North America to Make Headways into Solar Sector by 2030

Global Solar Energy Market to Grow at 7% CAGR by 2030

As per a study conducted by CMI Ltd, the global solar energy market is poised to reach around USD 300 Billion by 2030. This growth will account for a CAGR of close to 7% between 2022 and 2030.

There has been an increased focus on green hydrogen with the sliding costs of renewable energy having contributed significantly to its growth.

In the forecast period, basis solar module segmentation, the amorphous silicon cells segment is likely to see a high CAGR. In terms of application, the residential space is set for a high growth rate in the said timeline.

North America is also expected to make headways into the solar sector in the forecast period. Increasing purchasing power along with greater access to digital technologies and more penetration of the internet will cause this rise of North America. The solar energy market will also be driven by greater adoption of smart devices.