Dubai, UAE, May 16, 2023 (GLOBE NEWSWIRE) -- As per a recent report published by Extrapolate, the global Solar Energy System Market size was valued at around USD 157.2 billion in 2022 and is expected to reach USD 657.3 billion by 2032, growing at a robust CAGR of 17.2% between 2023 and 2032. Solar energy has become competitive in the energy generation industry by reducing the cost of production every year.
The solar energy market is expanding due to rising environmental pollution and the availability of government incentives and tax rebates to install solar panels. Furthermore, due to the lower water footprint of solar energy systems, the demand in the power generation sectors has increased multifold. Another factor attributable to the rising demand for solar cells is the increase in rooftop installations, which further led to increased architectural applications.
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Growing R&D across the Market by Prominent Players to Secure Market Positioning
The fierce competition in the solar energy sector is fueled by ongoing research and development (R&D) activities as well as the consistent introduction of products that are getting increasingly efficient. Additionally, the market is highly fragmented, with several businesses specializing in various solar energy system components. This dynamic environment encourages ongoing technical development, leading to the production of economical and high-performing objects. However, there has been a noticeable shift in the market, with businesses broadening their manufacturing capacities to cover a wider range of components to capture a larger share of the solar energy system market.
Prominent players in the market include
- Abengoa Solar S.A.
- Acciona Energia S.A.
- WUXI SUNTECH POWER CO. LTD.
- Bright Source Energy Inc.
- Esolar Inc.
- Gintech Energy Corporation
- Kaneka Corporation
- Sunpower Corporation
- Canadian Solar Inc.
- Tata Power Solar Systems Ltd.
- Growatt New Energy
- Amongst others.
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Trending Now: Development of Floating Hybrid System of Renewable Energy Planned in Singapore Waters
Keppel Infrastructure, which operates its applied technology innovation division known as KepInfra Energy Transition Centre (KETC), has entered into a Memorandum of Understanding (MOU) with the National University of Singapore's Solar Energy Research Institute of Singapore (SERIS) and Nanyang Technological University's Energy Research Institute @ NTU (ERI@N).
The MOU was signed to conduct collaborative research on the technological and economic feasibility of developing a first-of-its-kind floating hybrid renewable energy system (RES) for operations in Singapore.
Modular offshore floating solar platforms can be combined with various renewable energy technologies such as ocean wave energy conversion systems, wind turbines, tidal energy turbines, and paddles in the floating hybrid RES concept. Following regulatory approvals, the research will consider deploying the system at an offshore test site in Singapore waters.
Segmentation Analysis
By Product Type
- Solar Panels
- Batteries
- Inverters
Rising Demand for Solar Panels to Play a Vital Role in Generating Solar Energy
Solar panels currently dominate the market, accounting for 45.7% of total revenue in 2022. As solar panels are essential for generating electricity, this trend is expected to continue in the forecast period. Growing industrial demand for electricity and the increasing viability of installing solar energy systems on a smaller scale are expected to propel the solar energy system market growth.
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By Source
- New Installation
- MRO
By End-Use
- Residential
- Commercial
- Industrial
Growing Utility of Solar Energy across Commercial Infrastructure for Economic Viability to Attract Growth Opportunities
The commercial segment currently dominates the market with a high demand for solar energy systems in commercial buildings. As countries globally make the transition towards service-based economies, it is projected that the commercial segment will play a significant role in contributing to the overall GDP.
Reducing Costs of Solar Energy Generation to Draw Consumers to Sustainable Energy Practices
Solar energy is becoming competitive in the energy generation sector due to its cheaper prices. Notably, additional price drops on components are projected in the upcoming years, particularly due to significant expenditures in solar energy technologies. As a result, solar energy systems are anticipated to become more affordable compared to coal or gas power plants already in operation.
Additionally, governments on a global scale have set targets for reducing carbon emissions and promoting the use of solar energy systems for utility and non-utility end-uses. The United States was one of the world's early adopters of solar energy for power generation. The solar energy system market in the United States has been steadily growing due to the presence of key players engaged in research and development to increase efficiency and minimize component costs.
