Distributed Solar Power Generation Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019-2029, Segmented By Solar Module ; By Type ; By End Use ; By Region

Global Distributed Solar Power Generation Market Size Expands at Steady CAGR of 6.96% to Cross USD 195 Billion by 2029

Global Distributed Solar Power Generation Market is flourishing because of an increasingly high demand for electricity and governments' supportive measures for renewable energy.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Distributed Solar Power Generation Market size at USD 130.31 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Global Distributed Solar Power Generation Market size to grow at a significant CAGR of 6.96% reaching a value of USD 195.12 billion by 2029. Major growth drivers for the Global Distributed Solar Power Generation Market include an increasing utilization of decentralized solar photovoltaic modules in both residential and commercial sectors. Key factors propelling Global Distributed Solar Power Generation Market expansion also include the escalating global temperatures, a heightened emphasis on energy preservation and reduced CO2 emissions, a diminishing reliance on fossil fuels, the decreasing costs of solar photovoltaic (PV) modules, and an increasing demand for environmentally friendly energy sources. As a result, such trends in energy transformation are foreseen to propel the expansion of Global Distributed Solar Power Generation Market during the forecast period. However, high upfront costs are anticipated to restrain the overall market growth during the period in analysis.

Impact of Escalating Geopolitical Tensions on Global Distributed Solar Power Generation Market

The Global Distributed Solar Power Generation Market has been significantly impacted by intensifying geopolitical disruptions in recent times. For instance, the ongoing Russia-Ukraine conflict has disrupted global energy supplies, resulting in a sudden price spike, and eliciting widespread condemnation globally. In response, numerous countries have prioritized reducing their reliance on Russian gas, with a shift toward renewable energy sources. In addition, the sanctions imposed on Russia by the United States and other countries can limit the movement of raw materials, leading to potential shortages. It, in turn, may result in a decreased demand for Russian solar panels. Beyond the war zones and disputed areas, the ongoing crisis jeopardizes a talent pool necessary for advancing technology and innovation in the solar power industry, hindering the market's overall growth.

Despite the current challenges posed by geopolitical tensions, there are potential growth opportunities for the Global Distributed Solar Power Generation Market. Focusing on strategic planning, collaboration, and sustained investment is essential for unlocking transformative potential. Also, emphasizing innovation in technology and infrastructure, such as the promotion of smart grids and residential solar-based energy systems, aligns with the evolving needs and preferences. By capitalizing on these shifts and maintaining a commitment to sustainable energy practices, the Global Distributed Solar Power Generation Market can seize these growth opportunities and play a pivotal role in contributing to energy security and sustainability.

Opportunity - Growing Environmental Concerns

The growing environmental concerns present significant growth opportunities for the Global Distributed Solar Power Generation Market. As the world becomes more conscious of environmental issues, there is an increasing demand for sustainable and clean energy solutions. Distributed solar power generation, being a renewable and environmentally friendly option, aligns well with the global push toward reducing carbon footprints and mitigating climate change. It creates favorable conditions for the market to expand, driven by the need for eco-friendly energy sources and the commitment to address environmental challenges.

Global Distributed Solar Power Generation Market - By End Use

Based on end use, the Global Distributed Solar Power Generation Market is divided into Residential, Commercial, and Industrial segments. The residential segment holds the highest share in the Global Distributed Solar Power Generation Market by end use. Distributed solar power generation systems offer a cost-effective solution for residential energy consumption, driven by increasing electricity demand, growing awareness of renewable energy benefits, and a focus on energy conservation while reducing reliance on fossil fuels. The market growth is further propelled by the decreasing prices of solar PV modules. Governments worldwide, including those in the United States, India, Italy, Brazil, and Vietnam, are implementing initiatives to promote solar power adoption in residential areas. For instance, Italy's 'Eco-Bonus' policy supports the installation of PV installations and storage systems. The residential sector is increasingly embracing solar panels due to benefits, such as reduced electricity bills and clean energy generation, contributing significantly to overall market expansion.

Global Distributed Solar Power Generation Market - By Region

The in-depth research report on the Global Distributed Solar Power Generation Market covers the market in a number of key country across five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The Asia Pacific region dominates the Global Distributed Solar Power Generation Market and is expected to maintain its dominance over the forecast period. The increasing awareness about energy conservation, coupled with the escalating costs of fossil fuels, has prompted a widespread shift towards renewable and clean energy sources. China stands at the forefront of distributed solar power generation, holding the position as the world's largest producer of solar power and manufacturer of PV modules. According to the International Energy Agency (IEA), China contributes to 70% of global PV module manufacturing and 47% of global solar energy production. Following closely, India ranks second in solar energy production, presenting lucrative opportunities for both national and international stakeholders. The Indian government, evident in the Union Budget 2020-21, allocated substantial funds, including USD 2.27 billion to the Ministry of Power and USD 786.95 billion to the Deen Dayal Upadhyay Gram Jyoti Yojana (DDUGJY). Through these strategic initiatives, the Government of India aims to establish a renewable energy capacity of 500GW by 2030.

Competitive Landscape

Major players operating in the Global Distributed Solar Power Generation Market include Suntech Power Holdings Co. Ltd, First Solar Inc., Activ solar Schweiz Gmbh, Yingli Energy Development Co., Ltd, Trina Solar Limited, Sharp Solar Energy Solutions Group, Canadian Solar Inc., Tesla Inc., and JinkoSolar Holding Co. Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Distributed Solar Power Generation Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Distributed Solar Power Generation Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.