Solar Energy Market was valued at US$ 207,270.00 Million in 2022 and is expected to reach to US$ 552,450.28 Million by 2030; it is estimated to record a CAGR of 13.0% from 2022 to 2030

The growing technological development and government initiatives are boosting the application of solar energy in various end use sectors such as aerospace and defense. One of the key applications of solar power in the aerospace and defense industries is solar-powered UAVs. Solar-driven UAVs are unarmed platforms that depend solely on energy powered by the SUN to properly perform their functions. Solar UAVs are utilized in roles such as communications and persistent ISR. Solar-powered UAVs help secure communication in remote areas among defense forces, improving broadband connection. In addition, spacecraft have solar panels that transform the Sun’s energy into electricity that provides power to the spacecraft. Also, solar energy has been utilized to power spacecraft on Mars, including NASA’s Mars Exploration Rovers—Spirit and Opportunity and Mars’ Phoenix lander. Thus, the rising application of solar power in the aerospace, space, and defense industries is likely to create lucrative opportunities for the solar energy market players to boost the adoption of solar energy-based systems in the coming years.

Solar Energy Market Analysis:

The mounting focus on reducing greenhouse gas emissions and achieving net zero carbon emission targets is boosting Australia’s demand for renewable energy sources. Australia introduced the Climate Change Act in 2022, which amplifies the aim for emissions reductions by 2030 and fixes the goal of attaining net zero emissions by 2050. In 2022, Australia’s largest renewable energy generation source was solar, which accounted for ~14% of total power generation, followed by wind and hydro. The favorable government policies and incentive schemes are also fueling the Australia solar energy market share. In 2022, the Australian government introduced a solar rebate program called the Small Scale Renewable Energy Scheme. Depending on the category of solar PV system installed in New South Wales, the number of STC (Subject to Contract) awards can vary depending on various factors. The growing use of rooftop solar panels in residential and commercial buildings is boosting the Australia solar energy market share.

Solar Energy Market: Competitive Landscape and Key Developments

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 are among the key chopper pump market players profiled during this study. In addition, several other important solar energy market players have been studied and analyzed during the study to get a holistic view of the solar energy market and its ecosystem.