November 13, 2018: Adroit Market Research published a study titled, “Global Solar Energy Market Size 2017 by Technology (Solar Photovoltaics (PV), Concentrating Solar Power (CSP)), by Panel (Monocrystalline Silicon, Polycrystalline Silicon and Thin Film), by Application (Residential, Commercial, Utility-Scale), By Region and Forecast 2018 to 2025”. The study includes the global solar energy market value and volume for a period ranging between 2015 to 2025, where 2015 to 2017 represent the actual cumulative installations with forecast between 2018 and 2025. The global solar energy market report also includes qualitative insights of the market such as drivers, restraints, opportunities, value chain, Porter’s Five Forces analysis and PESTEL analysis. Additionally, the report provides solar energy market trends for different regions.
The global solar energy market size is projected to attain a valuation of USD 222.41 billion by 2025, due to increasing installations of solar PV to address the mounting environmental concerns arising out of the intensified carbon emissions, globally. Another major factor driving the market is the declining prices of solar photovoltaic (PV) systems that have reduced the cost of producing solar power.
Increasing government investment to support the renewable sector is another factor behind the growth of the market. According to a report by Bloomberg New Energy Finance (BNEF), renewable energy investments in India increased by 22% to USD 7.4 billion in the first half of 2018 compared to the first quarter of 2017.
Residential, commercial and utility-scale are the major applications of solar energy. The utility-scale segment is expected to dominate the global solar energy market, accounting for approximately 58.8% of the global solar energy market share by 2025, in terms of revenue. This dominance of the segment is a consequence of falling prices of installation backed by increased investments and accentuated government initiatives. These are some of the key driving factors which are expected to propel the growth of the segment in the coming years.
North America is expected to be the second fastest growing region in the solar energy market over the forecast period, behind Asia Pacific. Renewable energy production has been growing at a notable pace in North America for several years. With the growing solar installations across the region, the cost of producing solar has declined. Favorable solar policies have further led to the growth of the market in the region. For instance, the United States has a Solar Investment Tax Credit (ITC) to support the deployment of solar energy. It provides a 30% tax credit for solar systems on residential and commercial installations.
Canada is also proving to be a lucrative market in the region with solar energy being the major source of electricity. According to the International Energy Agency (IEA), Canada installed 700 MW of solar capacity in 2015.
On the other hand, Asia Pacific is expected to account for 42.3% of the total installations by 2025. Government initiatives to promote solar energy is one of the key factors driving the growth in this region. Many governments in the region have ramped up their efforts with high targets. For instance, the Indian government has set a goal to produce 100 gigawatts (GW) of solar energy by the year 2022.
The global solar energy market is characterized by the presence of a large number of global and regional players. The major key players include Abengoa Solar, S.A., Tata Power Solar Systems Limited, First Solar, Inc., Trina Solar Limited, Yingli Solar, Motech Industries Inc., Acciona Energia, S.A., Wuxi Suntech Power Co., Ltd., Gintech Energy Corporation, SunPower Corporation and Canadian Solar Inc.
Key segments of the global solar energy market
Technology Overview, 2015-2025 (MW) (USD Million)
- Solar Photovoltaics (PV)
- Concentrating Solar Thermal Power (CSP)
Panel Overview, 2015-2025 (MW) (USD Million)
- Monocrystalline Silicon
- Polycrystalline Silicon
- Thin Film
Application Overview, 2015-2025 (MW) (USD Million)
Regional Overview, 2015-2025 (MW) (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa
- Rest of MEA