Global Solar Energy Market To Reach 215.9 Million By 2030

CIOTechOutlook Team | Monday, 02 October 2023, 02:19 IST

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The global solar energy market size was worth around USD 90.4 billion in 2022 and is predicted to grow to around USD 215.9 billion by 2030 with a compound annual growth rate (CAGR) of roughly 11.5% between 2023 and 2030. 
 
The rising environmental concerns caused by the release of hazardous greenhouse gases that cause air pollution are expected to increase demand for solar energy, which is a type of energy that is both sustainable and pollution-free. For example, switching to solar power generation rather than fossil fuels is one strategy to possibly drastically reduce carbon dioxide emissions, which are the principal cause of rising global temperatures and a major contributor to climate change. 
 
Temperature increases play a role in the development of extreme weather events, including increasing sea levels, the melting of glaciers, and other ecological shifts. Utilizing solar energy results in a smaller carbon footprint because there is less of a need for fossil fuels and there are less emissions of greenhouse gases. For instance, according to estimates provided by the Lawrence Berkeley National Laboratory, utility-scale solar power may create between 394 and 447 MWh of electricity per acre, yearly, as per zion market.
 
As a result, one acre of zero-emission solar panels prevents the release of 121 to 138 metric tons of carbon dioxide into the environment each year.
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