Solar Energy Systems Market by Component (Hardware, Services, Solutions), Technology (Concentrated, Photovoltaic, Thermal Solar), Source, Deployment, End-user - Global Forecast 2024-2030

Solar Energy Systems Market by Component (Hardware, Services, Solutions), Technology (Concentrated, Photovoltaic, Thermal Solar), Source, Deployment, End-user - Global Forecast 2024-2030

The Solar Energy Systems Market size was estimated at USD 205.38 billion in 2023 and expected to reach USD 229.87 billion in 2024, at a CAGR 12.22% to reach USD 460.42 billion by 2030.

A solar energy system represents a specific technology or set of components utilized in capturing, converting, storing, and/or distributing solar power. These systems are crucial in mitigating climate change, promoting sustainable development, and reducing dependency on fossil fuels. By employing solar-powered technologies, individuals and organizations can create a cleaner environment, conserve natural resources, and foster economic growth. They also offer financial advantages by creating manufacturing, installation, maintenance, and research jobs. In addition to grid-connected systems that feed surplus power back into the electrical grid, there are off-grid applications, including residential rooftop installations and portable charging devices that provide electricity access in remote locations without access to conventional utility services. Furthermore, hybrid systems combining solar energy with other renewable sources and storage options, including batteries, enable greater reliability and flexibility in meeting diverse energy needs. The promising government incentives and initiatives for solar panel installations, increased applications of solar energy in various verticals, and a rapid inclination toward renewable energy adoption are driving the growth of the solar energy systems market. However, high costs associated with building solar energy systems, climatic conditions, and geographical latitudes may affect the efficiency of solar panels and hinder market development. Nevertheless, the emerging innovations and surging R & D activities are paving the way for advanced solar energy systems and present immense opportunities for the industry's progress.

Regional Insights

In the Americas, solar power is emerging as a rapidly expanding industry, owing to federal tax incentives, such as Investment Tax Credit (ITC), state-level policies, including Renewable Portfolio Standards (RPS), and net metering schemes that support residential installations. Furthermore, Latin American countries, including Brazil, Mexico, and Chile, are gaining momentum by implementing clean energy auctions and financing mechanisms to attract investments. The EMEA region showcases diverse dynamics within the solar energy system market. European countries, including Italy, France, Germany, and Spain, are at the forefront of adopting solar technology. The European Union's ambitious renewable energy targets for 2030 have spurred significant investments. Meanwhile, the Middle East and Africa present vast opportunities for expansion owing to abundant sunshine hours and untapped markets. APAC has emerged as another key player in the global solar energy system market due to its rapidly growing economies and increasing demand for clean power generation. China leads this region with massive manufacturing capabilities enabling it to cater to domestic demand and export markets. Other prominent nations such as India, Japan, and Australia invest heavily in solar infrastructure development through favorable policy frameworks such as Feed-in Tariffs (FiTs) and government subsidies. Government policies, economic factors, and growing awareness of renewable energy sources drive the diverse market dynamics in each region. Solar technology plays a pivotal role in transforming the global energy mix as the world works toward sustainable energy goals.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Solar Energy Systems Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Favorable government incentives and initiatives for solar panel installation
    • Increased applications of solar energy for power generation, agriculture, and architecture
    • Market Restraints
      • Associated high cost of building solar energy system
      • Market Opportunities
        • Integration of digital technologies in solar energy systems
        • Introduction of floating solar photovoltaic (PV) systems and perovskite solar cells
        • Market Challenges
          • Issues of maintaining solar energy in changing climatic conditions and geographical latitudes
          • Market Segmentation Analysis
            • Component : Adaptability toward solar energy system proliferates demand for hardware, services and solutions
            • Technology: Adoption of thermal solar energy systems generating electricity in large-scale power plants
            • Source: Thriving new installation of solar energy systems owing to reduced system costs, and favorable government policies
            • Deployment: Preferences for hybrid solar energy systems for improved reliability & reduced environmental impact
            • End-user: Proliferation in industrial setting to minimize greenhouse gas emissions, and comply with environmental regulations
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Solar Energy Systems Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Solar Energy Systems Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • ACWA Power consortium commits USD 2.2 billion for Al-Shuaibah solar projects
              
              The consortium led by ACWA Power has successfully secured financing for two solar projects, namely Al-Shuaibah 1 and Al-Shuaibah 2, with a total investment of SR 8.3 billion (USD 2.2 billion). ACWA Power entered into power purchase agreements to develop a 2,060 megawatts solar photovoltaic plant capable of powering 350,000 homes. The Public Investment Fund (PIF) aims to achieve 70% of the Kingdom's renewable energy capacity by 2030. Saudi Arabia intends to leverage its current oil windfalls to expedite the transition towards clean energy between 2023 and 2027, with a total investment of SR380 billion (USD 101.2 billion) by 2030.
              
