The global solar energy systems market size is expected to reach USD 607.8 billion by 2030, according to a new report by Grand View Research, Inc. The industry is expected to grow at a CAGR of 15.7% from 2022 to 2030. Increasing demand for clean and renewable energy production coupled with stringent regulations regarding carbon emissions is expected to boost the industry growth over the forecast period. Governments across the world have started to adopt solar energy for power production due to it being clean and renewable. Many countries have set targets to reduce their carbon emissions and reduce reliance on conventional energy sources by promoting the use of solar energy for power production. The economies of scale achieved due to this increased demand have, in turn, decreased the cost of the components, and product installation viable on a smaller scale.
Solar Energy Systems Market Report Highlights
- Various governments have set targets to reduce the carbon emission of countries and have implemented policies to promote the adoption of solar energy systems in the residential sector, which is expected to boost industry growth
- The solar panel product segment accounted for the maximum revenue share in 2021. Solar panels are the most complex components in the solar energy systems and received the highest investments for R&D
- The utility end-use segment accounted for the maximum revenue share in 2021. Countries all across the world are investing in new utility-scale projects to replace conventional power production
- Asia Pacific is projected to grow at the fastest CAGR during the forecast period
- East Asia sub-region is expected to account for the maximum share in the Asia Pacific regional market
- North America led the industry in 2021 and will continue the trend throughout the forecast years. Solar power accounted for 2.8% of the total electricity generation mix in the U.S. in 2021
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Increasing energy need from emerging economies, such as India, China, and Brazil, is expected to have a positive impact on the industry. The decline in the price of solar energy system components has increased the viability of product installations in residential and commercial sectors. The MRO sector in the industry is expected to grow significantly during the forecast period owing to the increasing adoption of solar energy systems leading to increasing demand for repair and overhaul of existing solar energy systems. Regions, such as Middle East & Africa and Asia Pacific, are expected to have significant growth over the forecast period owing to the high number of investments for solar energy in these regions coupled with rising energy demands. The prices of the components have been declining consistently for the last 10 years and this trend is expected to continue over the forecast period, which, in turn, will fuel the demand in the residential, commercial, and industrial sectors across the globe.
Product Type Analysis
Global market has been further divided into solar panels, charge controllers, batteries, inverters, and others. Solar panels are the most critical part of the solar energy system as it is responsible for converting solar energy into electrical energy. There are different types of solar panels, such as thin film and crystalline silicon, which are used based on the application of the installation. There have been heavy investments in advanced solar panel technologies to increase the efficiency and lifespan of the panel. Charge controllers are used to protect the battery and the inverter from damage due to high voltage. Charge controllers have been relatively consistent in technology. Battery for solar energy storage has been the focus of many companies in the industry as battery makes it possible for storage and transmission of solar energy even when there is no sunlight, such as during the night. Solar inverters convert the DC charge generated from the solar panels into AC charge, which can be used by appliances in the house. The others segment consists of racking, mounting, and wiring required for the product installation.
By Source Analysis
Solar energy technology is in its adoption phase and many countries are promoting the installation of solar energy systems for power generation. Many countries are investing in utility-scale solar installations to reduce carbon emissions in the country, which is expected to increase product demand. The MRO segment is expected to witness significant growth in the coming years as existing products get old and need to be repaired and overhauled with newer technology. The demand in the MRO segment is expected to increase over the forecast period owing to the difference in lifespans of various components.
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By End-use Analysis
Many countries are investing in solar energy for utility-scale electricity production to switch away from conventional energy generation. This is expected to increase the product demand. Utility-scale solar energy systems are more profitable due to economies of scale being achieved by larger installations. The industry is anticipated to have a steady growth in all segments as the product demand increases.
By Region Insights
East Asia led the Asia Pacific regional market growth. The need to reduce reliance on conventional sources of power and the presence of established players continuously developing better offerings has resulted in high product demand in the region. Europe and North America are expected to witness steady CAGRs over the forecast period. Many countries in the region have pledged to increase solar power in the total energy production, which is expected to boost product demand in the forecast period. Central & South America is also expected to grow at a steady rate over the coming years.
Major Companies in the Solar Energy Systems Market
- SUNGROW
- Schneider Electric
- Morningstar Corp.
- Wenzhou Xihe Electric Co., Ltd.
- Canadian Solar
- Beijing Epsolar Technology Co. Ltd.
- Risen Energy Co., Ltd.
- SunPower Corporation
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Segmented the global solar energy systems market based on product, end-use, source, and region:
Table of Contents
Fig. 1 Information Procurement
Fig. 2 Primary Research Pattern
Fig. 3 Primary research process
Fig. 4 Primary research approaches
Fig. 5 Marker driver impact analysis
Fig. 6 Market restraints impact analysis
Fig. 7 Solar Energy Systems market analysis - Porter’s
Fig. 8 Solar Energy Systems market analysis - PESTEL analysis
Fig. 9 Solar Energy Systems Market - Product Movement Analysis, 2021 & 2030
Fig. 10 Solar Energy Systems Market: End Use movement analysis 2021 & 2030
Fig. 11 Solar Energy Systems Market - Source Movement Analysis, 2021 & 2030
Fig. 12 Global Solar Energy Systems Market: Regional Movement Analysis, 2021 & 2030
