Solar Market

The solar industry is at the forefront of the global movement towards renewable energy, offering one of the most viable solutions to combat climate change and reduce dependency on fossil fuels. Solar power harnesses the energy of the sun using technologies like photovoltaic (PV) systems, solar thermal systems, and concentrated solar power (CSP). These technologies convert sunlight into electricity, heat, or even fuel for industrial processes.

Solar energy is now a cornerstone of the energy strategies of many countries due to its sustainability, reliability, and affordability. It has become a central focus of global efforts to cut carbon emissions and transition to clean energy. The global push for clean energy resulted in $250 billion invested in solar projects in 2022, making it one of the fastest-growing segments in the energy sector. Major solar energy investments are especially noticeable in regions like North America, Europe, and Asia-Pacific, where governments are setting ambitious renewable energy targets.

Technological advancements and policy incentives are driving rapid adoption of solar power. The cost of solar energy systems, particularly PV panels, has plummeted - falling nearly 90% from 2010 to 2022 - making solar power more accessible than ever before. In 2023, global solar capacity surpassed 1,000 gigawatts (GW), and this number continues to grow as major economies aim to achieve energy independence and sustainability goals. This progress underscores the potential of solar energy to reshape global energy markets and serve as a reliable energy source for both developed and emerging economies.

Major Types in the Solar Industry

The solar energy industry can be categorized into several key segments that drive its growth and evolution.

Photovoltaic (PV) Solar Systems

PV systems are the most widespread and commonly used form of solar energy generation. These systems convert sunlight directly into electricity through semiconductor materials, such as silicon. PV systems are deployed across various scales, from residential rooftops to utility-scale solar farms. In 2023, PV systems made up around 80% of global solar installations, led by countries like China, India, and the United States, which continue to invest heavily in large-scale solar projects. The U.S. alone added 20 gigawatts of solar capacity in 2023, demonstrating the rapid expansion of this technology.

Concentrated Solar Power (CSP)

CSP systems use mirrors or lenses to concentrate sunlight to generate heat, which is then converted into electricity. CSP has the advantage of being able to store energy for later use, making it a key solution for balancing energy supply and demand. By 2022, global leaders in CSP, such as Spain and Morocco, had significantly expanded their capacity, with Spain boasting 2.3 gigawatts of installed CSP capacity. CSP remains crucial for countries with abundant sunlight and large land areas suitable for solar farms.

Solar Thermal Systems

Solar thermal systems capture sunlight to produce heat, typically used for water or space heating in residential, commercial, or industrial settings. These systems are especially popular in Europe and Asia, where millions of households rely on solar water heating systems. By 2022, over 100 million households globally were equipped with solar thermal technologies, with China alone accounting for more than 70 million of those installations.

Building-Integrated Photovoltaics (BIPV)

BIPV technology integrates PV systems into building materials like roofs, windows, and facades, enabling structures to generate their own electricity. As sustainability becomes a priority in urban planning, BIPV systems are gaining popularity. In 2023, BIPV adoption increased by 25% across the European Union, driven by regulatory incentives and the push for green buildings.

Related Industries

The solar energy sector is interconnected with several other industries that play a pivotal role in its development and deployment.

Energy Storage

  • Energy storage, particularly lithium-ion batteries, is critical to the success of solar energy. Solar power is intermittent, so effective storage solutions are necessary to store excess energy generated during the day for use at night or during cloudy periods. By 2023, global energy storage capacity exceeded 200 gigawatt-hours (GWh), with significant investments in large-scale battery systems in countries like Australia and the United States.

Electric Vehicles (EVs)

  • The growth of the electric vehicle industry is closely linked to solar power. Solar energy can be used to power EV charging stations, providing a clean and sustainable way to fuel transportation. In 2022, more than 10% of all new cars sold globally were electric, with companies like Tesla leading the charge in developing solar-powered charging stations.

Smart Grids

  • Smart grids are essential for managing the flow of renewable energy into the electricity network. They optimize energy distribution, ensuring solar power is efficiently integrated into the grid. By 2024, 65% of the global power grid is expected to integrate smart grid technology, particularly in Germany and Japan, where governments are heavily investing in grid modernization.

