Solar Energy Industry Outlook 2024: Investments, Innovations & more
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Solar Energy Industry Outlook 2024: Investments, Innovations & more

With solar energy now competing with fossil fuels in terms of costs, governments and companies are working to solve grid-scale renewables integration, long duration energy storage and more new technologies. This report explores key market data as well as areas of innovation and their implications for energy stakeholders.
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The 2024 Solar Energy Industry Report presents an analysis of the current trends, investments, and tech advancements shaping the global solar market. This report highlights the growth trajectory and significant innovations driving the sector forward. Detailed firmographic data, investment patterns, and regional hubs show emerging trends such as photovoltaics, electrification, and distributed solar power generation impacting the industry’s future landscape.

This report was last updated in July 2024.

This solar energy industry report serves as a reference for stakeholders within the industry, investors, policymakers, and economic analysts, providing a snapshot of the industry’s health to map its trajectory for innovation and growth in the coming years.

StartUs Insights Solar Energy Industry Report 2024

Solar Energy Industry Outlook | StartUs Insights

Executive Summary: Solar Energy Industry Outlook 2024

This report is created using data obtained from the Big Data and AI-powered StartUs Insights Discovery Platform, covering more than 4.7 million global companies, as well as 20K+ technologies and emerging trends. We also analyzed a sample of 3000+ solar energy startups developing innovative solutions to present five examples from emerging solar energy trends.

  • Industry Growth: The solar energy industry includes over 62500 companies, growing by 1.21% last year, reflecting its expanding market presence and potential.
  • Manpower & Employment Growth: The industry employs 5.2 million people globally, with 288000 new employees added last year, indicating substantial workforce expansion.
  • Patents & Grants: Over 65000 patents and 5000 grants highlight the industry’s innovation and support for research and development.
  • Global Footprint: Key hubs in the USA, Germany, India, the UK, and China, with leading cities including Shenzhen, Melbourne, London, Sydney, and New York City.
  • Investment Landscape: The sector’s investment landscape is robust, with an average investment value of USD 61 million per round and over 10200 funding rounds closed.
  • Top Investors: European Investment Bank: USD 3.2 billion; Kohlberg Kravis Roberts: USD 1.8 billion; Goldman Sachs: USD 1.5 billion. Find the top investor list below.
  • Startup Ecosystem: Five innovative startup features include: Holu Hou Energy (solar energy storage), Solarad.ai (solar energy analytics), Virtus Solis Technologies (space-based solar power), Dustoss (solar panel cleaning), and Aqua-Cell Energy (saltwater battery storage).
  • Recommendations for Stakeholders: Investors should focus on diversifying their portfolios with innovative solar technologies and emerging markets to maximize returns and support sustainable growth. Entrepreneurs are encouraged to develop scalable solutions and leverage advancements in photovoltaics, electrification, and distributed solar power generation. Government bodies should implement supportive policies, provide incentives, and fund research to foster industry development and achieve renewable energy targets. Companies need to invest in R&D, form strategic partnerships, and adopt new technologies to remain competitive.

Explore the Data-driven Solar Energy Industry Outlook for 2024

The Solar Energy Industry Outlook 2024 uses data from the Discovery Platform and encapsulates the key metrics that underline the sector’s dynamic growth and innovation. The database contains over 3026 startups and 62500 companies, showcasing significant industry growth. This growth is evident from a 1.21% increase in the last year. Further, the sector boasts over 65000 patents and more than 5000 grants, highlighting innovation.

With a global manpower of 5.2 million and employee growth surpassing 288000 last year, the industry is thriving. Key hubs for this industry include the USA, Germany, India, the UK, and China, with leading cities being Shenzhen, Melbourne, London, Sydney, and New York City. These hubs are crucial for driving growth and innovation in the sector.

What data is used to create this solar energy report?

Based on the data provided by our Discovery Platform, we observe that solar energy ranks among the top 5% in the following categories relative to all 20K topics in our database. These categories provide a comprehensive overview of the industry’s key metrics and inform the short-term future direction of the industry.

  • News Coverage & Publications: The industry saw more than 101000 publications in the last year, showcasing extensive news coverage and research interest.
  • Funding Rounds: Our database records over 10200 funding rounds, indicating strong investment activity within the sector.
  • Manpower: With a workforce exceeding 5.2 million, the industry has added over 288000 new employees in the past year.
  • Patents: The sector holds over 65000 patents, highlighting its innovation and technological advancements.
  • Grants: More than 5000 grants have been awarded to support ongoing research and development in the industry.
  • Yearly Global Search Growth: The industry experienced a 7.01% growth in yearly global search interest, reflecting increased public and professional attention.