              Nissan Middle East Partners With ENGIE Solutions For New Solar Energy System In Dubai
              
              Nissan Middle East partnered with ENGIE Solutions for a new solar energy system In Dubai. In line with the brand’s global sustainability goals, the solar photovoltaic system is designed to supply clean energy that accounts for approximately 30% of the company’s power requirements for its Jebel Ali operations. This innovative solar energy system is set to meet the energy requirements of numerous citizens and businesses in the city.
              
              TSG Announces the Acquisition of two Companies Specialized in Solar Energy – JCM Solar and Eco-Cycle Environmental Group – and Consolidates its Position in this Fast-Growing Market
              
              TSG Solutions acquired two companies specializing in solar energy: JCM Solar and Eco Cycle Environmental Group. This strategic move enables TSG Solutions to enhance its proficiency in solar energy while offering an extended range of top-notch services. Moreover, this acquisition reinforces TSG Solutions' position in the global solar energy market, allowing them to expand their presence and better serve their clients.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Solar Energy Systems Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Solar Energy Systems Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Abengoa, Acciona, S.A., Canadian Solar Inc., Complete Solaria Inc., Engie, Enphase Energy, Inc., First Solar, Inc., Hanwha Solutions Corporation, JA SOLAR Technology Co., Ltd., Jiangsu Zhongli Group Co., Ltd., Jinko Solar Co., Ltd., Kaneka Corporation, LONGi Green Energy Technology Co., Ltd., New BrightSource, Ltd., NextEra Energy Resources, LLC., Petronas Group, Reliance Industries Ltd., Risen Energy Co., Ltd., Schneider Electric SE, Sharp Corporation, Siemens AG, SolarEdge Technologies Inc., SunPower Corporation, Suzlon Energy Limited, Tata Power Solar Systems Limited, Trina Solar Co., Ltd., United Renewable Energy LLC, Vivint, Inc., and Yingli Energy Development Co., Ltd..
            
            Market Segmentation & Coverage
            
            This research report categorizes the Solar Energy Systems Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Component
              • Hardware
                • Batteries
                • Inverters
                • Module
                  • Amorphous Silicon Cells
                  • Cadmium Telluride Silicon Cells
                  • Monocrystalline Silicon Cells
                  • Polycrystalline Silicon Cells
                  • Solar Panels
                  • Services
                  • Solutions
                    • Asset Management
                    • Meter Data Management
                    • Network Monitoring
                    • Remote Metering
                    • Technology
                      • Concentrated
                      • Photovoltaic
                      • Thermal Solar
                      • Source
                        • MRO
                        • New Installation
                        • Deployment
                          • Hybrid
                          • Off Grid
                          • On Grid
                          • End-user
                            • Commercial
                            • Industrial
                            • Residential
                            • Region
                              • Americas
                                • Argentina
                                • Brazil
                                • Canada
                                • Mexico
                                • United States
                                  • California
                                  • Florida
                                  • Illinois
                                  • New York
                                  • Ohio
                                  • Pennsylvania
                                  • Texas
                                  • Asia-Pacific
                                    • Australia
                                    • China
                                    • India
                                    • Indonesia
                                    • Japan
                                    • Malaysia
                                    • Philippines
                                    • Singapore
                                    • South Korea
                                    • Taiwan
                                    • Thailand
                                    • Vietnam
                                    • Europe, Middle East & Africa
                                      • Denmark
                                      • Egypt
                                      • Finland
                                      • France
                                      • Germany
                                      • Israel
                                      • Italy
                                      • Netherlands
                                      • Nigeria
                                      • Norway
                                      • Poland
                                      • Qatar
                                      • Russia
                                      • Saudi Arabia
                                      • South Africa
                                      • Spain
                                      • Sweden
                                      • Switzerland
                                      • Turkey
                                      • United Arab Emirates
                                      • United Kingdom
                                      
                                      
                                      Please Note: PDF & Excel + Online Access - 1 Year