Solar Energy Systems Market, by Product (Solar Panels, Batteries, Inverters, Charge Controllers), Technology (Photovoltaic (PV) systems and solar thermal systems), Source (New Installation, Maintenance, Repair and Operation (MRO) Services), End-use (Residential, Commercial and Industrial) and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America).
Solar Energy Systems Market Overview
The Solar Energy Systems market size was estimated at USD 215.4 billion in 2023 and is projected to reach USD 605.84 billion in 2030 at a CAGR of 15.92% during the forecast period 2023-2030.
Solar Energy Systems are designed to capture the sun’s energy and convert it into electricity or heat. There are two main types of solar energy systems – Photovoltaic (PV) systems and Solar thermal systems. Photovoltaic systems use solar cells to convert sunlight into electricity. PV systems can be used to power homes, businesses, and other buildings, or they can be used to generate electricity for the grid. On the other hand, solar thermal systems use the sun’s heat to heat water or air. Solar thermal systems can be used for domestic hot water, space heating, or industrial applications. Solar energy systems can be used to reduce the reliance on fossil fuels and are cost effective. They are also a clean and renewable source of energy, which helps protect the environment. The cost of solar energy systems has observed a decline in the recent years.
The solar energy systems market can be segmented based on product into solar panels, batteries and inverters. Based on technology, the market can be segmented into photovoltaic (PV) systems and solar thermal systems. Based on source, the market can be segmented into new installation and MRO. Based on the end use, the market is bifurcated into residential, commercial and industrial. Lastly, based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa and South America. The growth of the market is driven by the increasing demand for renewable energy sources, government incentives, and declining costs of solar panels.
The solar energy systems market is expected to grow significantly in the coming years driven by a number for factors such as growing environmental concerns, government incentives, declining cost of solar energy systems, and improved solar technology. However, there are also some challenges that could hamper the growth of the market during the forecast period. Solar energy is not always available, as it depends on the sun shining. Moreover, solar farms require a significant amount of land, which can be a challenge in some areas.
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The COVID-19 pandemic had a significant impact on the solar energy systems market. The pandemic led to supply chain disruptions and decreased demand as businesses and industries were shut down. However, the continued decline in the cost of solar energy systems, increasing demand for clean energy and supporting policies for solar energy all led to the gradual recovery of the solar energy systems market.
Delvens Industry Expert's Standpoint
Solar energy systems market is expected to grow significantly in the forecast period. This growth is being driven by factors such as increased demand for clean energy, advances in solar energy systems technologies and reduced prices of solar energy systems. However, the market is facing some challenges that is hampering its growth. The high upfront cost of installing solar energy systems can be high, which can be a barrier for some businesses and homeowners. Moreover, solar energy production can be affected by weather conditions such as cloud cover and snow.
Key Findings
- Based on product, the market is segmented into solar panels, batteries, inverters, charge controllers. The solar panels segment dominated the solar energy systems market and accounted for the maximum share. Solar panels are the most critical part of the solar energy system as it is responsible for converting solar energy into electrical energy. There have been heavy investments in advanced solar panel technologies to increase the efficiency and lifespan of the panel. The solar panel segment is expected to dominate the market during the forecast period.
- Based on technology, the market can be bifurcated into photovoltaic (PV) systems and solar thermal systems. On the basis of technology, the photovoltaic (PV) systems dominated the market and is expected to lead the market during the forecast period. This increased demand for photovoltaic (PV) systems can be attributed to reduced costs of solar energy systems as well as increased government incentives.
- Based on source, the market can be segmented into new installation and maintenance, repair and operation (MRO) services. The new installation source segment dominated the market in this segment. 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.
- Based on end use, the market is bifurcated into residential, commercial and industrial. The industrial segment dominated the market in this segment. This growth can be attributed to the rapid industrialization across the globe and increase in population which have in turn led to increased demand for various commercial products. Due to increase in production, the demand for power also increased which led to a surge in utilization of solar concentrators in the power generation sector.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific is estimated to account for the largest market share during the forecast period. Asia-Pacific is the major consumer of solar energy among other regions. Increase in the use of solar energy systems can be attributed to the surge in usage of solar energy in standalone systems such as solar streetlamps and telecommunication and signalling towers.
Solar Energy Systems Market Regional Analysis
Asia Pacific to Dominate the Market
- Asia Pacific is estimated to account for the largest market share during the forecast period. 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.
- China is rapidly investing in solar power to cope with its pollution demands and to boost its domestic manufacturing industry.
Solar Energy Systems Market Competitive Landscape
· JinkoSolar
· LONGi
· Trina Solar
· JA Solar
· First Solar
· Fimer Group
· SMA Technologies
· Delta Electronics, Inc.
· Huawei Technologies Co., Ltd.
· SolarEdge Technologies Inc.
· BYD Company Ltd.
· Samsung SDI Co., Ltd.
· Enersys
· Tesla
· Adara Power
· Sungrow
· Schneider Electric
· Morningstar Corp.
· Wenzhou Xihe Electric Co., Ltd.
· Canadian Solar
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Solar Energy Systems Market Recent Developments
- In July 2023, Bahrain Aluminium Extrusions Company (Balexco) partnered with Kanoo Cleanmax Renewable Energy Company to implement solar energy system in Bahrian. The project is expected to have a capacity of 2.177 megawatts, enabling the company to supply 30% of its electricity needs from renewable sources.
- In July 2023, the US Department of Energy (DOE) announced a USD 20 million to minimize the use of solar energy system materials, improve installation quality and resilience of photovoltaic (PV) systems and streamline the reuse and recyclability of solar panels.
Reasons to Acquire in the Solar Energy Systems Market
- Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
- Gain authentic and granular data access for the Solar Energy Systems Market to understand the trends and the factors involved in changing market situations.
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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