As per our research report, the global Commercial Solar Energy Market size is estimated to be growing at a CAGR of 10.1% from 2023 to 2030.
The pandemic had a significant impact on the commercial solar energy market. Due to the lockdown, major industries such as semiconductors and electronics, chemicals, power generation, and others were closed down, which declined the demand for commercial solar energy in the market. This further resulted in supply chain disruptions, leading to delays in manufacturing and production of major components used in commercial solar energy systems. In addition, due to supply chain disruptions and social distancing measures, there was also a delay in the installation of solar energy systems and maintenance services.
However, growing environmental awareness among consumers during the pandemic led to an increase in installation of solar energy installations in building units that lowered electricity prices drastically. Additionally, commercial solar energy units were increasingly used in hospitals for power generation purposes, which also helped to lower the costs and contribute towards energy efficiency. Moreover, grids were installed on hospital buildings that provided clean and green electricity during the pandemic. Further, remote monitoring services such as checking on energy consumptions, energy data management services, energy storage solutions, and integration to smart devices for seamless functioning of medical equipment and devices.
Post-pandemic, there was an increase in awareness of sustainability and environmental conservation, which boosted the market for commercial solar energy. These include government policies and investments in the solar energy sector, collaboration with NGOs and other agencies to educate and create awareness regarding the importance of renewable energy, and technological advancements. Moreover, rapid technological adoption post-pandemic induced manufacturers to offer smart energy storage solutions with smart grid integration, and provide remote energy monitoring services using AI and other data analytics tools. Furthermore, solar tracking or detection services gained momentum in recent times due to increased demand for commercial solar energy maintenance, as these services provide early alerts regarding any damage or failure in the grid and installation, thereby minimizing costs considerably.
The restraints to this market include competition, seasonal variations, and reliability and production issues.
Based on market segmentation by technology, photovoltaic systems hold the highest share of the market. The growth is attributed to increased usage of PV systems for electricity generation in commercial buildings such as hotels, restaurants, offices, and others. Furthermore, the concentrated solar power system is the fastest-growing segment during the forecast period. These are energy-efficient solutions that are increasingly used in commercial settings such as industrial settings, large enterprises, and others. Furthermore, they are widely used to generate electricity and power commercial settings equipment. Additionally, concentrated solar power system offers easy integration with other power systems and thereby enhances overall energy efficiency.
Based on market segmentation by solar module, the monocrystalline segment holds the highest share in the market. These solar modules are widely used in the commercial sector due to their high-efficiency rates, which range from 15-20%, and space efficiency. Further, these modules are highly durable and temperature resistant, as they can be used in warm climates as well. Additionally, they can be used in low-light circumstances, thus consuming less energy and providing energy-efficient lighting solutions. Furthermore, amorphous silicon solar cells are the fastest-growing segment during the forecast period. These are thin-film PV modules that are widely used in buildings and PV power cells due to their ability to provide light in low-light situations and due to their compact size as they are very small in size and thickness which helps consumers save material costs.
Based on market segmentation by region, APAC holds the highest share of the market. Factors such as rising demand for electricity, an increase in the number of solar power plants, and government support have contributed to the growth of commercial solar energy in the market. For instance, countries such as India and China installed a 750 megawatt and 48.2 GW solar power plant in 2020, depicting an increasing focus on renewable energy sources. Furthermore, North America is the fastest-growing region during the forecast period due to technological innovations such as the development of floating solar energy technologies, ultra-energy-efficient solar cells, AI and machine learning integrated solar panels, and the development of solar panels that can collect energy at night have contributed to the demand for commercial solar energy in the region.
Companies playing a leading role in the Global Commercial Solar Energy market profiled in this report are – Abengoa Se, Acciona S.A., Canadian Solar, Inc., Escolarar, Inc., United Renewable Energy Co. Ltd., Sunpower Corporation, Kaneka Corporation, Tata Power Solar Systems Ltd., Wuxi Suntech Power Co., Ltd., Brightsource Energy, Inc.
Photovoltaic
Concentrated Solar Power System
Monocrystalline
Polycrystalline
Cadmium Telluride
Amorphous Silicon Cells
Others
North America
Europe
Asia Pacific
Middle East and Africa
South America
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