Global Solar Energy Market Size, Share, Growth Analysis, By Technology(Solar Photovoltaic and Concentrated Solar Power), By Application(Residential, Non-Residential) - Industry Forecast 2024-2031

Global Solar Energy Market size was valued at USD 180.78 billion in 2022 and is poised to grow from USD 193.62 billion in 2023 to USD 335.16 billion by 2031, at a CAGR of 7.1% during the forecast period (2024-2031).

The solar energy industry has experienced incredible expansion and change in the last several years, turning it into a major force in the world energy scene. The production, delivery, and use of solar energy produced by photovoltaic (PV) panels and solar thermal systems are all included in this market. Numerous variables contribute to its growth. First of all, governments and corporations are being forced to embrace cleaner and more sustainable energy sources due to growing environmental concerns and the urgency of addressing climate change. Due to its abundance and renewable nature, solar energy is ideal for achieving these objectives. Additionally, solar electricity is now more widely available and more economically viable because to developments in solar technology, including increased efficiency and falling manufacturing prices.

Government regulations and incentives, such as tax breaks and subsidies, support the solar energy industry even more. Customers in home and commercial settings are encouraged to implement these practices. In addition, grid integration and energy storage technologies have addressed the issue of intermittency by increasing the solar power's consistency and reliability. The market for solar energy is anticipated to grow as the globe continues its transition to a low-carbon future. Motivated by the confluence of technological, economic, and environmental considerations, it is well-positioned to expand steadily and provide a more sustainable and clean energy source for a world in need of more environmentally friendly solutions.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Solar Energy Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Solar Energy Market Segmental Analysis

Global Solar Energy Market is segmented on the basis of technology, application and region. By technology, the market is segmented into solar photovoltaic and concentrated solar power. By application, market is segmented into residential, non-residential, utility. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Solar Energy Market

A lot of businesses are establishing aggressive sustainability targets, which may involve switching to solar energy or other renewable energy sources. Their goals are to lessen their carbon footprint, perform better environmentally, and build their brand's reputation.

Restraints in the Global Solar Energy Market

The economy The production of solar power is weather-dependent, therefore its output may fluctuate and be sporadic. This may make it more difficult to integrate into current power networks and necessitate further spending on grid management and energy storage technologies.

Market Trends of the Global Solar Energy Market

The swift expansion of utility-scale solar projects is a significant trend in the worldwide solar energy industry. The decreasing cost and growing efficiency of solar panels due to technological breakthroughs have made utility-scale installations more and more financially feasible. Large-scale initiatives like these are attractive to investors, governments, and energy businesses because they offer a reasonably priced way to produce substantial volumes of sustainable energy. Utility-scale solar installations are essential to achieving sustainability goals and cutting carbon emissions, which makes solar energy a key component in the change to a cleaner energy future. This trend reflects the global shift towards renewable energy sources.