Solar Energy Market Size, Share, By Technology (Photovoltaic (PV) Solar Energy, Thin-Film Solar Cells, Floating Solar Technology, Concentrated Solar Power (CSP), and Others), By Component (Solar Panels, Inverters, Mounting Structures, and Other Components

Solar Energy Market Size, Share, By Technology (Photovoltaic (PV) Solar Energy, Thin-Film Solar Cells, Floating Solar Technology, Concentrated Solar Power (CSP), and Others), By Component (Solar Panels, Inverters, Mounting Structures, and Other Components), By Application (Commercial, Industrial, Residential, and Utility-Scale), By End-User (Power Generation, Heating, Lighting, and Others), and By Region - Trends, Analysis, and Forecast till 2034

Solar energy market is rapidly evolving as a vital component of the global transition towards sustainable energy solutions. Harnessing energy from the sun this sector benefits from advancements in technology which further enhances the efficiency of solar installations. As awareness of climate change and the need for clean energy sources grows solar power is increasingly recognized for its potential to reduce greenhouse gas emissions and also reliance on fossil fuels which in the future boosts the target market growth

Report Highlights:

• Solar energy market size and share accounted for USD 286.2 Billion in 2024
• The Target Market is estimated to be USD 540.3 Billion by 2034 and to register a CAGR of 7.2%
• Based on Components, the Solar Energy Market is rapidly boosting in the Solar panels sector.
• In the Solar Energy Market, Based on Technology, Photovoltaic (PV) Solar Energy holds a major share.
• According to the application, the Utility scale gets a large market share in the solar energy industry.
• Power generation is anticipated to hold the largest share of the solar energy market based on end users.
• By Region, the Solar Energy Market is expected to expand rapidly in North America region

Key Highlights:

• In July 2024, Swiss-based renewable energy investment platform Keppel MET Renewables (KMR) underlines its commitment to investing in solar energy: The equal joint venture between integrated energy company MET Group and the Infrastructure Division of Singapore-based Keppel Ltd. completed the purchase of a 100% stake in two photovoltaic projects in the Italian regions of Piedmont and Lombardy.
• In April 2024, DWS, a German asset management company, finalized an agreement to acquire a 147 MW solar project portfolio in Spain. The projects are acquired from X-ELIO, a global renewable energy developer. The three projects, located in the municipality of Medina de las Torres, Badajoz, started operations in mid-2023, and have a total capacity of 147 MW.
• In November 2023, The Technique Solaire Group finalized the acquisition of 5 ground-mounted solar power plants with a total capacity of 135.4 MWp, located in the state of Karnataka in southwest India. The combined capacity of these 5 projects is 135.4 MWp, bringing the total capacity operated by the Group in India to 210 MWp.
• In October 2020, Adani Green Energy Limited (AGEL), announced that it has completed the acquisition of 205 MW operating solar assets from Essel Green Energy Private Limited (EGEPL) and Essel Infraprojects Limited (EIL). The assets are located in Punjab, Karnataka, and Uttar Pradesh. All the assets have long-term Power Purchase Agreements (PPAs) with various state electricity distribution companies.

Browse ∼65 market data tables and ∼36 figures through ∼160 slides and in-depth TOC on the solar Energy Market, By Component (Solar Panels, Inverters, Mounting Structures, and Other Components), By Technology (Photovoltaic (PV) Solar Energy, Thin-Film Solar Cells, Floating Solar Technology, Concentrated Solar Power (CSP), and Others), By Application (Commercial, Industrial, Residential, and Utility-Scale), By End-Use (Power Generation, Heating, Lighting, and Others), and By Region - Trends, Analysis, and Forecast till 2034”.

Competitive Landscape of Solar Energy Market:

The prominent players operating in the Solar Energy Market are SunPower Corporation, Canadian Solar, JinkoSolar, LONGi Solar, Hanwha Q CELLS, JA Solar, SolarEdge Technologies, Enphase Energy, Vivint Solar, NextEra Energy, Brookfield Renewable Partners, Risen Energy, Vestas Wind Systems, First Solar, Siemens Gamesa Renewable Energy, Trina Solar, and Acciona Energy.