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Solar Electricity Global Market Report 2023 – By Product Type (Dike Type, Diversion Hydropower Station, Mixed Type, Tide, Pumped Storage), By Capacity (Large, Medium, Small), By Application (Residential, Commercial, Industrial) – Market Size, Trends, And Global Forecast 2023-2032

Starting Price : $4000.00 | Pages : 175 | Published : January 2023 | SKU CODE : r444 | Delivery Time: 2-3 business days | Format :


Solar electricity refers to renewable energy obtained from sunlight by using the sun's energy either directly as thermal energy or through the use of photovoltaic cells in solar panels and transparent photovoltaic glass to generate electricity. The electricity produced is then supplied to electric power transmission systems, which are used to move large quantities of power from generating facilities to substations and to distribution systems, which are used for short distances to transport electricity to customers locally.

The main types of technologies in solar electricity are photovoltaic systems and concentrated solar power systems. A photovoltaic (PV) system is made up of one or more solar panels, an inverter, and other electrical and mechanical components that use the sun’s radiation to generate power. The different solar modules include monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others, and are used in various sectors such as residential, commercial, and industrial.

The solar electricity market research report is one of a series of new reports from The Business Research Company that provides solar electricity market statistics, including solar electricity industry global market size, regional shares, competitors with a solar electricity market share, detailed solar electricity market segments, market trends and opportunities, and any further data you may need to thrive in the solar electricity industry. This solar electricity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The global solar electricity market size will grow from $87.07 billion in 2022 to $106.62 billion in 2023 at a compound annual growth rate (CAGR) of 22.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global solar electricity market size is expected to grow to $228.59 billion in 2027 at a CAGR of 21.0%.

Rising investments from government organizations have contributed to the growth of the solar electricity market. The market has benefited from increased government spending on advanced solar panel research and development. For instance, according to the World Economic Forum (WEF) 2020, global investment in renewable energy reached $282.2 billion last year. Rising investments from government organizations in research and development of electricity generation through solar energy drove the market.

The decline in economic growth is expected to limit the growth of the solar electricity market. A decrease in investments due to the economic slowdown led to a decrease in solar power installations. This is adversely affecting the market growth in several parts of the world. For instance, the economic crisis in Europe has prompted previously supportive European governments to decrease solar energy subsidies. Another such instance was, investment in renewable energy for end use, comprising geothermal energy, bioenergy, and solar thermal applications (for the district, space, and water heating) reached USD 23 billion in 2020, a 10% decrease from 2019 and utility-scale solar PV installation costs were decreased by 10%, on a global average basis, according to World Energy Investment 2021. The economic slowdown decreases investments, thereby impacting the market negatively.

Artificial intelligence is being used increasingly to meet the rising demands of the solar power market. Artificial intelligence is the machinery simulating the processes of human intelligence, particularly computer systems. Expert systems, natural language processing (NLP), speech recognition, and machine vision are common AI applications. The use of machine learning through microgrid controllers and artificial intelligence (AI) is the latest solar energy technology solution that helps to adapt to growing business needs. These technologies continue to evolve to meet the rising needs of the solar industry and the businesses that use them as an energy-efficient source. Additionally, new software developments are helping to shape the future of companies that are applying artificial intelligence and machine learning to solar energy technology. For instance, in 2022, a project in cooperation with Mekorot, Israel’s national water company, the Israel Innovation Authority tells NoCamels was announced for testing a floating artificial intelligence (AI) powered solar panel that generates electricity by tracking the sun. This solar photovoltaic (PV) system was developed by Israeli startup Xfloat.

In July 2021, Mahindra & Mahindra (M&M), an India-based automotive manufacturer, acquired a 31% share in ReNew Sunlight Energy (RSEPL) for $1.6 billion. By acquiring RSEPL shares, M&M will be able to become an exclusive user and use RSEPL's solar energy. As a result, RSEPL has signed an electrical supply deal with the company. ReNew Sunlight Energy (RSEPL) is an India-based solar electricity company.