Agrivoltaics

  • Agrivoltaics refers to the dual use of land for both solar energy production and agriculture. This innovative approach allows farmers to generate additional income from solar energy while continuing to cultivate crops. In 2023, agrivoltaic systems were deployed on over 15,000 hectares globally, with significant growth in France and India, where land optimization is crucial.

Construction and Infrastructure

  • The construction industry plays a significant role in the adoption of solar technology. Solar panels and BIPV systems are increasingly incorporated into new building designs. In 2023, 30% of new commercial buildings in North America included solar installations, as sustainability in urban development became a growing priority.

Future Outlook of the Solar Industry

The future of the solar industry is incredibly promising, with several key trends driving its continued expansion and innovation:

Technological Advancements: Advances in solar technology are revolutionizing the industry. Perovskite solar cells, for example, are expected to increase solar panel efficiency to 25% or higher by 2024, making solar energy more competitive with traditional energy sources. Additionally, bifacial solar panels, which can capture sunlight on both sides, are expected to boost energy generation by up to 30%, enhancing large-scale solar power production.

Government Policies and Support: Governments worldwide are supporting the solar industry through tax incentives, subsidies, and renewable energy mandates. For instance, the U.S. Investment Tax Credit (ITC), extended in 2022, offers a 30% tax credit for solar installations, driving both residential and commercial adoption. In Europe, the EU Green Deal aims to increase solar capacity across the continent, targeting 300 GW of solar energy by 2030.

Decentralized Energy Systems: The future of solar energy is moving toward decentralized systems, where individuals and businesses generate their own electricity through rooftop solar panels. In 2023, 40% of global solar installations were decentralized, especially in regions like Africa and Southeast Asia, where decentralized solar systems provide a reliable energy source in off-grid areas.

Corporate Investments: Major corporations are investing in solar energy to achieve sustainability targets. In 2023, Google and Amazon pledged to power their global operations with 100% renewable energy, with solar projects playing a key role. Google alone invested $3 billion in solar energy in 2022, while Amazon installed solar panels across 50 distribution centers worldwide.

Global Expansion: Emerging markets are playing an increasingly important role in the global solar industry. India, for example, added 15 GW of solar capacity in 2023, becoming one of the world’s fastest-growing solar markets. Similarly, Brazil saw a 40% increase in solar installations as it worked to diversify its energy sources.

Key Players in the Solar Industry

Key companies leading the solar revolution include:

  • First Solar: A leader in thin-film PV technology, First Solar installed 30 GW of solar capacity worldwide by 2023.
  • SunPower Corporation: Specializing in high-efficiency residential solar panels, SunPower grew its U.S. residential installations by 50% in 2022.
  • Tesla: Tesla’s solar solutions, including solar roofs and Powerwall battery storage, are transforming how households adopt solar power.

How We Help with Market Research Services

The solar energy sector is rapidly evolving, and staying informed is key to seizing emerging opportunities, we specialize in providing comprehensive market research services tailored to the solar industry. Our in-depth research reports, data analysis, and market insights help businesses, investors, and policymakers understand the latest trends, technological advancements, and regulatory shifts. We offer customized market intelligence that covers everything from investment strategies to competitor analysis and future market predictions for 2022, 2023, and 2024.

Our services help you make informed decisions, whether you're looking to invest in solar technology, expand your operations, or navigate the complexities of the global energy market. Let us empower you with the data and insights you need to succeed in this dynamic and rapidly growing industry.

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Market Reports

October 2023

Floating Solar Market Size, Share, and Trends 2024 to 2034

  • Report Code : 1587
  • Published : October 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The floating solar market size was valued at US$ 4 billion in 2022 and is expected to hit US$ 54.09 billion by 2032 with a growing CAGR of 29.80% from 2023 to 2032.

October 2024

Solar AI Market Size, Share, and Trends 2024 to 2034

  • Report Code : 3397
  • Published : October 2024
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar AI market is surging, with an overall revenue growth expectation of hundreds of millions of dollars from 2024 to 2034

August 2024

Solar Vehicle Market Size | Share and Trends 2024 to 2034

  • Report Code : 1427
  • Published : August 2024
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar vehicle market size accounted for USD 479.01 million in 2024 and is expected to reach over USD 1,514.50 million by 2034, at a CAGR of 12.2%.

