The Solar Power Market is Booming

Jan 2, 2023 | ADVANCED ENERGY

A Comprehensive Look at the Solar Power Market

The solar power market is growing with the demand for renewable energy sources. As per precedence research, in 2021, the global solar power industry was valued at USD 197.23 billion and is estimated to reach nearly USD 368.63 billion by 2030.

Solar power

Solar power

The Solar Power Market

Solar power is becoming an appealing option for many households and businesses. Not only does it reduce dependence on fossil fuels, but it also provides a reliable source of renewable energy that can help lower the cost of electricity. 

With countries like China and the U.S. leading the way in research and development, solar technology has advanced far beyond what was possible a few years ago.

PV (photovoltaic) panels and CSP (concentrated solar power) systems are two main ways to capture solar energy. PV panels use photovoltaic cells to convert light into electricity. Recently, Boron-doping in silicon has gained much interest due to its potential application in solar cells

It aids in the maximization of solar energy. Boron is also environmentally friendly because it reduces the breakdown of organic matter, such as algae and plankton. These organic materials are known as environmental bioproducts, and boron can safeguard them by heating them before discharging them into the environment.

At the same time, CSP systems concentrate sunlight onto a receiver that produces heat which can further generate electricity or provide cooling solutions.

Solar Energy Market Drivers

Solar energy systems are highly efficient, cost-effective, and have low environmental impacts. These systems employ the use of boron for antireflection coating and increasing efficiency. 

Governments worldwide are increasingly providing incentives and tax breaks to encourage the installation of solar panels, despite rising environmental pollution.

Moreover, modern solar cells require much less water than their traditional counterparts, which makes them a great choice for power generation. With rooftop installations becoming more popular and more applications in the architectural sector emerging, the demand for solar cells will only continue to rise. 

In addition, using solar power towers and parabolic troughs for electricity production provides further impetus for the solar energy market growth. All of these factors combine to make the solar energy market a booming industry with huge growth potential. 

Solar Power Market Insights

1. By technology, the Photovoltaic systems segment led the worldwide solar power market, accounting for roughly 70% of the market in 2020. Furthermore, PV systems can vary in scale from portable systems or small rooftop generation to huge utility-scale generation plants, contributing to the high market requirements for PV systems.

In comparison, CSP systems will be the most opportunistic sector during the projected period. Because of the enormous demand for solar energy, this segment is the fastest-growing.

2. By application, the industrial sector led the global solar energy market in 2020 by contributing more than 35% of the market share. This is due to the booming industrial sector and low-cost renewable energy, which have created enormous growth opportunities for solar power applications.

On the other hand, the residential segment is the fastest-growing sector due to increased customer awareness of solar power’s monitoring and environmental advantages.

3. By region, Asia Pacific dominated the global solar energy market, contributing more than 30% market share in 2020. Asia Pacific is responsible for over half of the world’s population, offering a large consumer base. Moreover, China, India, and Japan are the leading countries in solar energy utilization.

In addition, the other factors responsible for the solar market growth in the Asia Pacific are the increasingly hectic lifestyle, increasing internet penetration, urban expansion, increase in disposable income, and high smartphone adoption.

North America will also grow rapidly during the forecast period. The United States is the most prominent country in the region, accounting for most solar energy consumption. Furthermore, enhanced access to digital technologies, higher purchasing power, increased internet penetration, and enhanced adoption of smart devices are among the major factors driving North American solar energy market growth.

Major Market Improvements

ANIL, the new subsidiary of Billionaire Gautam Adani’s conglomerate, was established on January 13, 2022. With the project focus on green hydrogen, wind turbine production, and low-carbon electricity generation – including batteries and solar modules – ANIL aims to become the leading global provider of renewable energy solutions and manufacture the cheapest hydrogen. 

Major Players in Solar Energy Market

Abengoa Se, Wuxi Suntech power co., ltd., Canadian Solar, Inc., United renewable energy co. Ltd., Esolar, Inc., Sunpower corporation, Acciona S.A., Tata power solar systems ltd., Kaneka corporation, and Brightsource Energy, Inc. are the leading players in the solar energy market.

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