According to a report by The Insight Partners ,the solar energy market was valued at US$ 207.2 billion in 2022. It is projected to reach US$ 552.4 billion by 2030, with a compound annual growth rate (CAGR) of 13.0% from 2022 to 2030. This forecast considers various factors, including technology (Photovoltaic Systems and Concentrated Solar Power Systems), application (Electricity Generation, Heating, and Others), end-users (Residential, Commercial & Industrial, and Utility Scale), and geographical factors.
Increasing technological advancements and government initiatives are driving the utilization of solar energy across various sectors, including aerospace and defense. Solar power plays a crucial role in the aerospace and defense industries, notably in the form of solar-powered Unmanned Aerial Vehicles (UAVs). These UAVs operate without the need for conventional power sources, relying solely on solar energy to carry out their functions. Solar UAVs find applications in tasks like communication and persistent Intelligence, Surveillance, and Reconnaissance (ISR), enhancing connectivity for defense forces, even in remote areas with limited infrastructure.
Furthermore, solar panels are integrated into spacecraft to convert solar energy into electricity, supplying power to these spaceborne vehicles. Solar energy has also been harnessed to fuel spacecraft on missions to Mars, exemplified by NASA’s Mars Exploration Rovers—Spirit and Opportunity, as well as the Mars Phoenix lander. Consequently, the growing adoption of solar power within the aerospace, space exploration, and defense sectors is poised to create lucrative opportunities for solar energy market players, driving the adoption of solar-based systems in the foreseeable future.
Solar Energy Market: Competitive Landscape and Notable Developments
Within this study, prominent players in the solar energy market include JinkoSolar Holding Co Ltd, Canadian Solar Inc., Trina Solar Co. Ltd, First Solar Inc., ADT Solar, ACCIONA Energía, BrightSource, Abengoa SA, Heliogen Inc., and Nextera Energy Resources. Additionally, the study encompasses an analysis of several other significant players in the solar energy market to provide a comprehensive overview of the market and its ecosystem.
In 2023, JinkoSolar unveiled its cutting-edge liquid cooling energy storage technology designed for Commercial and Industrial (C&I) applications. Distinguished by SunGiga’s intelligent frequency conversion control design and various liquid cooling control modes, this innovation results in a 30% reduction in energy consumption compared to conventional air cooling systems. Simultaneously, it enhances space utilization by up to 38%.
In 2021, JinkoSolar introduced the 2021 Flagship Tiger Neo Modules, which are exceptionally efficient. These modules feature N-type TOPCon technology, showcasing notable enhancements in terms of reliability, performance, power output, and energy density. With an impressive ultra-high conversion efficiency rating of approximately 22.30%, the new modules offer a maximum power output of up to 620W in mass production.
Analysis of the Solar Energy Market in Australia:
Australia’s increasing emphasis on curbing greenhouse gas emissions and achieving net-zero carbon emissions objectives is driving the demand for renewable energy sources. In 2022, Australia enacted the Climate Change Act, which reinforces the commitment to reduce emissions by 2030 and establishes the goal of achieving net-zero emissions by 2050. Solar power emerged as Australia’s largest renewable energy source in 2022, contributing to approximately 14% of the total power generation, closely followed by wind and hydro power. The solar energy market in Australia is further bolstered by favorable government policies and incentive programs.
In 2022, the Australian government introduced the Small Scale Renewable Energy Scheme, a solar rebate initiative. This program offers varying numbers of STC (Subject to Contract) awards based on factors such as the category of the solar PV system installed in New South Wales. The increasing adoption of rooftop solar panels in both residential and commercial buildings is a significant driver behind the growth of the solar energy market in Australia.