October 2023

Solar Photovoltaic (PV) Market Size, Share, and Trends 2024 to 2034

  • Report Code : 1555
  • Published : October 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar photovoltaic (PV) market was estimated at USD 150 billion in 2022 and is predicted to hit over USD 383.78 billion by 2032 and poised to grow at a CAGR of 9.90% during the forecast period 2023 to 2032.

August 2024

Solar Power Market Size, Share and Trends 2024 to 2034

  • Report Code : 1574
  • Published : August 2024
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar power market size is calculated at USD 269.07 billion in 2024 and is projected to hit around USD 495.12 billion by 2034 with a notable CAGR of 6%.

June 2023

Concentrated Solar Power Market Size, Share, and Trends 2024 to 2034

  • Report Code : 1606
  • Published : June 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The concentrated solar power market size was valued at USD 41.73 billion in 2022 and is projected to reach around USD 35.20 billion by 2032 with a CAGR of 19.3%.

July 2023

Solar Inverter Market Size, Share, and Trends 2024 to 2034

  • Report Code : 1640
  • Published : July 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The solar inverter market size was valued at US$ 10.33 billion in 2022 and it is expected to hit over US$ 22.61 billion by 2032 with a registered CAGR of 8.2%.

August 2024

Solar Tracker Market Size | Share and Trends 2024 to 2034

  • Report Code : 1683
  • Published : August 2024
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar tracker market size accounted for USD 7.01 billion in 2024 and it is expected to hit USD 71.81 billion by 2034, growing at a CAGR of 26.2%.

June 2023

Printable Solar Cells Market Size, Share, and Trends 2024 to 2034

  • Report Code : 1828
  • Published : June 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global printable solar cell market size was valued at US$ 30.32 billion in 2022 and is expected to hit around US$ 47.31 billion by 2032 and is poised to grow at a CAGR of 4.60% from 2023 to 2032. 

September 2023

Rooftop Solar Photovoltaic Market Size, Share, and Trends 2024 to 2034

  • Report Code : 1888
  • Published : September 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global rooftop solar photovoltaic market size was valued at USD 101.55 billion in 2022 and is expected to hit around USD 434.63 billion by 2032, poised to grow at a compound annual growth rate (CAGR) of 15.70% from 2023 to 2032.

August 2024

Solar Energy Systems Market Size | Share and Trends 2024 to 2034

  • Report Code : 3238
  • Published : August 2024
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar energy systems market size accounted for USD 255.40 billion in 2024 and is expected to reach around USD 1,146.25 billion by 2034, expanding at a CAGR of 16.4% from 2024 to 2034. 

August 2023

Solar Generator Market Size, Share, and Trends 2024 to 2034

  • Report Code : 2074
  • Published : August 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar generator market size was estimated at USD 480 million in 2022 and it is expected to reach around USD 966.49 million by 2032, poised to grow at a compound annual growth rate (CAGR) of 7.3% from 2023 to 2032.

July 2023

Solar Photovoltaic Glass Market Size, Share, and Trends 2024 to 2034

  • Report Code : 2123
  • Published : July 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar photovoltaic glass market size was valued at USD 7.6 billion in 2022 and is expected to hit around USD 114.44 billion by 2032 with a CAGR of 31.2%.

August 2023

Solar Farm Market Size, Share, and Trends 2024 to 2034

  • Report Code : 2145
  • Published : August 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar farm market size is expected to reach around USD 299.53 billion by 2032, growing at a CAGR of 17.3% over the forecast period 2023 to 2032.

October 2023

Perovskite Solar Cell Market Size, Share, and Trends 2024 to 2034

  • Report Code : 2205
  • Published : October 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global perovskite solar cell market size was estimated at USD 94.8 million in 2022 and is expected to hit around USD 2,479.2 million by 2032 with a CAGR of 38.1%.

August 2023

Thin Film Solar Cell Market Size, Share, and Trends 2024 to 2034

  • Report Code : 2208
  • Published : August 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global thin film solar cell market size was estimated at USD 12.23 billion in 2022 and is expected to hit around USD 27.27 billion by 2032 with a CAGR of 8.4%.

October 2024

Solar Cell Market Size, Share, and Trends 2024 to 2034

  • Report Code : 2339
  • Published : October 2024
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar cell market size accounted for USD 149.45 billion in 2024 and it is projected to surpass around USD 730.74 billion by 2034 with a CAGR of 17.2%.

