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.
- 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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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 …….