What Has Been The Historical And Current Growth Of The Solar Electricity Market?
The solar electricity market has seen considerable growth due to a variety of factors.
• The size of the solar electricity market has seen a stellar expansion in the recent past. It is projected to increase from a value of $103.58 billion in 2024 to a staggering $123.37 billion in 2025, recording a compound annual growth rate (CAGR) of 19.1%.
The surge experienced in the historical period can be traced back to robust economic progress in developing markets, the sky-high cost of diesel power, corporate initiatives advancing solar electricity, and a noticeable upswing in research and development (r&d) funding.
What Is The Expected Growth In The Solar Electricity Market Size?
The solar electricity market is expected to maintain its strong growth trajectory in upcoming years.
• The solar power market is set to experience rapid expansion in the forthcoming years, with its value anticipated to reach $219.29 billion in 2029, representing a compound annual growth rate (CAGR) of 15.5%.
The anticipated surge during the forecast period can be ascribed to an increased emphasis on environmental sustainability and corporate responsibility, along with an escalation in urbanization and technological progress. Key trends during these years would include a heightened embrace of digital technologies as well as artificial intelligence. Likewise, solar integration with storage systems offers cost benefits, operational efficiencies, and the potential to lower storage capital costs besides the solar investment tax credit. The path forward for the solar energy industry can be paved by effective implementation of such projects utilizing emerging technologies, consequently leading to growth in the solar electricity market.
Which Factors Are Boosting Growth In The Solar Electricity Market?
The surge in funding from governmental organizations has played a significant role in propelling the solar electricity market forward. This market has reaped the benefits of escalating government expenditures on the research and development of sophisticated solar panels. The International Renewable Energy Agency, an intergovernmental organization based in UAE, noted in February 2023, that global investments in energy transition technologies, including energy efficiency, hit a record-breaking amount of USD 1.3 trillion in 2022, which is a 19% leap from 2021 standings. As such, the elevated funding from governmental organizations towards research and innovation in solar power generation has been a key driver of the solar electricity market.
What Are The Primary Segments In The Global Solar Electricity Market?
The solar electricity market covered in this report is segmented –
1) By Technology: Photovoltaic Systems, Concentrated Solar Power Systems
2) By Solar Module: Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others.
3) By End User: Residential, Commercial
Subsegments:
1) By Photovoltaic Systems: Crystalline Silicon Photovoltaic (C-Si) Systems, Thin-Film Photovoltaic Systems, Bifacial Solar Panels, Building-Integrated Photovoltaics (Bipv)
2) By Concentrated Solar Power Systems: Parabolic Trough Systems, Solar Power Towers, Fresnel Reflectors, Dish/Engine Systems
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Which Key Trends Are Driving Changes In The Solar Electricity Market?
The solar power market increasingly utilizes artificial intelligence to keep up with the growing demands. Artificial intelligence, especially computer systems, mirrors human intelligence processes. AI applications such as expert systems, natural language processing (NLP), speech recognition, and machine vision are now usual occurrences. The most recent technological advancement in solar energy is the employment of machine learning through microgrid controllers and artificial intelligence (AI) to cater to expanding business requirements. These advancements persistently adapt to fulfill the escalating requirements of the solar sector and businesses that harness them for energy efficiency. Moreover, the advent of new software is molding the future of organizations employing artificial intelligence and machine learning in solar energy technology. For instance, an initiative in 2022, in conjunction with Mekorot, the national water company of Israel, and the Israel Innovation Authority, introduced NoCamels for experimenting with a floating solar panel powered by artificial intelligence (AI), which generates electricity by following the sun’s course. This solar photovoltaic (PV) system was pioneered by an Israeli startup, Xfloat.
Who Are the Key Players in the Solar Electricity Market?
Major companies operating in the solar electricity market include:
• SPIC Solar
• Enel SpA
• Canadian Solar Inc
• Engie
• Adani Green Energy Limited
• Datang International Power Generation Company Limited
• Acciona Energia S.A
• Electricite De France SA
• Huaneng Power International. Inc.
• Trina Solar Limited
• Waaree Group
• Tata Power Solar Systems Ltd.
• Urja Global Limited
• Wuxi Suntech Power Co. Ltd.
• Azure Power
• Vivaan Solar
• Ja Solar Holdings Co. Ltd
• Aiko Solar
• Zhongli
• Suntech
• Statkraft As
• National Grid Plc
• Agder Energi Sa
• Ibc Solar Ag
• Centrotherm International Ag
• Schott Solar Ag
• Ecotricity Group Ltd
• Lightsource Bp Renewable Energy Investments Limited
• Hive Energy
• Solaria Energia Y Medio Ambiente Sa
• Iberdrola Sa
• Cobra Instalaciones Y Servicios Sa
• Red Electrica Corporacion Sa
• Edf En
• Saint Gobain
• Wagner Solar
• Ekotechnik Czech Sro
• Svp Solar Sro
• Solar Global As
• Solartec Holding As
• Photon Energy Nv
• Modus Energy
• Polski Solar Holding
• Renesola Ltd
• Sunshine Solar Energy Srl
• Amerisolar
• Altius-Solar
• Nivus Gmbh
• Danagroup.Hu
• Nextera Energy Inc
• Vestas Wind Systems A/S
• General Electric Co
• M. A. Mortenson Company
• First Solar. Inc
• Sunpower Corporation
• Renewable Energy Systems Ltd
• Rosendin Electric Inc
• Hanwha Corporation
• Inkosolar Holding Co. Ltd
• Swinerton Renewable Energy
• 8minute Solar Energy
• Atlas Renewable Energy
• Sonnedix Power Holdings Ltd
• Enerwhere Sustainable Energy Dmcc
• Acwa Power Barka Saog
• Alsa Solar Systems Llc
• Benban Solar Project
• Kathu Solar Park
• Ilanga Concentrated Solar Power 1
• Jasper Solar Power Project
• Kalkbult Solar Plant
• Kaxu Solar One
• Lesedi Solar Pv Project
What Is The Most Dominant Region In The Solar Electricity Market?
Asia-Pacific was the largest region in the solar electricity market in 2024. Western Europe was the second largest region in the global solar electricity market analysis. The regions covered in the solar electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