July 2023

Solar Microinverter And Power Optimizer Market Size, Share, and Trends 2024 to 2034

  • Report Code : 2340
  • Published : July 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar microinverter and power optimizer market size is expected to surpass around USD 14.5 billion by 2032 with a CAGR of 13.4% from 2023 to 2032

August 2023

Solar Pump Market Size, Share, and Trends 2024 to 2034

  • Report Code : 2341
  • Published : August 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar pump market size was evaluated at USD 2.44 billion in 2022 and is expected to hit around USD 4.69 billion by 2032 with a registered CAGR of 6.8%.

August 2023

Solar Water Heaters Market Size, Share, and Trends 2024 to 2034

  • Report Code : 2353
  • Published : August 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar water heaters market size is projected to hit around USD 9.56 billion by 2032 From USD 5.57 billion in 2022 with a registered CAGR of 5.6%.

November 2022

EV Solar Modules Market Size, Share, and Trends 2024 to 2034

  • Report Code : 2423
  • Published : November 2022
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global EV solar modules market is surging with an overall revenue growth expectation of hundreds of millions of dollars from 2022 to 2030.

March 2023

Solar EPC Market Size, Share, and Trends 2024 to 2034

  • Report Code : 2742
  • Published : March 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar EPC market size was estimated at USD 221.49 billion in 2022 and it is projected to hit around USD 398.74 billion by 2032, poised to grow at a CAGR of 6.06% from 2023 to 2032.

October 2024

Monocrystalline Solar Cell Market Size, Share, and Trends 2024 to 2034

  • Report Code : 3425
  • Published : October 2024
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global monocrystalline solar cell market size is calulated at USD 6.55 billion in 2024 and is anticipated to reach around USD 14.82 billion by 2034, growing at a CAGR of 8.50% from 2024 to 2034.

November 2023

Biohybrid Solar Cell Market Size, Share, and Trends 2024 to 2034

  • Report Code : 3429
  • Published : November 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global biohybrid solar cell market size is estimated at USD 492.98 billion in 2024 and is anticpated to reach around USD 978.87 billion by 2034, expanding at a CAGR of 7.10% between 2024 and 2034.

November 2023

Polycrystalline Solar Cell Market Size, Share, and Trends 2024 to 2034

  • Report Code : 3477
  • Published : November 2023
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The polycrystalline solar cell market size was estimated at USD 3.1 billion in 2022 and is projected to hit around USD 6.18 billion by 2032 with a CAGR of 7.20%.

September 2024

Solar Hybrid Inverter Market Size, Share, and Trends 2024 to 2034

  • Report Code : 3595
  • Published : September 2024
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar hybrid inverter market size is expected to hit around USD 19.46 billion by 2034, increasing from USD 8.07 billion in 2024 with a CAGR of 9.2%.

January 2024

Solar Carport Market Size, Share, and Trends 2024 to 2033

  • Report Code : 3721
  • Published : January 2024
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar carport market size is expected to hit around USD 1,173.6 million by 2033, increasing from 458.7 million in 2023 with a CAGR of 9.90%.

February 2024

Portable Solar Panel Market Size, Share, and Trends 2024 to 2034

  • Report Code : 3835
  • Published : February 2024
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The portable solar panel market size is expected to hit around USD 7.37 billion by 2034, increasing from USD 1.47 billion in 2024 with a CAGR of 17.5%.

April 2024

Solar Hydrogen Panel Market Size, Share, and Trends 2024 to 2033

  • Report Code : 4065
  • Published : April 2024
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The global solar hydrogen panel market size was valued at USD 10.40 million in 2023 and is anticipated to reach around USD 23.30 million by 2033, expanding at a CAGR of 8.40% from 2024 to 2033.

April 2024

Solar Encapsulation Market Size, Share, and Trends 2024 to 2033

  • Report Code : 4148
  • Published : April 2024
  • Delivery : Immediate
  • Category : Energy and Power
  • No. of Pages : 150+

The solar encapsulation market size surpassed USD 5.03 billion in 2023 and is projected to hit around USD 10.91 billion by 2033 with a CAGR of 8.05%.