Solar Energy Market Volumes to Reach 2.12 gigawatt by 2028

Hyderabad, Aug. 02, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Solar Energy Market Report (2023-2028)," the market is estimated at USD 1.17 gigawatt in 2023. It is expected to register a CAGR of 12.72% during the forecast period.

Solar energy, as the name suggests, is the energy that is obtained from the radiation of the sun. The sun, as a source of energy, is limitless, and the energy derived from it is renewable and can be converted into multiple usable forms, such as electricity and heat. Solar energy technologies capture and convert UV rays, infrared rays, and visible light into usable energy.

Report Summary:

Report Attribute

Details

Market Size (2023)

1.17 gigawatt

Market Size (2028)

2.12 gigawatt

CAGR (2023-2028)

12.72%

Study Period

2018-2028

Fastest Growing Market

Asia-Pacific

Largest Market

Asia-Pacific

Forecast Units

Volume (gigawatt)

Report Scope

Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends

Key Market Drivers

Favorable Government Policies.

Increase in the adoption of solar PV systems.

Who are the Top Companies in the Global Solar Energy Market?

The solar energy market is immensely fragmented and includes both local and international players.

Noteworthy players in the global solar energy market are,

Canadian Solar Inc.

JinkoSolar Holding Co. Ltd.

Trina Solar Co. Ltd.

SunPower Corporation

LONGi Green Energy Technology Co. Ltd.

First Solar Inc.

JA Solar Holding

Abengoa SA

Acciona SA

Brightsource Energy Inc.

Engie SA

NextEra Energy Inc.

ACWA Power

Sharp Corporation

REC Solar Holdings AS

Hanwha Corporation

Other Reports That Might Be of Your Interest:

Solar Photovoltaic Wafer Market Report - The solar photovoltaic wafer market is expected to register a CAGR of more than 5.00% during the forecast period (2023-2028).

Europe Single-Axis Solar Tracker Market Report - The European single-axis solar tracker market is expected to register a CAGR of more than 8.00% during the forecast period (2023-2028).

Key Highlights from the Global Solar Energy Market Report:

Solar Photovoltaic (PV) Segment is Predicted to Dominate the Market

The most recent PV systems have advanced technologies built in. They can directly convert solar energy into electricity with the use of solar panels that are built using semiconductor materials like silicon.

Over the past decade, the cost of manufacturing PV systems has declined dramatically. Major reasons for this decline include economies of scale, technological advancements, and enhanced manufacturing processes.

Growing Demand for PV Systems in Asia-Pacific

To support overall solar energy adoption, countries in the Asia-Pacific region, like Japan, China, and India, have implemented supportive policies and ambitious renewable energy targets.

As per the reports by the International Renewable Energy Agency, the total solar energy installed capacity grew by a whopping 110 GW in 2022 from 2021.

What are the Latest Developments in the Global Solar Energy Market?

In September 2022, its first set of utility-scale renewable energy projects in India was announced by Amazon India. These projects included setting up three solar farms in Rajasthan, which had a total clean energy capacity of 420 MW.

In March 2022, A partnership was created between the University of California and Turlock Irrigation District (TID), Marin County, California Department of Water Resources, and Solar AquaGrid.

Mordor Intelligence has Segmented the Global Solar Energy Market Based on Technology and Geography Regional Market Analysis:

By Technology (Market Size and Forecast based on Volume (gigawatt), 2018-2028)

Solar Photovoltaic (PV)

Overview

Solar Photovoltaic (PV) Installed Capacity and Forecast, in GW, till 2028

Annual Solar PV Shipments, in GW, till 2022

Share of Solar PV Shipments (%), by Technology, 2022

Average Selling Price of Solar PV Module, in USD/W, till 2022

Key Projects Information

Concentrated Solar Power (CSP)

Overview

Concentrated Solar Power (CSP) Installed Capacity and Forecast, in GW, till 2028

Solar Thermal Capacity in Operation, in GW, till 2022

Solar Thermal Installed Capacity Share (%), by Collector Type, 2022

Key Projects Information

By Geography Regional Market Analysis (Market Size and Forecast based on Volume (gigawatt), 2018-2028)

North America

United States

Mexico

Europe

Germany

Spain

Italy

United Kingdom

Rest of Europe

Asia-Pacific

China

India

Japan

Australia

Rest of Asia-Pacific

South America

Brazil

Argentina

Chile

Rest of South America

Middle East & Africa

Saudi Arabia

United Arab Emirates

Egypt

Nigeria

South Africa

Rest of Middle East & Africa

In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Solar Energy Market Report (2023-2028).

Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:

Asia-Pacific Solar Tracker Market Report - The Asian-Pacific solar tracker market is expected to register a CAGR of 29.94% during the forecast period (2023-2028).

Asia-Pacific Solar Inverter Market Report - The Asian-Pacific solar inverter market is expected to register a CAGR of more than 2.50% during the forecast period (2023-2028).

Czech Republic Solar Energy Market Report - The Czech Republic solar energy market is expected to register a CAGR of more than 2.50% during the forecast period (2023-2028).

About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.

Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.

Attachment

Solar Energy Market - Mordor Intelligence