Major players in the solar electricity market are Enel SpA, Exelon Corp., Dominion Energy, Inc., Engie S.A, Canadian Solar Inc., Sharp Corporation, STATE POWER INVESTMENT CORP. Ltd., Wuxi Suntech Power Co. Ltd., Tata Power Solar, First Solar Inc., Trina Solar Limited, Yingli Solar, ReneSola, Motech Industries Inc., Abengoa Solar S.A., Acciona Energia S.A., Bright Source Energy Inc., Esolar Inc., Gintech Energy Corp., Kaneka Corp., Sunpower Corporation, Verengo Inc., RGS Energy, JA Solar, GT Advantage Technologies, Hanwha Q Cells, SolarCity Corporation, JinkoSolar Holding Co. Ltd., Suntech Power Holdings Co. Ltd., and BHEL.

Asia-Pacific was the largest region in the solar electricity market in 2022. Western Europe was the second largest region in the global solar electricity market. The regions covered in the global solar electricity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the solar electricity market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia.

The solar electricity market consists of sales of passive solar gain, solar thermal, concentrated solar power, and solar photovoltaics. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The global solar electricity market is segmented -

1) By Technology: Photovoltaic Systems, Concentrated Solar Power Systems

2) By Solar Module: Monocrystalline, Polycrystalline , Cadmium Telluride, Amorphous Silicon Cells, Other Solar Modules

3) By End-User: Residential, Commercial, Industrial

    Table Of Contents

    1. Executive Summary

    2. Solar Electricity Market Characteristics

    3. Solar Electricity Market Trends And Strategies

    4. Solar Electricity Market – Macro Economic Scenario

    4.1 COVID-19 Impact On Solar Electricity Market

    4.2 Ukraine-Russia War Impact On Solar Electricity Market

    4.3 Impact Of High Inflation On Solar Electricity Market

    5. Solar Electricity Market Size And Growth

    5.1. Global Solar Electricity Historic Market, 2017-2022, $ Billion

    5.1.1. Drivers Of The Market

    5.1.2. Restraints On The Market

    5.2. Global Solar Electricity Forecast Market, 2022-2027F, 2032F, $ Billion

    5.2.1. Drivers Of The Market

    5.2.2. Restraints On the Market

    6. Solar Electricity Market Segmentation

    6.1. Global Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    Photovoltaic Systems

    Concentrated Solar Power Systems

    6.2. Global Solar Electricity Market, Segmentation By Solar Module, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    Monocrystalline

    Polycrystalline 

    Cadmium Telluride

    Amorphous Silicon Cells

    Other Solar Modules

    6.3. Global Solar Electricity Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    Residential

    Commercial

    Industrial

    7. Solar Electricity Market Regional And Country Analysis

    7.1. Global Solar Electricity Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    7.2. Global Solar Electricity Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    8. Asia-Pacific Solar Electricity Market

