February 2024
06 Nov 2024
The global solar energy market revenue surpassed USD 121.99 billion in 2024 and is predicted to attain around USD 347.10 billion by 2033, growing at a CAGR of 12.32%. The demand for solar energy is rising due to increasing concerns about the environmental impact of fossil fuels. In addition, the growing concerns about climate change and the rising focus on reducing carbon emissions further boost the demand for renewable energy sources, including solar energy.
Solar energy is the energy collected from the sun and then converted into electrical or thermal energy. It is also the most abundant renewable energy source. Several technologies, such as photovoltaic cells, are used to convert sunlight into electricity. Concentrated solar power systems are also used to generate electricity. These systems use mirrors or lenses to concentrate a large area of sunlight into a receiver. Solar energy offers several benefits, such as minimizing greenhouse gas emissions and reducing dependency on fossil fuels.
The rapid shift toward a cleaner and sustainable energy source is a major factor fueling the market's growth. With the rising population, the demand for more electricity is increasing. Moreover, rising government initiatives to promote sustainable energy sources and reduce dependency on fossil fuels further boost the solar energy market.
Governments are implementing policies like subsidies, grants, tax credits, and filled-in tariffs that drive the attention of businesses toward solar energy sources. For instance, the government of India has set a target for establishing 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030.
High demand for clean energy: With the increasing prices of fossil fuel-based electricity and the lack of availability of fossil fuels, the demand for clean energy is rising worldwide, thus boosting the market growth. People are becoming more aware of the benefits of solar energy. In addition, the rising industrialization leads to increased solar PV installations, contributing to market growth.
Government initiatives: Rising government initiatives to promote sustainable energy drive the growth of the market. Various governments are offering tax credits and subsidies to homeowners and farmers for PV installations. Moreover, rising concerns about greenhouse gas emissions due to fossil fuel use propels the demand for solar energy.
Electrification of remote areas: Rising focus on electrification of remote areas creates lucrative opportunities in the market. Solar power can be decentralized, which makes it an ideal solution for electrifying remote areas.
In 2023, Asia Pacific led the solar energy market with the largest share. This is mainly due to the rising industrialization and electricity consumption in countries like India and China. With the growing population in these countries, the consumption and demand for electricity have increased in the past few years. For instance, electricity consumption in India has grown over the past decades, amounting to 1,407 terawatt-hours in 2023. Moreover, rising government initiatives to promote renewable energy, rising environmental concerns, and the growing focus on rural electrification contributed to regional dominance.
On the other hand, North America is expected to be the fastest-growing region in the solar energy market in the coming years. This is primarily due to the increasing consumption of sustainable and clean energy sources. In addition to this, rising awareness about environmental concerns boosts the demand for solar energy in the region.
Report Attribute | Key Statistics |
Market Revenue in 2024 | USD 121.99 Billion |
Market Revenue by 2033 | USD 347.10 Billion |
CAGR | 12.32% from 2024 to 2033 |
Quantitative Units | Revenue in USD million/billion, Volume in units |
Largest Market | Asia Pacific |
Base Year | 2023 |
Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Segmentation
By Technology
By Solar Module
By Application
By End-user
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