The global solar energy systems market size is expected to surpass around USD 607.97 billion by 2030 and growing at a CAGR of 15.95% from 2022 to 2030

Increasing demand for clean and renewable energy production coupled with stringent regulations regarding carbon emissions is expected to boost the industry growth over the forecast period. Governments across the world have started to adopt solar energy for power production due to it being clean and renewable. Many countries have set targets to reduce their carbon emissions and reduce reliance on conventional energy sources by promoting the use of solar energy for power production. The economies of scale achieved due to this increased demand have, in turn, decreased the cost of the components, and product installation viable on a smaller scale.

Increasing energy need from emerging economies, such as India, China, and Brazil, is expected to have a positive impact on the industry. The decline in the price of solar energy system components has increased the viability of product installations in residential and commercial sectors. The MRO sector in the industry is expected to grow significantly during the forecast period owing to the increasing adoption of solar energy systems leading to increasing demand for repair and overhaul of existing solar energy systems.Regions, such as Middle East & Africa and Asia Pacific, are expected to have significant growthover the forecast period owing to the high number of investments for solar energy in these regions coupled with rising energy demands. The prices of the components have been declining consistently for the last 10 years and this trend is expected to continue over the forecast period, which, in turn, willfuel the demand in the residential, commercial, and industrial sectors across the globe.

The global solar energy systems market was surpassed at USD 160.5 billion in 2021 and is expected to hit around USD 607.97 billion by 2030, growing at a CAGR of 15.95% from 2022 to 2030.

Report Highlights

• The solar panels segmented the global industry in 2021 and accounted for the maximum share of more than 41.55% of the overall revenue.


• The utility end-use segment led the industry in 2021 and accounted for the largest share of more than 66.5% of the overall revenue.


• The new installation source segment led the industry in 2021 and held the maximum share of more than 96.98% of the global revenue.


• Asia Pacific dominated the global market in 2021 and accounted for the largest revenue share of over 59.8%.


• The Middle East & Africa region is expected to grow at a significant CAGR from 2022 to 2030.


• Europe and North America are expected to witness steady CAGRs over the forecast period.

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Product Insights

On the bases of products, the global industry has been further divided into solar panels, charge controllers, batteries, inverters, and others. The solar panels segmented the global industry in 2021 and accounted for the maximum share of more than 41.55% of the overall revenue. Solar panels are the most critical part of the solar energy system as it is responsible for converting solar energy into electrical energy. There are different types of solar panels, such as thin film and crystalline silicon, which are used based on the application of the installation. There have been heavy investments in advanced solar panel technologies to increase the efficiency and lifespan of the panel.

The solar panel segment is expected to maintain its lead throughout the forecast period. The charge controllers segment also held a significant revenue share in 2021. Charge controllers are used to protecting the battery and the inverter from damage due to high voltage. Charge controllers have been relatively consistent in technology. The battery segment is estimated to grow considerably from 2022 to 2030. Battery for solar energy storage has been the focus of many companies in the industry as battery makes it possible for storage and transmission of solar energy even when there is no sunlight, such as during the night.

The inverter technology has seen significant advancement in the last decade with the price of solar inverters reducing significantly. Solar inverters convert the DC charge generated from the solar panels into AC charge, which can be used by appliances in the house. The others segment consists of racking, mounting, and wiring required for the product installation. This segment is expected to grow at a sluggish CAGR over the forecast years owing to fewer investments in the segment coupled with already low prices in the segment hindering industry growth.

End-use Insights

The utility end-use segment led the industry in 2021 and accounted for the largest share of more than 66.5% of the overall revenue. The segment will maintain its lead throughout the forecast period. Many countries are investing in solar energy for utility-scale electricity production to switch away from conventional energy generation. This is expected to increase the product demand. Utility-scale solar energy systems are more profitable due to economies of scale being achieved by larger installations. The industry is anticipated to have a steady growth in all segments as the product demand increases. The industrial end-use segment is expected to register the fastest CAGR from 2022 to 2030 due to the increasing industrial activity in APAC and MEA.

Growing demand for electricity in the industrial sector coupled with the increasing viability of installing solar energy systems on a smaller scale is expected to boost the demand further. The residential end-use sector is expected to grow significantly during the forecast period owing to the increased affordability of solar energy systems for the residential sector. The price of these systems has been declining for the last 10 years due to investment in technologies to increase production efficiency. Incentive schemes and policies introduced by the governments of various countries have also boosted product adoption. The commercial end-use sector is expected to increase at a steady CAGR over the forecast period. Countries all around the world are moving to service-based economies where the commercial sector is the largest contributor to GDP. This is expected to increase the demand for the market.

Source Insights

The new installation source segment led the industry in 2021 and held the maximum share of more than 96.98% of the global revenue. Solar energy technology is in its adoption phase and many countries are promoting the installation of solar energy systems for power generation. Many countries are investing in utility-scale solar installations to reduce carbon emissions in the country, which is expected to increase product demand. The MRO segment is expected to witness significant growth in the coming years as existing products get old and need to be repaired and overhauled with newer technology. The demand in the MRO segment is expected to increase over the forecast period owing to the difference in lifespans of various components.

For instance, the average operational life of a PV inverter is between 10 and 15 years while the average operational life of solar panels is about 20-30 years. Due to this difference, an inverter replacement will be required in the lifespan of a solar panel. Similar differences in the operating lifespan of components are expected to increase market demand in the forecast period. Solar energy systems also require regular maintenance for optimum operation as it reduces the payback period on the installation. Due to rapidly advancing technology, many times components are upgraded to increase product efficiency. These factors are expected to boost the segment growth in the coming years.

Regional Insights

Asia Pacific dominated the global market in 2021 and accounted for the largest revenue share of over 59.8%. East Asia led the Asia Pacific regional market in 2021, in terms of revenue. The need to reduce reliance on conventional sources of power and the presence of established players continuously developing better offerings has resulted in high product demand in the region. The Middle East & Africa region is expected to grow at a significant CAGR from 2022 to 2030 owing to the increased investments in renewable energy from the countries in the region. The region has a relatively low adoption of solar energy due to its high installation costs.

However, advancements in technology have reduced the price of installation and have made it competitive with new coal and gas power plants. Europe and North America are expected to witness steady CAGRs over the forecast period. Many countries in the region have pledged to increase solar power in the total energy production, which is expected to boost product demand in the forecast period. Central & South America is also expected to grow at a steady rate over the coming years. Countries, such as Chile and Colombia, have high solar potential and experience higher than average sunlight. Demand from countries with high solar potential is expected to propel the growth in the forecast period.

Market Segmentation

By Product Outlook
Solar Panels
Charge Controllers
Batteries
Inverter
Others

By End-use Outlook
Residential
Commercial
Industrial
Utility

By Source Outlook
New Installation
MRO

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