Solar Power Market to Cross USD 399.89 Billion by 2030 due to Declining Solar Panel Costs and Improvements in Energy Storage

As per SNS Insider’s research, the solar power market’s growth is a result of a combination of factors, including technological advancements, policy support, environmental concerns, economic incentives, and increased public awareness.

The SNS Insider report indicates that the solar power market, with a valuation of USD 236.25 billion in 2022, is projected to reach USD 399.89 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 6.8% during the forecast period from 2023 to 2030.

Key Players included are:

• Abengoa Se
• Acciona S.A.
• Canadian Solar Inc.
• Esolar Inc.
• United Renewable Energy Co. Ltd.
• Sunpower Corporation
• Kaneka Corporation
• Tata power solar systems ltd.
• Wuxi Suntech Power Co.Ltd.
• Brightsource Energy Inc.
• Urja Global Limited
• other key players 

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Market Report Scope

Solar power, also known as solar energy, is a clean and renewable source of electricity generated from the sun’s radiant energy. It harnesses the power of sunlight and converts it into electricity using photovoltaic (PV) cells or solar panels. This innovative technology has gained significant popularity in recent years as an eco-friendly alternative to traditional fossil fuels and is a vital component of sustainable energy solutions. Ongoing advancements in solar technology continue to improve efficiency and reduce costs, making solar power more accessible to a broader range of people.

Market Segmentation and Sub-segmentation included are:

By Technology

• Photovoltaic Systems
• Concentrated Solar Power Systems

By Solar Module

• Monocrystalline
• Polycrystalline
• Cadmium Telluride
• Amorphous Silicon Cells
• Others

By End-use

• Electricity Generation
• Heating
• Charging
• Lighting

By Application

• Residential
• Commercial
• Industrial  

Market Analysis

One of the primary drivers of the solar power market’s growth has been the significant reduction in the cost of solar panels. Technological advancements, economies of scale, and increased competition among solar panel manufacturers have led to a sharp drop in the price of solar photovoltaic (PV) modules. This has made solar power more affordable and accessible to a broader range of customers. Many governments around the world have implemented supportive policies and incentives to encourage the adoption of solar energy. These include tax credits, subsidies, feed-in tariffs, and net metering programs. These incentives reduce the upfront cost of solar installations and provide a financial incentive for homeowners, businesses, and utilities to invest in solar power. Ongoing advancements in solar technology have improved the efficiency and performance of solar panels. Innovations in materials, design, and manufacturing processes have increased the energy output of solar installations, making them more economically viable and attractive.

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Impact of Recession

The impact of a recession on the solar power market can vary depending on a range of factors. While short-term challenges such as reduced investment and disruptions in the supply chain may hinder growth, the long-term commitment to renewable energy, innovation, and job creation may continue to drive the industry forward, especially in regions with strong policy support for sustainability and clean energy.

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Impact of Russia-Ukraine War

While the Russia-Ukraine conflict has the potential to impact the solar power market through supply chain disruptions, energy security concerns, and geopolitical uncertainty, it is important to consider these effects within the broader context of global energy trends and policies. The long-term growth of the solar power industry remains closely tied to efforts to combat climate change and transition to sustainable energy sources.

Key Regional Development

North America, particularly the United States, has witnessed significant growth in solar power adoption. Federal and state incentives, coupled with decreasing installation costs, have made solar energy more accessible to residential and commercial customers. China dominates the solar power market in the Asia-Pacific region, boasting both the largest manufacturing capacity and installation capacity globally. India and Australia have also emerged as key players, driven by ambitious government initiatives and rapidly growing energy demands. Regional dynamics include varying levels of government support, infrastructure development, and regulatory frameworks.

Key Takeaway from Solar Power Market Study

• The Photovoltaic Systems segment is at the forefront of the solar power revolution. PV systems are designed to directly convert sunlight into electricity using semiconductor materials, primarily silicon solar cells. Additionally, PV systems have witnessed a significant decrease in manufacturing and installation costs over the years.
• The Electricity Generation segment is making solar power a practical and sustainable choice for large-scale energy needs. As the world strives to combat climate change and transition to cleaner energy sources, the segment will play a pivotal role in achieving a greener and more sustainable future.

Recent Developments Related to Solar Power Market

• Tata Power, a leading name in the Indian energy sector, has recently formed a strategic alliance with Sanyo Solar, a prominent player in the solar industry. This partnership marks a significant step towards harnessing clean and sustainable energy through a captive solar plant.
• KPI Green, a prominent player in the renewable energy sector, has recently made significant strides in bolstering its commitment to sustainable energy solutions. The company has successfully secured a portfolio of impressive 9.7 MW solar power projects, positioning itself as a captive power producer of renewable energy sources.

Table of Contents – Major Key Points:

Chapter 1 Introduction

Chapter 2 Research Methodology

Chapter 3 Market Dynamics

Chapter 4 Impact Analysis 

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of Ongoing Recession on Major Economies

Chapter 5 Value Chain Analysis

Chapter 6 Porter’s 5 Forces Model

Chapter 7 Solar Power Market Segmentation, By Technology

Chapter 8 Solar Power Market Segmentation, By Solar Module

Chapter 9 Solar Power Market Segmentation, By End-use

Chapter 10 Solar Power Market Segmentation, By Application

Chapter 11 PEST Analysis

Chapter 12 Regional Analysis

Chapter 13 Company Profile

Chapter 14 Competitive Landscape

Chapter 15 Use Case and Best Practices

Chapter 16 Conclusion

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