    8.1. Asia-Pacific Solar Electricity Market Overview

    Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies

    8.2. Asia-Pacific Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    9. China Solar Electricity Market

    9.1. China Solar Electricity Market Overview

    9.2. China Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion

    10. India Solar Electricity Market

    10.1. India Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    11. Japan Solar Electricity Market

    11.1. Japan Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    12. Australia Solar Electricity Market

    12.1. Australia Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    13. Indonesia Solar Electricity Market

    13.1. Indonesia Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    14. South Korea Solar Electricity Market

    14.1. South Korea Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    15. Western Europe Solar Electricity Market

    15.1. Western Europe Solar Electricity Market Overview

    15.2. Western Europe Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    16. UK Solar Electricity Market

    16.1. UK Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    17. Germany Solar Electricity Market

    17.1. Germany Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    18. France Solar Electricity Market

    18.3. France Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    19. Eastern Europe Solar Electricity Market

    19.1. Eastern Europe Solar Electricity Market Overview

    19.2. Eastern Europe Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    20. Russia Solar Electricity Market

    20.1. Russia Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    21. North America Solar Electricity Market

    21.1. North America Solar Electricity Market Overview

    21.2. North America Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    22. USA Solar Electricity Market

    22.1. USA Solar Electricity Market Overview

    22.2. USA Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    23. South America Solar Electricity Market

    23.1. South America Solar Electricity Market Overview

    23.2. South America Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    24. Brazil Solar Electricity Market

    24.1. Brazil Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    25. Middle East Solar Electricity Market

    25.1. Middle East Solar Electricity Market Overview

    25.2. Middle East Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    26. Africa Solar Electricity Market

    26.1. Africa Solar Electricity Market Overview

    26.2. Africa Solar Electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

    27. Solar Electricity Market Competitive Landscape And Company Profiles

    27.1. Solar Electricity Market Competitive Landscape

    27.2. Solar Electricity Market Company Profiles

    27.2.1. Enel SpA

    27.2.1.1. Overview

    27.2.1.2. Products and Services

    27.2.1.3. Strategy

    27.2.1.4. Financial Performance

    27.2.2. Exelon Corp.

    27.2.2.1. Overview

    27.2.2.2. Products and Services

    27.2.2.3. Strategy

    27.2.2.4. Financial Performance

    27.2.3. Dominion Energy, Inc

    27.2.3.1. Overview

    27.2.3.2. Products and Services

    27.2.3.3. Strategy

    27.2.3.4. Financial Performance

    27.2.4. Engie S.A

    27.2.4.1. Overview

    27.2.4.2. Products and Services

    27.2.4.3. Strategy

    27.2.4.4. Financial Performance

    27.2.5. Canadian Solar Inc.

    27.2.5.1. Overview

    27.2.5.2. Products and Services

    27.2.5.3. Strategy

    27.2.5.4. Financial Performance

    29. Key Mergers And Acquisitions In The Solar Electricity Market

    29. Solar Electricity Market Future Outlook and Potential Analysis

    30. Appendix

    30.1. Abbreviations

    30.2. Currencies

    30.3. Historic And Forecast Inflation Rates

    30.4. Research Inquiries

    30.5. The Business Research Company

    30.6. Copyright And Disclaimer

List Of Tables

    Table 1: Global Historic Market Growth, 2015-2022, $ Billion
  • Table 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
  • Table 3: Global solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 4: Global solar electricity Market, Segmentation By Solar Module, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 5: Global solar electricity Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 6: Global solar electricity Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 7: Global solar electricity Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 8: Asia-Pacific, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 9: China, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 10: India, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 11: Japan, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 12: Australia, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 13: Indonesia, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 14: South Korea, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 15: Western Europe, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 16: UK, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 17: Germany, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 18: France, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 19: Eastern Europe, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 20: Russia, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 21: North America, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 22: USA, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 23: South America, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 24: Brazil, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 25: Middle East, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 26: Africa, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Table 27: Enel SpA Financial Performance
  • Table 28: Exelon Corp. Financial Performance
  • Table 29: Dominion Energy, Inc Financial Performance
  • Table 30: Engie S.A Financial Performance
  • Table 31: Canadian Solar Inc. Financial Performance

List Of Figures

    Figure 1: Global Historic Market Growth, 2015-2022, $ Billion
  • Figure 2: Global Forecast Market Growth, 2022-2027F, 2032F, $ Billion
  • Figure 3: Global solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 4: Global solar electricity Market, Segmentation By Solar Module, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 5: Global solar electricity Market, Segmentation By End-User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 6: Global solar electricity Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 7: Global solar electricity Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 8: Asia-Pacific, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 9: China, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 10: India, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 11: Japan, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 12: Australia, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 13: Indonesia, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 14: South Korea, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 15: Western Europe, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 16: UK, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 17: Germany, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 18: France, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 19: Eastern Europe, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 20: Russia, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 21: North America, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 22: USA, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 23: South America, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 24: Brazil, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 25: Middle East, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 26: Africa, solar electricity Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
  • Figure 27: Enel SpA Financial Performance
  • Figure 28: Exelon Corp. Financial Performance
  • Figure 29: Dominion Energy, Inc Financial Performance
  • Figure 30: Engie S.A Financial Performance
  • Figure 31: Canadian Solar Inc. Financial Performance
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