Global Solar Resource Market Size By Technology Type (Solar Thermal Resource Assessment, Photovoltaic (PV) Solar Resource Assessment), By Application (Site Selection, Energy Yield Estimation), By Service Type (Remote Sensing And Satellite-Based, On-Site Measurements), By End-User (Utilities, Commercial And Industrial (C&I) Sector), By Geographic Scope And Forecast

Solar Resource Market Size And Forecast

Solar Resource Market size was valued at USD 586.78 Million in 2023 and is projected to reach USD 1,282.32 Million by 2030, growing at a CAGR of 10.26% from 2024 to 2030.

Robust support from governments worldwide in the form of policies and incentives continues and ongoing advancements in solar technology, coupled with economies of scale, have significantly reduced the cost of solar energy production are the factors driving market growth. The Global Solar Resource Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Solar Resource Market Definition

Total solar resource reserve refers to solar radiation energy in the form of electromagnetic energy that reaches Earth and is used directly or indirectly by humans, whereas total solar energy reserve refers to all solar radiation energy in the form of electromagnetic energy that reaches Earth, whether used directly or indirectly by humans. technological exploitable capacity of solar resources refers to the portion of the total solar resource reserve that has been and will be exploited under present technological circumstances, ignoring economic and others conditions. Solar resource economic exploitable capacity refers to the portion of the total solar resource reserve that has been and will be exploited under current local economic conditions and is technically exploitable within a reasonable time frame, with exploitation costs comparable to those of other energies.

The quantity of solar insolation received by a location is commonly measured in kWh/m2/day, which is comparable to the number of peak sun hours. The potential of solar energy is 20,000 times that required to serve the entire planet; the earth’s surface gets 120,000 terawatts of solar radiation (sunlight). Just 18 days of sunlight on Earth holds the same amount of energy as all of the world’s coal, oil, and natural gas reserves combined. The sun’s energy is around 1,300 watts per square meter outside the atmosphere. When it enters the atmosphere, around one-third of the light is reflected back into space, with the remainder continuing towards the Earth’s surface.

A square meter captures 4.2 kilowatt-hours of energy each day, or the estimated energy equivalent of roughly a barrel of oil per year, when averaged over the whole planet’s surface. Deserts receive the greatest sun, with very dry air and little cloud cover—more than 6 kilowatt-hours per day per square meter on average over the course of the year. Understanding the sun’s resources is essential for planning and optimizing solar energy systems like photovoltaic panels and solar thermal technology. Solar resource assessments help determine the viability of solar projects, estimate prospective energy outputs, and make educated decisions regarding renewable energy investments. Accurate assessments aid in sustainable energy planning and contribute to the worldwide shift to cleaner, more sustainable energy sources.

Global Solar Resource Market Overview

The Global Solar Resource Market has experienced tremendous expansion and transition in recent years, owing to rising environmental consciousness, falling solar technology costs, and a growing emphasis on renewable energy sources. Solar energy has emerged as a crucial participant in the transition to a cleaner and more sustainable energy environment as the globe grapples with the problems of climate change. The global solar resource sector is primarily propelled by the growing need for sustainable energy solutions. Governments, companies, and consumers are all understand the need to reduce dependency on fossil fuels and reduce the environmental impact of energy use. Because of its availability and renewable nature, solar power, which captures the sun’s energy, has become a popular alternative. Solar installations have risen in the residential, commercial, and industrial sectors, with numerous countries enacting supportive legislation and offering financial incentives to stimulate solar adoption.

Technological advances have been essential in the growth of the solar resource industry. Solar panel efficiency improvements, energy storage options, and smart grid technologies have all improved the overall performance and dependability of solar energy systems. The advancement of new materials and manufacturing techniques has helped to reduce the cost of solar panels, making them more affordable to a wider variety of users. As a result, the market for solar resources has grown highly competitive, with a plethora of businesses fighting for market share and attempting to provide cost-effective and efficient solar solutions.

The global solar resource industry is heavily influenced by government policies and regulatory frameworks. Many governments have set renewable energy targets, feed-in tariffs, and other incentives to stimulate solar energy use. These regulations not only encourage sustainability but also foster a favorable investment climate for solar installations. Governments have actively participated in large-scale solar projects in some situations, accelerating industry growth. The financing landscape for solar projects has evolved to meet the rising demand for renewable energy. Financial institutions and investors are increasingly recognizing solar ventures’ long-term viability and profitability. The availability of funding alternatives such as subsidies, grants, and new financing models has aided in the development of solar projects of all sizes. As a result, solar energy has become more accessible, allowing people, businesses, and communities to join in the clean energy revolution.

