Portland, OR, May 18, 2023 (GLOBE NEWSWIRE) – Allied Market Research, a leading market research firm, has released a comprehensive report titled “Solar Energy Market by Technology, Solar Module, Application, and End-Use: Global Opportunity Analysis and Industry Forecast, 2023-2032“. The report projects that the global solar energy market generated $94.6 billion in 2022 and is expected to reach a staggering $300.3 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.3% during the forecast period.
The rapid growth of the solar energy market can be attributed to several factors, including the increasing global emphasis on renewable energy, declining costs of solar technology, and advancements in solar energy solutions. These trends have propelled the adoption of solar energy across various applications, including residential, commercial, and industrial sectors.
The report provides an in-depth analysis of market drivers, opportunities, and challenges influencing the solar energy industry. While factors such as high initial installation costs and weather dependency present restraints, emerging opportunities like the rise in popularity of solar-powered homes and the demand for solar-powered desalination systems offer avenues for growth.
In terms of technology, the photovoltaic system segment held the highest market share in 2022, accounting for nearly 90% of the global solar energy market revenue. The segment is expected to maintain its leadership status throughout the forecast period, driven by the surge in electric vehicle adoption and the need for solar-powered EV charging infrastructure. Additionally, the concentrated solar power system segment is projected to exhibit a CAGR of 12.9% from 2023 to 2032, fueled by the global focus on reducing carbon emissions and government incentives promoting clean energy adoption.
The report also highlights the dominance of the Asia-Pacific region in the solar energy market, accounting for more than two-fifths of the global market revenue in 2022. The region is projected to witness the fastest CAGR of 12.7% during the forecast period, driven by government initiatives and the high demand for energy in developing economies.
Leading market players, including First Solar, SunPower Corporation, Canadian Solar, and JinkoSolar Holding Co., Ltd., among others, have been profiled in the report. The analysis sheds light on their business performance, product portfolio, strategic moves, and market share, providing valuable insights into the competitive landscape of the solar energy industry.
As the world continues to prioritize sustainable and clean energy sources, the global solar energy market is poised for significant growth. The report serves as a comprehensive guide for industry stakeholders, investors, and decision-makers, enabling them to make informed strategic decisions and capitalize on the lucrative opportunities in the evolving solar energy market.