According to our latest market study on "Solar Energy Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by Technology, Application, and End User" the market is expected to grow from US$ 207,270.00 million in 2022 to US$ 552,450.28 million by 2030; it is anticipated to grow at a CAGR of 13.0% from 2022 to 2030.

China is leading the solar energy market in Asia Pacific. The capability to produce at scale and deploy funds strategically strengthens China's solar energy market share. The growing focus on mitigating greenhouse gas emissions and reducing carbon footprint is fueling China's demand for renewable energy sources, specifically solar energy. The country has deployed approximately 425 GW of solar electricity capacity, with 33.7 GW installed in the first quarter of 2023. Northern and western parts of China are major solar concentrated, showing promising growth in solar plants and development. China has been encouraging the construction of large-scale photovoltaic (PV) and solar power plants in 2023. China has initiated the construction of several large-scale solar-powered bases in deserts, primarily in Northwest China. The construction of a solar project in the Gobi Desert has been started. Once finished, it will power China's central province of Hunan. The growing focus on solar and hybrid power plants to boost the renewable energy share in the overall power infrastructure is a major driver for the solar energy market share in China.

The top five global solar energy market players included JinkoSolar Holding Co Ltd, Canadian Solar Inc., Trina Solar Co. Ltd, First Solar Inc., and Nextera Energy Resources in 2022. The ranking of these companies is derived by giving weightage to the following key performance parameters: overall revenue, segment revenue, geographical reach, customer base, new product launches, market initiatives, investment in technology up-gradation, R&D investments, mergers & acquisitions, and other market-related activities. Various other notable solar energy market players profiled in this report are ADT Solar, ACCIONA Energía, BrightSource, Abengoa SA, Heliogen Inc., Nextera Energy Resources, etc.

Key Findings of Market Study:

The evolution of the energy system following the Paris Agreement, launched in 2015 and entered into force in 2016, has fueled the solar energy market growth. A key contributor of GHG (greenhouse gas) emissions that lead to climate change is power generation using fossil fuels. The utilization of solar energy is increasing due to rising concern towards more sustainable and green energy alternatives, growing climate change concerns, and government initiatives towards boosting the solar energy market. Governments of various nations are realizing the significance of switching to renewable sources to meet the future low to zero carbon emission targets. For instance, the US government aims to reduce net GHG emissions by 50–52% compared to 2005 levels by 2030 and attain net zero emissions by 2050. Similarly, the government of Germany has set a target to reduce its carbon dioxide emissions by 65% compared to 1990 levels by 2030. Under China's NDC objectives, the country's emission levels are anticipated to reach 14.0 GtCO2e/year by 2030 and are intended to reach net-zero emissions by 2060. The Government of India plans to reduce carbon dioxide emissions by ~45% (below 2005 levels) by 2030. Also, the Brazilian government has set a target to decrease greenhouse gas emissions by 50% by 2030. All such government initiatives are driving the solar energy market growth.

Further, due to the increasing energy uncertainties in Europe owing to the Russia-Ukraine war, governments of several countries recognized the capability of domestically generated renewables. The renewable industry includes power sources, primarily wind, hydroelectric, and solar. Thus, the growing concerns regarding greenhouse gas emissions and energy uncertainties are fueling the growth of the solar energy market.

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