Solar Energy Market to Reach $552.4 Billion by 2030, Driven by Technological Advancements and Government Initiatives

Strategic Insights -

The global solar energy market is projected to experience significant growth, with a compound annual growth rate (CAGR) of 13.0% from 2022 to 2030, reaching a market value of $552.4 billion by 2030. The market was valued at $207.2 billion in 2022. This growth can be attributed to the increasing focus on reducing greenhouse gas emissions and achieving net zero carbon emission targets, as well as the mounting demand for renewable energy sources.

Key Takeaways:

  • The global solar energy market is expected to reach a market value of $552.4 billion by 2030, with a compound annual growth rate (CAGR) of 13.0% from 2022 to 2030.
  • The market was valued at $207.2 billion in 2022.
  • The growing technological development and government initiatives are boosting the application of solar energy in various end-use sectors such as aerospace and defense.
  • Solar-powered UAVs, also known as solar-driven UAVs, are unmanned aerial vehicles that rely solely on solar energy to perform their functions, which include communications and persistent intelligence, surveillance, and reconnaissance (ISR).
  • The rising application of solar power in the aerospace, space, and defense industries is likely to create lucrative opportunities for the solar energy market players to boost the adoption of solar energy-based systems.
  • Key players in the solar energy market include JinkoSolar Holding Co Ltd, Canadian Solar Inc., Trina Solar Co. Ltd, First Solar Inc., ADT Solar, ACCIONA Energia, BrightSource, Abengoa SA, Heliogen Inc., and Nextera Energy Resources.
  • The Australian government's favorable policies and incentive schemes are fueling the Australia solar energy market share, with the Small Scale Renewable Energy Scheme introduced in 2022.
  • The growing use of rooftop solar panels in residential and commercial buildings is boosting the Australia solar energy market share.

Statistics:

  • Market value: $207.2 billion in 2022
  • Projected market value by 2030: $552.4 billion
  • CAGR from 2022 to 2030: 13.0%
  • Forecast period: 2022-2030
  • Base year: 2022
  • Revenue forecast: $552.4 billion
  • Company ranking: JinkoSolar Holding Co Ltd, Canadian Solar Inc., Trina Solar Co. Ltd, First Solar Inc.
  • Competitive landscape: Key players in the solar energy market include JinkoSolar Holding Co Ltd, Canadian Solar Inc., Trina Solar Co. Ltd, First Solar Inc., ADT Solar, ACCIONA Energia, BrightSource, Abengoa SA, Heliogen Inc., and Nextera Energy Resources.

Sources:

  • The Insight Partners, "Forecast to 2030 - COVID-19 Impact and Global Analysis - by Technology (Photovoltaic Systems and Concentrated Solar Power Systems), Application (Electricity Generation, Heating, and Others), End User (Residential, Commercial & Industrial, and Utility Scale), and Geography" (2023)
  • The Insight Partners, "Global Analysis and Forecast to 2028"
  • The Insight Partners, "Global Analysis and Forecast to 2030" (2023)
  • The Insight Partners, "Global Analysis and Forecast to 2030" (2022)
  • The Insight Partners, "Solar Energy Market Analysis" (2023)