Global Solar Resource MarketSegmentation Analysis

The Global Solar Resource Market is Segmented on the basis of Technology Type, Application, Service Type, End-User, and Geography.

Solar Resource Market, By Technology Type

• Solar Thermal Resource Assessment
• Photovoltaic (PV) Solar Resource Assessment

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Based on Technology Type, the market is bifurcated into Solar Thermal Resource Assessment and Photovoltaic (PV) and Solar Resource Assessment. Photovoltaic (PV) Solar Resource Assessment accounted for the largest market share of 85.87% in 2022. Photovoltaic (PV) solar resource assessment dominates the Global Solar Resource Market due to its crucial role in evaluating solar energy potential at specific locations. It helps optimize PV system placement, assess energy output, and mitigate investment risks, offering precise data on sunlight availability, and aiding efficient planning and development of solar projects. This assessment is fundamental for maximizing energy production and ensuring the economic viability of solar installations.

Solar Resource Market, By Application

• Site Selection
• Energy Yield Estimation
• Grid Integration Studies

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Based on Application, the market is bifurcated into Site Selection, Energy Yield Estimation, and Grid Integration Studies. Site Selection accounted for the largest market share of 44.63% in 2022. The Site Selection segment holds dominance in the Global Solar Resource Market due to its critical role in identifying optimal locations for solar installations. It encompasses evaluating various factors like solar irradiance, weather patterns, land availability, and infrastructure, enabling developers to pinpoint ideal sites for solar projects. Accurate site selection ensures efficient energy production, maximizes returns on investment, and minimizes risks associated with suboptimal locations.

Solar Resource Market, By Service Type

• Remote Sensing and Satellite-based
• On-Site Measurements

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Based on Service Type, the market is bifurcated into Remote Sensing and Satellite-based and On-Site Measurements. Remote Sensing and Satellite-based accounted for the largest market share of 70.64% in 2022. The Remote Sensing and Satellite-based segment leads the Global Solar Resource Market by leveraging advanced technology to gather comprehensive, real-time data on solar irradiance and weather patterns. This approach offers precise and extensive coverage, allowing for cost-effective, large-scale assessment of solar potential across diverse geographical areas. Its ability to provide detailed information remotely facilitates efficient site evaluation, aiding in optimal solar project planning and development.

Solar Resource Market, By End-User

• Utilities
• Commercial and Industrial (C&I) Sector
• Residential Sector

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Based on End-user, the market is bifurcated into Utilities, Commercial and Industrial (C&I) Sector, and Residential Sector. The Commercial and Industrial (C&I) Sector accounted for the largest market share of 43.56% in 2022. The Commercial and Industrial (C&I) Sector segment dominates the Global Solar Resource Market due to its high demand for sustainable energy solutions to reduce operational costs and carbon footprint. C&I sectors benefit significantly from solar energy, utilizing it to power factories, offices, warehouses, and other facilities, resulting in long-term cost savings and environmental benefits. The sector’s emphasis on sustainability and cost-efficiency drives substantial investments in solar resources for powering their operations.

Solar Resource Market, By Geography

• North America
• Europe
• Latin America
• Middle East & Africa
• ROW

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On the basis of regional analysis, the Global Solar Resource Market is classified into North America, Europe, Latin America, Middle East & Africa, and ROW. The solar resource industry in North America has grown rapidly, owing to a combination of favorable government regulations, falling solar technology costs, and growing public awareness of environmental sustainability. The United States has emerged as a prominent participant, with extensive use of solar energy in residential, commercial, and utility-scale installations. Solar panel technology, energy storage technologies, and grid integration advances are driving the market here, making solar power a mainstream energy source.

Key Players

The “Global Solar Resource Market” study report will provide valuable insight with an emphasis on the Global market. The major players in the market are First Solar, SunPower Corporation, Canadian Solar Inc., Enel Green Power, Scatec, Orsted A/S, BayWa r.e. Renewable Energy GmbH, JinkoSolar Holding Co., Ltd, Trina Solar Limited, LONGi Green Energy Technology Co., Ltd., Hanwha Q Cells Co., Ltd, JA Solar Holdings Co., Ltd., Risen Energy Co., Ltd., EDF Renewables, Acciona Energía, Eni SpA, TotalEnergies SE, Engie SA, and Iberdrola S.A. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players Globally.

Key Developments