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Asia Pacific to Dominate Market Being Prominent Solar Energy Hub Globally Backed by China
In 2022, the Asia Pacific region accounted for more than 62% of the global revenue from solar energy systems. China is a major contributor to the growth of the solar energy market in Asia-Pacific and globally. As of 2021, China boasted an impressive installed solar photovoltaic (PV) capacity of approximately 306.4 gigawatts (GW). China has already achieved its solar energy target for 2020, two years ahead of schedule. Seven of the top ten solar panel producers globally are Chinese companies, which is a noteworthy finding and evidence of China's remarkable dominance in the solar panel manufacturing industry.
Developing Technological Capabilities of North America to Gain Traction in Coming Years
Due to several factors, North America is expected to grow rapidly during the forecast period. The United States is the most prominent country in the region, accounting for a large share of solar power consumption. Furthermore, rising purchasing power, improved access to digital technologies, increased internet penetration, and accelerating adoption of smart devices are some of the major factors driving the growth of the North American solar power market.
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Major Points from Table of Content:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Scope, definition, and Assumptions
2.3. Data Sources
2.3.1. Secondary Sources
2.3.1.1. Preliminary data mining
2.3.2. Primary Sources
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.3. Increasing Concerns Regarding the Environment Such As Pollution is one of the Key Drivers of the Market Drivers
3.3.1. Reduced costs of components and technology is accelerating the competition amongst manufacturers
3.4. Market restraints
3.4.1. Topographical Situations Concern the growth of the Solar Energy System Market
3.5. Market opportunities
3.5.1. Advancements of Techniques to Optimize the Usage of Solar Energy in Various Sectors is posing an Opportunity for Market
3.6. Market Challenges
3.6.1. Insufficiency of R&D, Modern Development Facilities and Insubstantial Size of Investors are some of the Biggest Challenges to Market Growth
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Power of Suppliers
3.7.2. Bargaining Power of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Solar Energy System Market
Chapter 5. Global Solar Energy System Market Overview, By Product Type, 2018 - 2032 (USD Million)
5.1. Global Solar Energy System Market Share, By Product Type, 2018 - 2032 (USD Million)
5.1.1. Solar Panels
5.1.1.1. Market Size and Projections, 2018 - 2032 (USD Million)
5.1.1.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
5.1.2. Batteries
5.1.2.1. Market Size and Projections, 2018 - 2032 (USD Million)
5.1.2.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
5.1.3. Inverters
5.1.3.1. Market Size and Projections, 2018 - 2032 (USD Million)
5.1.3.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
Chapter 6. Global Solar Energy System Market Overview, By End-Use, 2018 - 2032 (USD Million)
6.1. Global Solar Energy System Market Share, By End-Use, 2018 - 2032 (USD Million)
6.1.1. Residential
6.1.1.1. Market Size and Projections, 2018 - 2032 (USD Million)
6.1.1.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
6.1.2. Commercial
6.1.2.1. Market Size and Projections, 2018 - 2032 (USD Million)
6.1.2.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
6.1.3. Industrial
6.1.3.1. Market Size and Projections, 2018 - 2032 (USD Million)
6.1.3.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
Chapter 7. Global Solar Energy System Market Overview, By Source, 2018 - 2032 (USD Million)
7.1. Global Solar Energy System Market Share, By Source, 2018 - 2032 (USD Million)
7.1.1. New Installation
7.1.1.1. Market Size and Projections, 2018 - 2032 (USD Million)
7.1.1.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
7.1.2. MRO
7.1.2.1. Market Size and Projections, 2018 - 2032 (USD Million)
7.1.2.2. Market Size and Projections, by Region, 2018 - 2032 (USD Million)
Chapter 8. Global Solar Energy System Market Overview, By Geography, 2018 - 2032 (USD Million)
Continued……….
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