New York, United States, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The Global Solar Energy Market Size is to Grow from USD 92.45 Billion in 2023 to USD 285.89 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 11.95% during the projected period.
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Solar energy is the energy created by the sun's rays, which can be collected and converted into various forms of energy such as electricity and heat. This energy is a desirable replacement for traditional fossil fuels, which are scarce and contribute to climate change. It is also plentiful and renewable. There are numerous methods for capturing solar energy. Furthermore, the global solar energy sector is growing mostly due to an increase in energy consumption caused by population growth. In addition, there has been an increase in worldwide demand for sustainable energy resources, which has been supported by supporting government policies that have extended the market. These rules help to reduce pollution and highlight a reduction in reliance on fossil fuels. As a result, consumer demand for renewable energy sources such as solar power rises. As a result of urbanization, population growth, and the electrification of several industries, including transportation, the global demand for energy is rapidly increasing. Solar energy provides a scalable and decentralized alternative to meet expanding energy demand, particularly in locations with scarce or unstable grid infrastructure. However, the high price of installation, storage, and power conversion equipment, as well as the low efficiency of solar modules, are expected to hamper industry expansion.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Solar Energy Market Size, Share, and COVID-19 Impact Analysis, By Technology (Concentrated Solar Power Systems, Photovoltaic Systems), By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others), By End User (Residential, Commercial, Industrial), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The photovoltaic systems segment dominates the market with the largest revenue share over the projection period.
On the basis of technology, the global Solar Energy market is segmented into concentrated solar power systems and photovoltaic systems. Among these, the photovoltaic systems segment is dominating the market with the largest revenue share over the projection period. The fast growth of the electric vehicle sector is driving demand for solar-powered EV charging infrastructure, which is benefiting the solar energy market. Furthermore, dropping costs and government incentives have contributed to a significant expansion in the worldwide market for PV systems in recent years.
The polycrystalline segment is witnessing significant CAGR growth through the anticipation period.
On the basis of solar module, the global solar energy market is segmented into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others. Among these, the polycrystalline segment is witnessing significant growth through the anticipation period. Consumer spending income and standard of life have improved, driving up demand for gadgets and smart devices, which is expected to drive up demand for polycrystalline solar cell technology.
The residential segment is estimated to hold the largest share of the global solar energy market during the projection period.
Based on the end user, the global solar energy market is classified into residential, commercial, and industrial. Among these, the residential segment is estimated to hold the largest share of the solar energy market during the projection period. The number of residential development projects is increasing at the same time as public awareness of the advantages of using renewable and efficient energy sources for residential uses grows. As a result, such elements are projected to drive the residential segment's growth.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific dominates the market with the largest market share over the forecast period. The location is attempting to become more dependent on renewable resources while still being mostly dependent on conventional resources. Solar energy installation is growing as a result of the rapidly expanding energy demand from a variety of industries. Regional growth is being driven by a good outlook for clean energy deployment as well as an appealing regulatory framework.
North America is expected to grow the fastest during the forecast period. Rapidly growing energy demand from a variety of businesses, a promising outlook for renewable energy installations, and an encouraging regulatory environment are key forces driving regional growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global solar energy are Enphase Energy, Inc., Canadian Solar, Jinko Solar Holding Co., Ltd., First Solar, Inc, Yingli Green, Energy Holding Company Limited, JA Solar Holdings Co. Ltd., Amazon, Trina Solar, Hanwha Q Cells, Urja Global Limited, SunPower Corporation, SolarEdge Technologies, and others.
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Recent Developments
- In December 2023, Amazon recently announced its first renewable energy project, which will be created on brownfield ground, or land that has been abandoned due to industrial pollution. The Amazon Solar Farm Maryland-CPV Backbone is being built on the site of the recently closed Arch Coal Mine in Garrett County, Maryland. The 120-year-old mining site, which has subsequently been repaired, was contaminated by more than 45 acres of coal rubble.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global solar energy market based on the below-mentioned segments:
Solar Energy Market, Technology Analysis
- Concentrated Solar Power Systems
- Photovoltaic Systems
Solar Energy Market, Solar Module Analysis
- Monocrystalline
- Polycrystalline
- Cadmium Telluride
- Amorphous Silicon Cells
- Others
Solar Energy Market, End User Analysis
- Residential
- Commercial
- Industrial
Solar Energy Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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