Mars Exploration Rovers—Spirit and Opportunity and Mars’ Phoenix lander. Thus, the rising application of solar power in the aerospace, space, and defense industries is likely to create lucrative opportunities for the solar energy market players to boost the adoption of solar energy-based systems in the coming years.
Global Solar Energy Market Scope:
| Market Size Value in | USD 207.2 Billion in 2022 |
| Market Size Value by | USD 552.4 Billion by 2030 |
| Growth rate | CAGR of 13.0% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Offering, Type, End-User |
| Regional scope | North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Solar Energy Market: Competitive Landscape and Key Developments
JinkoSolar Holding Co Ltd, Canadian Solar Inc., Trina Solar Co. Ltd, First Solar Inc., ADT Solar, ACCIONA Energía, BrightSource, Abengoa SA, Heliogen Inc., and Nextera Energy Resources are among the key chopper pump market players profiled during this study. In addition, several other important solar energy market players have been studied and analyzed during the study to get a holistic view of the solar energy market and its ecosystem.
In 2023, JinkoSolar launches and exhibits its new liquid cooling energy storage technology for C&I applications. In comparison to traditional air cooling systems, SunGiga's intelligent frequency conversion control design and numerous liquid cooling control modes reduce consumption by 30% while simultaneously increasing space utilization by 38%.
In 2021, JinkoSolar launched a new series of ultra-efficient 2021 Flagship Tiger Neo Modules. The New Tiger Neo uses N-type TOPCon technology, which has been substantially improved in terms of reliability, performance, power, and energy density. With an ultra-high conversion efficiency of approximately 22.30%, the new module offers a maximum power output in mass production of up to 620W.
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Solar Energy Market Analysis:
The mounting focus on reducing greenhouse gas emissions and achieving net zero carbon emission targets is boosting Australia's demand for renewable energy sources. Australia introduced the Climate Change Act in 2022, which amplifies the aim for emissions reductions by 2030 and fixes the goal of attaining net zero emissions by 2050. In 2022, Australia's largest renewable energy generation source was solar, which accounted for ~14% of total power generation, followed by wind and hydro. The favorable government policies and incentive schemes are also fueling the Australia solar energy market share. In 2022, the Australian government introduced a solar rebate program called the Small Scale Renewable Energy Scheme. Depending on the category of solar PV system installed in New South Wales, the number of STC (Subject to Contract) awards can vary depending on various factors. The growing use of rooftop solar panels in residential and commercial buildings is boosting the Australia solar energy market share.
Go through further research published by The Insight Partners:
Batteries for Solar Energy Storage Market - Global Analysis and Forecast to 2028
Solar PV Inverters Market - Global Analysis and Forecast to 2030
Solar-Diesel Hybrid Power Solution Market - Global Analysis and Forecast to 2030
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