Solar Energy Market: Industry Overview, Recent Developments, Updates, Policies, and Outlook Research Report

According to the primary CXO's of the global solar energy market, the market is estimated to witness a substantial growth of nearly 20% over the forecast period. The market was valued at USD 20 billion, in 2019 and is expected to be valued at over USD 200 billion. By technology segmentation, the concentrated solar power system category is expected to contribute the largest market share in the global solar energy market. A concentrated solar power system stores energy by using thermal energy storage technology.

Radiant energy generated by the sun is solar energy, harnessed by the use of various technologies such as photovoltaic cells, solar heating, solar architecture, solar thermal energy, and others. It is an effective source of unconventional energy and a convenient sustainable solution for rising greenhouse and global warming emissions. Solar energy is used for the production of solar electricity. Solar energy is used in a number of ways such as heating water and cooking, generating electricity, etc. The traditional solar cells are manufactured from silicon while second-generation solar cells are made from amorphous silicon which is also called a thin-film solar cell.


According to the research report, the global Solar Energy Market in 2019 was above USD 50 billion. The market is expected to grow around a CAGR of 20% and is anticipated to reach over USD 200 billion by 2026.

The main factors for the growth of the solar energy market are government incentives provision & tax rebates for the installation of solar panels and awareness of environmental pollution. Increased in rooftop installations for residential use is expected a boom in the market during the forthcoming years. Furthermore, the rising demand for solar power towers in electricity generation is projected to generate more demand for concentrated solar power systems. Rising energy demand coupled with the growing population and raising the non-conventional price of energy is expected to drive the market in the upcoming years. However, climatic conditions especially in the geographical region, such as snowfall, rainfall, and high initial installation cost may restrain the growth of the solar energy market. Conversely, government initiatives for the use of renewable energy, low maintenance and operating cost of the solar power project, and rapid industrialization in the developing countries is bolstering the global market for solar energy.

By technology segmentation, the concentrated solar power system category is expected to contribute the largest market share in the global solar energy market. A concentrated solar power system stores the energy by using thermal energy storage technology. On the other hand, a photovoltaic system is used to generate direct electric current. On the basis of the solar module segment, the polycrystalline and monocrystalline category is expected to witness high growth owing to its use in residential applications. By application segment, the commercial category led the market in 2019 and it is anticipated to grow in the future years attributed to increasing installation of the solar energy system in commercial sectors such as hospitals, hotels, offices, etc.

On the basis of the end-use segment, the electricity generation category led the market in 2019 and it is anticipated to grow in the future years attributed to solar energy in the electric generation. By geography, in 2019, North America dominated the market and it is projected to witness the highest market share attributed to the implementation of renewable solar energy projects. Europe is also anticipated to share the highest market growth during the forthcoming years owing to the increasing awareness about environmental conservation.

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Top Market Players

Top key players operating in the market are Abengoa Solar S.A., Acciona Energia S.A., Wuxi Suntech Power Co. Ltd., Bright Source Energy Inc., Esolar Inc., Gintech Energy Corp., Kaneka Corp., Sunpower Corporation, Canadian Solar Inc., Tata Power Solar, Trina Solar Limited, Sharp Corporation, Yingli Solar, Verengo Inc, RGS Energy, JA Solar, ReneSola, and others.

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