Solar Power Market

Solar Power Market Size Analysis

According to a recent survey conducted by ChemView Consulting, the Global Solar Power Market grew at a CAGR of 13.8% between 2017-2021 and is estimated to be US$ 1,64,834.1 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 12.1 % and is expected to reach a valuation of US$  5,16,539.1 Mn by 2032 end.

Throughout the projected period, population growth, Increased infrastructure needs, and rising living standards are driving up demand for power production. Most nations are building new solar power facilities or expanding the capacity of their current ones to satisfy the rising demand. During the projected period, this is expected to fuel the expansion of the solar power market.

Market Dynamic

THE RISE IN INVESTMENT IN SOLAR ENERGY DRIVES THE MARKET

Solar energy is the cleanest and most sustainable energy source. Due to environmental regulations, several countries are installing renewable energy plants. Several companies also focus on eco-friendly power generation solutions to reduce their carbon emissions.

THE AVAILABILITY OF RESOURCE LAND HAMPER THE MARKET GROWTH

Land for solar power plants is very limited. The land selection process is affected by the availability of solar radiation, the cost and size of a project, and being constrained by factors such as the distance from one or few areas of power generation to other regions with consumers of power and other factors.

GROWING GOVERNMENT INITIATION PROJECTS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET

Government support plays a key role in the growth of renewable energy. FiT and other subsidies, such as investment tax credits, are among the most important policies that boost solar installation. In the last decade, fuel cells are witnessing tremendous growth due to the increasing demand for data rates and a wide range of applications. The distributed power generation method is being adopted for both civilian and military sectors, which includes SOFC and hydrogen. We expect this trend to continue in the coming years as well.

COVID-19 Impact

The CoVID-19 Lockdown in most countries globally due to the COVID-19 have made economies squelch, disturbed supply chains, and suspended most projects. In India, 80% of solar products, such as inverters, are imported from China. In India, most of our solar projects are delayed because there is a shortage of equipment due to this pandemic and leading to huge backlogs in accomplishing orders.

Market Segments Covered in Report

By Current Charging Capacity :

• up to 8A
• 8A to 20A
• 20A to 30A
• 30A to 60A
• 60A to 80A
• 100A to 250A
• Above 250A

By Battery Type:

• Lead-acid Battery
• Lithium Ion Battery

By Application:

• Residential
• Non-Residential
• Utility

By Technology:

• Pulse Width Modulation (PWM)
• Maximum Power Point Tracking (MPPT)

By Region and Country:

• North America (U.S., Canada)
• Latin America (Brazil, Mexico, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
• Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
• Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
• Africa (South Africa, Nigeria, Egypt, Rest of Africa)

Segment-Wise Analysis

Why is Solar PV Technology projected to ensure the most revenue during the forecast period?

In 2020, the Solar PV Technology Segment held the largest revenue share at 60.0%. Solar photovoltaic (PV) and concentrated solar power are the two technological segments that make up the global market for solar energy (CSP). The mono-si, thin-film, multi-si, and other solar PV systems are further divided, and the parabolic trough, power tower, and linear fresnel are further divided for CSP. In 2021, the solar PV market had a disproportionately large market share. In 2020, new solar PV projects of over 120 GW were installed.

Why is the utility segment expected to expand the fastest during the forecast period?

In 2021, In 2020, the utility market accounted for 59.0% of the total global solar power market. Following significant growth in new installations, the utility line segment is projected to expand at a CAGR of 11.8% by 2032. Gaining popularity from investments in solar infrastructure and government policies, this segment is projected to grow faster than all other markets.

The adoption of environmentally friendly sources such as rooftop solar systems, meters for tracking customer behavior, and smart home appliances are expected to give a fillip to the residential segment’s growth during this period.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• In 2021, the Asia Pacific market had a revenue share of 52.9%. The region that dominates the global market in terms of market share is expected to grow at the fastest rate during the forecast period. High power demand, rising living standards, and adequate solar irradiation are major drivers of the area’s expansion. China alone put in about 48 GW of solar plants in 2020.
• North American companies are eyeing Europe as a promising market. The European Union (EU) countries installed around 18.2 GW solar PV projects in 2020. Supportive regulations, renewable energy targets, and a growing number of solar farms are the key factors fueling the market’s growth.

Competition Analysis

Due to a wide range of products and a sizable distribution network in established and developing nations, the solar power market is fragmented. Canadian Solar Inc., Trina Solar, and First Solar now dominate the market.

Some of the key developments that have taken place in the Solar Power Market include:

• In August 2020, In conjunction with Antah Solar Sdn. Bhd. and Eleaps Sdn. Bhd., Canadian Solar announced that it had started building one of Malaysia’s largest commercial and industrial rooftop solar projects. The 5 MWp project is situated in Penang, Malaysia, covering a surface area of more than 26,000 m2.
• In October 2020, The largest plant in Central Java, Danone’s in Klaten, Indonesia, has a solar rooftop erected by Total Solar Distributed Generation (DG) with a capacity of about 3,000 kWp. Total Solar DG developed, constructed, and managed the rooftop solar systems, which have about 8,340 solar panels and a total surface area of 16,500 sqm.

A list of some of the key suppliers present in the market are:

• Waaree Group
• Canadian Solar Inc.
• Abengoa
• BrightSource Energy, Inc.
• Tata Power Solar Systems Ltd.
• First Solar
• Trina Solar
• Yingli Solar
• eSolar Inc.
• SunPower Corporation
• Acciona Energia S.A.
• Urja Global Limited
• Wuxi Suntech Power Co. Ltd.
• Nextera Energy Sources LLC
• Vivaan Solar

Report Coverage and Highlights

• Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
• Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
• The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
• Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
• Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
• Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
• Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
• Key drivers, restraints, opportunities, and emerging trends impacting the market growth.
• Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
• Strategic market analysis, recommendations, and future headways on crucial winning strategies.