Global Solar Energy Systems Market Size Study, by Component, by Technology, by Source, by Deployment, by End-user and Regional Forecasts 2022-2032

Description

The Global Solar Energy Systems Market is valued approximately at USD 205.38 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 12.22% over the forecast period 2024-2032. Solar energy systems encompass a technology or set of components designed to capture, convert, store, and distribute solar power, playing a pivotal role in addressing climate change, promoting sustainable development, and reducing fossil fuel dependency. These systems support a cleaner environment, conserve natural resources, and stimulate economic growth by creating jobs in manufacturing, installation, maintenance, and research. Solar energy systems include grid-connected systems, which feed surplus power back into the electrical grid, as well as off-grid applications such as residential rooftop installations and portable charging devices for remote areas without conventional utility services. Additionally, hybrid systems that combine solar energy with other renewable sources and storage options such as batteries offer greater reliability and flexibility in meeting diverse energy needs. The market growth is driven by favorable government incentives and initiatives for solar panel installations, the expanding applications of solar energy across various sectors, and the increasing shift toward renewable energy adoption.

The Solar Energy Systems Market is witnessing substantial growth, primarily fueled by technological advancements, reduced system costs, and favorable government policies encouraging new installations. The rising adoption of solar energy in utility-scale projects, residential areas, and commercial applications underscores the need for solar power capacity expansion. The demand for maintenance, repair, and operations (MRO) services in the solar energy sector is increasing as new installations rise simultaneously. Furthermore, the expanding installations of solar systems in various environmental conditions highlight the necessity for adequate MRO activities to ensure optimal functionality and longevity, resulting in market growth. However, high construction costs of solar energy systems and efficiency challenges due to climatic conditions and geographical latitudes may hinder market development. Moreover, ongoing innovations and surging R&D activities are paving the way for advanced solar energy systems, presenting significant opportunities for market expansion.

Key regions considered for the Solar Energy Systems Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, The Asia-Pacific region has emerged as a key player, with China leading in massive manufacturing capabilities and catering to domestic and export markets. Nations such as India, Japan, and Australia are investing heavily in solar infrastructure development through favorable policy frameworks like Feed-in Tariffs (FiTs) and government subsidies. Regional market dynamics are driven by government policies, economic factors, and growing awareness of renewable energy sources, positioning solar technology as a transformative force in the global energy mix. North America has emerged out as the fastest growing region bolstered by federal tax incentives, state-level policies, and net metering schemes supporting residential installations. Moreover, rising research and development activities, rising initiatives for solar panel installations is driving the market growth in the region.

Major market players included in this report are:

First Solar, Inc.
ABB Ltd.
Jinko Solar Co., Ltd.
Canadian Solar Inc.
Trina Solar Co., Ltd.
SunPower Corporation
Hanwha Solutions Corporation
Tata Power Solar Systems Limited
Vivint, Inc.
Siemens AG
Enphase Energy, Inc.
NextEra Energy Resources, LLC
Schneider Electric SE
Suzlon Energy Limited
Risen Energy Co., Ltd.

The detailed segments and sub-segments of the market are explained below:

By Component:

Hardware
Services
Solutions

By Technology:

Concentrated
Photovoltaic
Thermal Solar

By Source:

MRO
New Installation

By Deployment:

Hybrid
Off Grid
On Grid

By End-user:

Commercial
Industrial
Residential

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:

Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.

Chapter 1. Global Solar Energy Systems Market Executive Summary

1.1. Global Solar Energy Systems Market Size & Forecast (2022- 2032)
1.2. Regional Summary
1.3. Segmental Summary
- 1.3.1. By Component
- 1.3.2. By Technology
- 1.3.3. By Source
- 1.3.4. By Deployment
- 1.3.5. By End-user
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

Chapter 2. Global Solar Energy Systems Market Definition and Research Assumptions

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
  - 2.3.3.1. Availability
  - 2.3.3.2. Infrastructure
  - 2.3.3.3. Regulatory Environment
  - 2.3.3.4. Market Competition
  - 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
  - 2.3.4.1. Regulatory frameworks
  - 2.3.4.2. Technological Advancements
  - 2.3.4.3. Environmental Considerations
  - 2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

Chapter 3. Global Solar Energy Systems Market Dynamics

3.1. Market Drivers
- 3.1.1. Promising Government Incentives and Initiatives
- 3.1.2. Increased Applications in Various Verticals
- 3.1.3. Inclination Toward Renewable Energy Adoption
3.2. Market Challenges
- 3.2.1. High Costs of Solar Energy Systems
- 3.2.2. Efficiency Challenges Due to Climatic Conditions
3.3. Market Opportunities
- 3.3.1. Innovations in Solar Energy Systems
- 3.3.2. Surging R&D Activities
- 3.3.3. Advanced Solar Energy Systems Development

Chapter 4. Global Solar Energy Systems Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

