Solar Power Market Size to Worth Around US$ 368.63 Bn by 2030

Tokyo, March 23, 2022 (GLOBE NEWSWIRE) -- The global solar power market was estimated at US$ 197.23 billion in 2021. A major growth factor behind the surge of green hydrogen has been the declining costs of renewable energy which is a critical input in the production process. In the year 2022, as the penetration of renewable energy over the grid rises, green hydrogen development is also expected to grow, owing to its potential to act as long-duration and seasonal storage of the availability of fuel on demand in order to generate power. In addition, another major factor driving the solar power market is the volatile prices of the fossil fuel, requirement for dependence disassociation on fossil fuel imports from political volatility area, environmental concerns over the greenhouse gas emissions associated with fossil fuel use, government incentives, other support programs making solar power more cost competitive, and shift in consumer preference.

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Regional Snapshot

On the basis of region, Asia Pacific was the dominating solar power market that garnered a market share of more than 30% in 2020. Asia Pacific is the home to more than half of the global population which provides a huge consumer base. Furthermore, China, Japan and India are the top countries among the highly utilizing solar power countries. The rapid urbanization, rising disposable income, busy and hectic lifestyle, rising penetration of the internet, and the increasing adoption of the smartphones are some of the significant macroeconomic factors that drives the growth of the solar power market in Asia Pacific. Moreover, the presence of huge youth population and the rising demand for renewable energy and sustainable development again fostering the market growth. The countries like China and India are showing promising growth opportunities for the market players owing to the strong economic growth in the region.

North America is estimated to grow at a considerable pace during the forecast period. U.S. is the prominent country with major share of solar power consumption in the region. In addition, increasing buying power, improved access to the digital technologies, higher penetration of internet, and increased adoption of the smart devices are some of the major factors that have propelled the growth of the North America solar power market.

Report Highlights

• Based on the technology, the Photovoltaic systems segment dominated the global solar power market, garnering a market share of around 70% in 2020. In addition, PV systems can vary at a large scale in size from portable systems or small rooftop to massive plants of utility-scale generation which is attributing to high market demand of PV system.
• Based on application, industrial segment has generated a revenue share of more than 35% and dominated the global solar power market in 2020. The rapid growth industrial sector and cost friendly renewable energy has offered a huge growth opportunity to the solar power application in the industrial segment. However, the residential segment is the fastest growing segment owing to the rise in customer awareness regarding the monitory and environmental benefits associated with solar power which is likely to foster its market growth in the residential segment.

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Market Dynamics

Drivers: Decline in prices

The competition has increased substantially among producers with the development in photovoltaic- grounded power distribution systems. Furthermore, the solar components prices differs substantially in regions of Asia-Pacific and Europe, as it is a demand oriented market. Furthermore, diminished profitability of market accession and module manufacturers stress lead to drop in the solar panels prices. In addition, shifting silver prices, which is a key solar module raw material, propels the demand for solar panel installations and aids the solar energy market growth.

Restraints: Climatic condition and geographical latitudes

The adoption of technology named PV system is marginally affected by factors like overall production, reliability, and competitiveness. In addition, total climatic conditions and geographical latitudes restrain the solar power market growth, specifically in rainfall and snowfall-prone regions.

Opportunities: Development of photovoltaic (PV) storage systems

The development of photovoltaic (PV) storehouse systems is essential to increase the capability of PV systems to replace the existing conventional sources. With the growth in PV installations demand, the espousal of storehouse grid is projected to rise, which fosters the lithium ion-powered battery demand for solar energy storehouse and increase the growth of the solar energy market.

The unformed silicon cells member is anticipated to foresee utmost growth owing to rise in installations and application in solar panels. In addition, the demand regarding copper indium gallium serenade is anticipated to increase during the cast period, owing to rise in cost-effective solar panels. Likewise, low- cost manufacturing and increase in solar modules effectiveness are projected to propel the market demand for cadmium telluride during the forthcoming time period in the market.

Challenge: Uncertainty regarding the availability of sunlight

The cost of solar PV is generally a cost effective way to supply large amounts of electricity demanded. While the solar PV electricity cost has been substantially dwindling, further dwindling is still essential for this technology to be affordable to everyone. This would impose difficulty in determining how much energy should be stored for the future use. Sunlight is easily unapproachable during the late hours of night while there's stagnant demand for electricity. A medium for effective energy storehouse and effective recovery is demanded for this reason.

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Market Segmentation

By Application

• Residential
• Commercial
• Industrial
  
  

By Technology

• Photovoltaic Systems
  • Moni-Si
  • Thin Film
  • Multi-Si
  • Others
• Concentrated Solar Power Systems
  • Parabolic trough
  • Solar power tower
  • Fresnel reflectors
  • Dish Stirling

By End Use

• Electricity Generation
• Lighting
• Heating
• Charging

By Solar Module

• Monocrystalline
• Polycrystalline
• Cadmium Telluride
• Amorphous Silicon Cells
• Others
  
  

By Geography

• North America

• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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