Global Commercial Solar Energy Market Size (2023 – 2030)

According to our research report, in 2022, the Global Commercial Solar Energy Market was valued at USD 165.30 billion and is projected to reach a market size of USD 356.92 billion by 2030. The market is projected to grow with a CAGR of 10.1% per annum during the period of analysis (2023 - 2030).

Industry Overview

Solar energy is created from the sun through various technological advancements, including solar heating, photovoltaic cells, and others. It is a useful form of fluttery energy and a helpful renewable approach to creating nursery discharges and a global temperature change. An increase in environmental pollutants, as well as government incentives and tax breaks to encourage the introduction of solar boards, are what is driving the growth of the solar energy sector.

Solar energy is the radiant energy that the sun emits; it is captured using a variety of methods, including photovoltaic cells, solar heating, and others. It is a practical renewable energy source that effectively addresses rising greenhouse gas emissions and global warming. Increased environmental degradation and the availability of government incentives and tax breaks for solar panel installation are the main factors driving the market for solar energy. Additionally, solar energy systems' reduced water footprint has increased demand for them in the sectors that produce electricity. Due to an increase in rooftop installations, followed by an increase in applications in the architectural sector, the demand for solar cells has significantly increased.

Their interest in power age sectors has increased due to a significant drop in the water impression associated with solar energy systems. Due to a surge in roof construction, followed by an increase in applications in the architectural sector, interest in solar cells has gained substantial ground. In addition, it is expected that interest in concentrated solar power systems will be aided by the interest in allegorical boxes and solar power towers in the power age.

Based on a thorough review, the research on the global solar energy market offers a qualitative and quantitative analysis of the market and the factors influencing its expansion or contraction. This contains motivators, obstacles, difficulties, and potential areas for future growth. The unique COVID19 pandemic's effects on this market and the primary tactics used by competitors to generate significant profits during this time are also covered in the research. It also lists all of the market segments and participants, emphasizing their major contributions in the form of new product launches and significant partnerships.

Impact of Covid-19 on the industry

The ongoing COVID-19 dilemma has created enormous, hitherto unheard-of challenges for a variety of global business sectors and has also significantly agitated the international economy. Due to the shattered supply networks of solar equipment, the solar energy sector was also not immune to the pandemic's effects. Project delays were caused by the initial slowdown in production, which was primarily in China and other nations like India.

Market Drivers

Rising competition has led to increased efficiency and will drive the market growth

The development of photovoltaic-based power distribution systems has greatly enhanced manufacturer competitiveness. Additionally, due to the demand-driven nature of the business, solar module prices vary greatly between regions of Europe and Asia-Pacific. The prices of solar panels have decreased as a result of reduced profitability for module makers and market acquisition pressures. Additionally, the fluctuating price of silver, a key component of solar modules, fuels the demand for solar panel installations and supports the expansion of the solar energy sector.

The development of PV storage technology is anticipated to boost the solar energy production

To expand the capacity of photovoltaic (PV) systems to displace the current conventional sources, photovoltaic storage systems must be developed. The adoption of a storage grid is anticipated to expand along with the need for PV installations, which in turn will feed the demand for lithium-ion batteries for solar energy storage and propel the expansion of the solar energy market.

Economies of scale will decrease the cost of production which will drive the consumer demand

Due to an increase in installations and the use of solar panels, the amorphous silicon cell market is anticipated to grow at the fastest rate. Additionally, because more affordable solar panels are being produced, the demand for copper indium gallium selenide (CIGS) is anticipated to rise during the projection period. Additionally, during the projection period, the demand for cadmium telluride in the solar energy industry is expected to expand due to low-cost production and improvements in solar module efficiency.

Market Restraints.

Adoption of PV can be affected by factors like reliability which will challenge its market growth

 Reliability, overall production, and competitiveness are variables that have a minor impact on the adoption of PV system technology. Additionally, the growth of the solar energy business is constrained by geographic latitudes and general meteorological conditions, particularly in areas that frequently see winter and rain.

COMMERCIAL SOLAR ENERGY MARKET REPORT COVERAGE:

Global Commercial Solar Energy Market- By Technology

• Photovoltaic
• Concentrated Solar Power System

Due to the growing popularity of off-grid installations, the solar energy industry from photovoltaic (PV) systems will expand dramatically based on technology. Increasingly, solar photovoltaics are used to transform solar energy into electrical energy. The demand for replacing the current conventional sources has increased due to the expanding requirement for storage grid networks and the increased adoption of lithium ion-powered batteries. Another element that will have an impact on how the market share will develop by 2030 is the increase in the number of PV installations.

Global Commercial Solar Energy Market- By Solar Module

• Monocrystalline
• Polycrystalline
• Cadmium Telluride
• Amorphous Silicon Cells
• Others

Due to its growing adoption in the residential market, the monocrystalline segment of the solar module is anticipated to provide significant revenue for the solar energy industry. Monocrystalline solar modules have the highest efficiency rates, which typically range from 15-20 percent, and are also very space-efficient. These modules are considered to be the most durable and very effective in warm climates. Monocrystalline solar panels are highly favoured over their similarly rated polycrystalline counterparts due to their optimal performance in low-light circumstances.

Global Commercial Solar Energy Market- By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

APAC is positioned to gain a significant revenue share in the solar energy industry due to the region's escalating demand for electricity. Some encouraging factors guiding the regional market progress are the growing population and the rising number of solar power plants. For instance, India started operating a 750-megawatt solar power plant in 2020. Additionally, predictions indicate that China installed more than 48.2 GW of solar in 2020. The increasing emphasis on expanding the capacity of new generations and the increased use of different solar technologies will both be crucial factors in the industry's growth.

The cost of solar panels also decreases as a result of market procurement stress and the discounted benefit of module producers. Additionally, silver's fluctuating price, which is a crucial raw component in solar modules, stimulates interest in solar panel businesses and aids the expansion of the solar energy sector. As a result of the aforementioned considerations, the Asia Pacific and European markets are anticipated to maintain their leadership in the current state of the market.

Global Commercial Solar Energy Market- By Companies

• 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.

NOTABLE HAPPENINGS IN THE GLOBAL COMMERCIAL SOLAR ENERGY MARKET IN THE RECENT PAST:

• Product Expansion: - In 2020, The largest plant in Central Java, Danone's in Klaten, Indonesia, has a solar rooftop erected by Total Solar Distributed Generation (DG) that has a capacity of about 3,000 kWp. The rooftop solar systems, which Total Solar DG developed, constructed, and managed, have about 8,340 solar panels and a total surface area of 16,500 sqm.
• Product Expansion: - In 2020, In conjunction with Antah Solar Sdn. Bhd. and Eleaps Sdn. Bhd., Canadian Solar announced that it had started building one of the largest commercial and industrial rooftop solar projects in Malaysia. The 5 MWp project is situated in Penang, Malaysia, and will cover a surface area of more than 26,000 m2.