Chapter 5. Global Solar Energy Systems Market Size & Forecasts by Component 2022-2032

5.1. Segment Dashboard
5.2. Global Solar Energy Systems Market: Component Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Hardware
- 5.2.2. Services
- 5.2.3. Solutions

Chapter 6. Global Solar Energy Systems Market Size & Forecasts by Technology 2022-2032

6.1. Segment Dashboard
6.2. Global Solar Energy Systems Market: Technology Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Concentrated
- 6.2.2. Photovoltaic
- 6.2.3. Thermal Solar

Chapter 7. Global Solar Energy Systems Market Size & Forecasts by Source 2022-2032

7.1. Segment Dashboard
7.2. Global Solar Energy Systems Market: Source Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 7.2.1. MRO
- 7.2.2. New Installation

Chapter 8. Global Solar Energy Systems Market Size & Forecasts by Deployment 2022-2032

8.1. Segment Dashboard
8.2. Global Solar Energy Systems Market: Deployment Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 8.2.1. Hybrid
- 8.2.2. Off Grid
- 8.2.3. On Grid

Chapter 9. Global Solar Energy Systems Market Size & Forecasts by End-user 2022-2032

9.1. Segment Dashboard
9.2. Global Solar Energy Systems Market: End-user Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 9.2.1. Commercial
- 9.2.2. Industrial
- 9.2.3. Residential

Chapter 10. Global Solar Energy Systems Market Size & Forecasts by Region 2022-2032

10.1. North America Solar Energy Systems Market
- 10.1.1. U.S. Solar Energy Systems Market
  - 10.1.1.1. Component breakdown size & forecasts, 2022-2032
  - 10.1.1.2. Technology breakdown size & forecasts, 2022-2032
  - 10.1.1.3. Source breakdown size & forecasts, 2022-2032
  - 10.1.1.4. Deployment breakdown size & forecasts, 2022-2032
  - 10.1.1.5. End-user breakdown size & forecasts, 2022-2032
- 10.1.2. Canada Solar Energy Systems Market
10.2. Europe Solar Energy Systems Market
- 10.2.1. U.K. Solar Energy Systems Market
- 10.2.2. Germany Solar Energy Systems Market
- 10.2.3. France Solar Energy Systems Market
- 10.2.4. Spain Solar Energy Systems Market
- 10.2.5. Italy Solar Energy Systems Market
- 10.2.6. Rest of Europe Solar Energy Systems Market
10.3. Asia-Pacific Solar Energy Systems Market
- 10.3.1. China Solar Energy Systems Market
- 10.3.2. India Solar Energy Systems Market
- 10.3.3. Japan Solar Energy Systems Market
- 10.3.4. Australia Solar Energy Systems Market
- 10.3.5. South Korea Solar Energy Systems Market
- 10.3.6. Rest of Asia Pacific Solar Energy Systems Market
10.4. Latin America Solar Energy Systems Market
- 10.4.1. Brazil Solar Energy Systems Market
- 10.4.2. Mexico Solar Energy Systems Market
- 10.4.3. Rest of Latin America Solar Energy Systems Market
10.5. Middle East & Africa Solar Energy Systems Market
- 10.5.1. Saudi Arabia Solar Energy Systems Market
- 10.5.2. South Africa Solar Energy Systems Market
- 10.5.3. Rest of Middle East & Africa Solar Energy Systems Market

Chapter 11. Competitive Intelligence

11.1. Key Company SWOT Analysis
- 11.1.1 Company 1
- 11.1.2 Company 2
- 11.1.3 Company 3
11.2. Top Market Strategies
11.3. Company Profiles
- 11.3.1. First Solar, Inc.
  - 11.3.1.1. Key Information
  - 11.3.1.2. Overview
  - 11.3.1.3. Financial (Subject to Data Availability)
  - 11.3.1.4. Product Summary
  - 11.3.1.5. Market Strategies
- 11.3.2. ABB Ltd.
- 11.3.3 Jinko Solar Co., Ltd.
- 11.3.4 Canadian Solar Inc.
- 11.3.5 Trina Solar Co., Ltd.
- 11.3.6 SunPower Corporation
- 11.3.7 Hanwha Solutions Corporation
- 11.3.8 Tata Power Solar Systems Limited
- 11.3.9 Vivint, Inc.
- 11.3.10 Siemens AG
- 11.3.11. Enphase Energy, Inc.
- 11.3.12 NextEra Energy Resources, LLC
- 11.3.13 Schneider Electric SE
- 11.3.14 Suzlon Energy Limited
- 11.3.15 Risen Energy Co., Ltd.

Chapter 12. Research Process

12.1. Research Process
- 12.1.1. Data Mining
- 12.1.2. Analysis
- 12.1.3. Market Estimation
- 12.1.4. Validation
- 12.1.5. Publishing
12.2. Research Attributes