Press Releases

Solar Electric Power Generation to See 12.1% Annual Growth Through 2023

October 03, 2018

WELLESLEY, Mass., Oct. 03, 2018–Rapid industrialization, growth in emerging markets and industrialization are factors combining to promise significant growth in the solar electric generation market, according to a report by BCC Research.

The industry expects to see a compound annual growth rate (CAGR) of 12.1% through 2023, when it could be worth nearly $98.7 billion, according to the report Solar Electric Power Generation: Global Markets to 2023.

Major players in the market mentioned in the report include State Power Investment Corp., Enel, Exelon, Dominion Energy and Engie, among many others.

Research Highlights

  • The residential segment led the market in size in 2018 with a value of $28.3 billion; it is expected to lead growth through the period, with a CAGR of 15.0%.
  • Per capita, average solar power electric power generation expenditures in 2018 were led by Japan, followed by Germany, Italy and Spain.
  • The Asia-Pacific region accounted for the largest share of the market, 49.5%, followed by Western Europe and North America.

“The solar electric power generation market growth outlook is stable with significant growth potential for electricity from residential customers,” the report notes. “There is mounting pressure to reduce costs, improve power supply and improve efficiency of solar generation. At the same time, factors such as emerging market growth, rapid urbanization and industrialization are contributing to the growth of the market.”

Support is Broad in the U.K. While India Sees Need to Expand

One factor signaling strong future growth, the report adds, is that 2018 survey which found that 62% of residents in the U.K. said they’d like to have solar panels on their homes, and nearly as many said they would purchase energy storage devices if the government offered more assistance. Meanwhile, in India, a survey from 2014 found that nearly half of all respondents said it is important for India to develop and use solar power, and nearly 60% said solar energy would help reduce power shortage issues in the country.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Solar Electric Power Generation: Global Markets to 2023( EGY159A )
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