Solar Electric System Market Report and Forecast 2025-2034

The global solar electric system market is expected to grow in the forecast period of 2025-2034 at a CAGR of 20.90%.

Increasing Focus on Renewable Energy Sources to Boost the Market Growth of Solar Electric System

The growth in the global market for solar electric systems can be ascribed to the factors like growing world populations and the subsequent demand for electricity in various commercial and residential settings on account of rapid urbanisation and industrialisation. As solar energy is considered the cleanest form of energy, electricity produced from solar power is boosting the market growth of solar electric systems.

In addition to this, the rising awareness regarding depleting non-renewable resources, efforts to reduce carbon emissions, and the focus on sustainable living, the rising adoption of solar panels in residential, commercial, and industrial settings is pushing the market growth of solar electric systems. Hence, the growing popularity of solar energy as an efficient renewable source is catalysing the market growth of solar electric system.

Solar Electric System: Market Segmentation

A solar electric system is referred to as a setup that generates electricity by utilising solar energy. A typical solar electric system comprises crystalline silicon and thin films technology, and can either be ground mounted or installed on the rooftops.

Breakup by Technology Type

• Crystalline Silicon
• Thin Films

Breakup by Installation Type

• Ground Mounted
• Rooftop

Breakup by Application

• Residential
• Commercial
• Industrial

Breakup by Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Favourable Government Policies are Providing Impetus to the Market Growth of Solar Electric Systems

The global market for solar electric systems is being driven by favourable government policies promoting the adoption of solar electric systems. The rising concerns regarding environmental degradation, depleting fossil fuels, and the need to adopt green energy are some of the factors providing impetus to the market growth of solar electric systems. In addition to this, favourable government policies, such as the provision of subsidies to promote the adoption of solar power in old and new constructions, is propelling the growth of the market. Furthermore, owing to rising awareness regarding the importance of clean energy, many new residential, commercial, and industrial constructions have witnessed a robust adoption of solar electric systems, which offers economies of scale, thereby augmenting the market growth. Hence, these are some of the factors bolstering the market growth of solar electric systems.

Key Industry Players in the Global Solar Electric System Market

The report presents a detailed analysis of the following key players in the global solar electric system market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• JinkoSolar Holding Co., Ltd
• Canadian Solar Inc, S.A.
• LONGi Solar Technology Co, Ltd
• SunPower Corporation
• Trina Solar Co., Ltd.
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.