Global Solar Energy Solutions Market Set for Substantial Growth at 15.12% CAGR, Accounting for USD 92.18 Billion by 2030, Europe Leads the Industry Due to Rising Demand for Sustainable Energy Source, States Kings Research
DUBAI, UAE, Dec. 14, 2023 /PRNewswire/ -- According to the latest report by Kings Research, the global Solar Energy Solutions Market was valued at USD 30.06 billion in 2022 and is projected to reach USD 92.18 billion by 2030, growing at a CAGR of 15.12% from 2023 to 2030. The market is experiencing rapid expansion due to the increasing demand for sustainable energy sources to replace traditional ones. This trend is expected to drive industry growth through the forecast period. The declining costs of solar energy systems have significantly enhanced the competitiveness of solar power in the electricity generation sector.
Growing interest in alternative power generation sources and reduced reliance on fossil fuels is expected to stimulate market adoption. Additionally, the utilization of energy conservation solutions, government incentives, and supportive policies are contributing to the accelerated growth of the solar energy solutions market.
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Competitive Landscape
Prominent players in the solar energy solutions industry are adopting lucrative business strategies such as forming partnerships, engaging in mergers and acquisitions, innovating products, and entering into joint ventures. These actions aim to broaden their product offerings and bolster their presence in various regions.
Major market participants in the global solar energy solutions market include:
- Trina Solar
- Yingli Green Energy
- Tata Power Solar Systems Ltd.
- Hanwha Group
- Canadian Solar
- First Solar
- Array Technologies Inc.
- Schneider Electric
- TE Connectivity
- SolarEdge Technologies Inc.
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Increased Investments in Commercial End-Users to Drive Solar Energy Solutions Industry Progress
In terms of end-users, the solar energy solutions market is classified into commercial, residential, and industrial.
The commercial segment leads the global solar power solutions market due to increased investments in solar energy for large scale power generation, as countries shift away from conventional sources. Commercial systems prove more profitable owing to economies of scale achieved through larger installations, which further fosters segmental growth.
Growing Investments in Solar Panel Products to Augment Solar Energy Solutions Market Demand
Based on product, the solar energy solutions market is segmented into solar panels, charge controllers, batteries, and inverters.
The solar panels segment emerged as the market leader in 2022, propelled by significant investments in solar panel systems. Solar panels play a vital role in the solar energy system, serving as the primary component responsible for converting solar power into electrical energy bolstering segmental expansion.
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Demand for Sustainability and Eco-friendly Energy Sources to Boost Market Progress
The driving force behind the solar energy solutions market can be attributed to several key factors. One of the primary factors is the growing demand for sustainable and eco-friendly energy sources, which stems from a global commitment to reduce greenhouse gas emissions and combat climate change. As a result, solar energy solutions are being adopted widely to meet these environmental goals.
Government policies and incentives also play a pivotal role in propelling the solar energy market forward. Measures such as feed-in tariffs, tax credits, and support systems for renewable energy have created a favorable environment for the installation of solar panels and the expansion of solar farms.
Advancements in solar panel technology, increased manufacturing efficiency, and economies of scale have made solar energy more cost effective and competitive compared to conventional energy sources. This cost reduction has made solar energy an appealing option for a wide range of consumers, including residential and commercial users.
Europe to Lead Solar Energy Solutions Market Due to Efforts to Reduce Greenhouse Gas Emissions
Europe currently leads the global solar energy solutions market in terms of growth. This dominance is attributed to Europe's continuous efforts to develop and implement solar energy solutions as part of its commitment to reducing greenhouse gas emissions and transitioning towards a more sustainable energy system. Government policies and incentives have played a pivotal role in the promotion of solar energy adoption across Europe. Measures such as feed-in tariffs, tax credits, and support systems for renewable energy have incentivized the installation of solar panels on rooftops and the establishment of large-scale solar farms. These policies have fostered a favorable investment climate, consequently fueling the growth of the industry.
Furthermore, ongoing advancements in solar panel efficiency, manufacturing processes, and the benefits of economies of scale have significantly reduced the cost of solar energy, rendering it a more cost-effective and competitive alternative to traditional energy sources. This cost reduction has made solar energy an attractive choice for both residential and commercial consumers, leading to an increased uptake of this sustainable energy source.
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Key Points from TOC:
Chapter 1 Introduction of the Global Solar Energy Solutions Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Solar Energy Solutions Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Solar Energy Solutions Market, By Product
Chapter 7 Global Solar Energy Solutions Market, By End-Use
Chapter 8 Global Solar Energy Solutions Market, By Geography
Chapter 9 North America
Chapter 10 Europe
Chapter 11 Asia Pacific
Chapter 12 Middle East & Africa
Chapter 13 Latin America
Chapter 14 Global Solar Energy Solutions Market Competitive Landscape
14.1 Overview
14.2 Key Developments
14.3 Key Strategic Developments
14.4 Company Market Ranking
14.5 Regional Footprint
14.6 Industry Footprint
Chapter 15 Company Profiles
15.1 Trina Solar
15.1.1 Key Facts
15.1.2 Financial Overview
15.1.3 Type Benchmarking
15.1.4 Recent Developments
15.1.5 Winning Imperatives
15.1.6 Current Focus & Strategies
15.1.7 Threat from competition
15.1.8 SWOT Analysis
15.2 Yingli Green Energy
15.2.1 Key Facts
15.2.2 Financial Overview
15.2.3 Type Benchmarking
15.2.4 Recent Developments
15.2.5 Winning Imperatives
15.2.6 Current Focus & Strategies
15.2.7 Threat from competition
15.2.8 SWOT Analysis
15.3 Tata Power Solar Systems Ltd.
15.3.1 Key Facts
15.3.2 Financial Overview
15.3.3 Type Benchmarking
15.3.4 Recent Developments
15.3.5 Winning Imperatives
15.3.6 Current Focus & Strategies
15.3.7 Threat from competition
15.3.8 SWOT Analysis
15.4 Hanwha Group
15.4.1 Key Facts
15.4.2 Financial Overview
15.4.3 Type Benchmarking
15.4.4 Recent Developments
15.4.5 Winning Imperatives
15.4.6 Current Focus & Strategies
15.4.7 Threat from competition
15.4.8 SWOT Analysis
15.5 Canadian Solar
15.5.1 Key Facts
15.5.2 Financial Overview
15.5.3 Type Benchmarking
15.5.4 Recent Developments
15.5.5 Winning Imperatives
15.5.6 Current Focus & Strategies
15.5.7 Threat from competition
15.5.8 SWOT Analysis
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