The global solar energy market size was valued at USD 42.6 billion in 2021 and is poised to grow at a significant CAGR of 19.7% during the forecast period 2022-2028. valued at USD 42.6 million in 2021. Solar energy systems' lower water footprint has driven their popularity in the power generation sector. Land-use restrictions are limiting market expansion. Large solar projects, such as utility-scale or industrial-scale plants, necessitate a lot of lands. Furthermore, any considerations such as the availability of solar radiation confine the land choices. Due to low accessibility and soil instability, solar projects on agricultural or forest property are difficult to deploy. Land selection is also influenced by considerations like equipment transportation and electric grid distance.

Photovoltaic Segment Dominates the Solar Energy Market

The solar photovoltaic (PV) category is anticipated to dominate the solar energy market throughout the forecast period due to its high installation share. Increased off-grid solar adoption, owing to lower solar PV equipment costs and supportive worldwide attempts to reduce carbon emissions, will likely open up various prospects for the market in the future. Utility-scale PV systems have dominated the PV market in recent years. However, due to their favorable economics, when combined with increased self-consumption, distributed PV systems, mainly in the commercial and industrial sectors, have become essential in many countries.

The global solar energy market segmentation:

1) By Technology: Photovoltaic Systems and Concentrated Solar Power Systems.

2) By Solar Module: Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others.

3) By Application: Residential, Commercial, and Industrial.

4) By End Use: Electricity Generation, Lighting, Heating, and Charging.

 

North America Leads Solar Energy Market

Because of the rising living standards, high electricity demand, and adequate solar irradiation, North America solar energy is expected to have a considerable market share in the global market in the next years. Furthermore, Europe was the other major market for solar energy in 2021. Favorable laws, renewable energy standards, and a rising number of solar farms are fueling the industry.

 

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players

 

Global solar energy market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance,

In March 2022, Canadian Solar announced that it has signed two 10-year power purchase agreements (PPA) with Axpo Italia for the purchase of 70% of energy produced by two solar power plants under development totalling 84 MWp. Axpo Italia is one of the largest market operators in the free energy market in Italy and a highly reliable and bankable renewables generator counterparty.

In Feb 2022, TotalEnergies announced that it has signed a definitive agreement with SunPower Corp.'s to purchase its Commercial & Industrial Solutions (CIS) business for $250 million, including $60 million of earn-out, subject to regulatory evolution. TotalEnergies is the majority shareholder of SunPower, a leading solar technology and energy services provider.

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Key player’s profiles in the solar energy market report are Abengoa, ACCIONA, Canadian Solar, United Renewable Energy, KANEKA CORPORATION, Tata Power Solar Systems Ltd., BrightSource Energy, Inc., SunPower Corporation, Waaree Energies Ltd, Trina Solar, TotalEnergies.

 

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