A Snapshot of the Global Solar Energy Industry

The solar energy industry has experienced remarkable growth and investment over the past year, reflecting its increasing significance and potential. Employee growth in the last year reached 288000, indicating the industry’s expanding workforce and the rising demand for solar energy solutions.

With over 62500 companies operating within the sector, the industry’s size and scope are substantial, providing a strong foundation for continued innovation and development.

Explore the Funding Landscape of the Solar Energy Industry

Investment in the solar energy industry is robust, with the average investment value per round amounting to USD 61 million. This significant figure underscores investor confidence in the sector’s future. The total number of investors surpasses 4000, indicating a broad base of financial support. Additionally, more than 10200 funding rounds have been closed, further highlighting the dynamic investment environment.

The industry’s attractiveness to investors is evident, with more than 4400 companies receiving investments. This widespread financial backing fuels growth and innovation and positions the solar energy industry as a key player in the energy transition.

Who is Investing in Solar Energy?

The solar energy industry has attracted substantial investments, with the combined value invested by top investors exceeding USD 11 billion. This level of financial commitment highlights the sector’s potential and the confidence of major investors in its future growth.

These top investors play a crucial role in driving the growth and innovation within the solar energy industry. To explore all investment data in the solar energy sector, book a demo and gain comprehensive insights into this dynamic market.

The Photovoltaics sector remains a cornerstone of the solar energy industry, with over 60000 companies identified. This sector employs approximately 4.9 million people, with 276000 new employees added in the last year, indicating substantial workforce growth. The annual growth rate for photovoltaics is 1.14%, showcasing steady expansion in this essential area. Companies within this sector focus on developing and manufacturing photovoltaic cells and modules, driving advancements in solar panel efficiency and cost-effectiveness.

Electrification represents a rapidly growing trend within the solar energy industry, with more than 6800 companies identified. This sector employs around 1.2 million people, with 59000 new employees added in the past year. The annual growth rate for electrification is 6.88%. Companies in this sector are dedicated to integrating solar energy into electrical grids and infrastructure, promoting the widespread adoption of electric vehicles and smart grids.

Distributed Solar Power Generation is experiencing the fastest growth among the top trends in the solar energy industry. With 476 companies identified, this sector employs 68000 people, including 4800 new employees added last year. The annual growth rate for distributed solar power generation is 15.71%. Companies in this sector focus on localized solar power solutions, such as residential and commercial solar installations.

5 Top Examples from 3000+ Innovative Solar Energy Startups

The five innovative startups showcased below are picked based on data including the trend they operate within and their relevance, founding year, funding status, and more. Book a demo to find promising startups, emerging trends, or industry data specific to your company’s needs and objectives.

Holu Hou Energy improves Solar Energy Storage

US-based startup Holu Hou Energy provides advanced energy management solutions for residential and commercial applications. The company’s platform, Holuhou Energy Cloud, optimizes energy consumption and storage for maximum efficiency. The platform utilizes real-time data to monitor energy usage and improve performance. Its Holuhou Energy Storage System integrates seamlessly with renewable energy sources like solar power. This system ensures uninterrupted power supply during outages and reduces reliance on the grid. The company’s technology promotes sustainable energy practices and enhances energy independence.

Solarad.ai delivers Solar Analytics

Solarad.ai is a US-based startup offering advanced data-driven solutions for the solar energy industry. Its platform, Solarad.ai Insight, provides comprehensive analytics for solar asset management. Users leverage real-time data to optimize solar power generation and maintenance. The technology integrates machine learning to predict performance issues before they occur. Additionally, Solarad.ai features robust tools for financial modeling and risk assessment. The platform’s user-friendly interface ensures seamless navigation and accessibility. This startup significantly enhances operational efficiency and profitability in the solar energy sector.

Virtus Solis Technologies develops Space-based Solar Power

US-based startup Virtus Solis develops advanced solar energy solutions for various applications. Its Orbital Solar Power Station captures solar energy directly from space. The Integrated Ground Receiver Station efficiently converts the captured energy into usable electricity. Utilizing patented Microwave Beam Technology, the startup ensures minimal energy loss during transmission. The system operates continuously, unaffected by weather or daylight conditions.

Dustoss simplifies Solar Panel Cleaning

Dustoss offers innovative wind-powered cleaning solutions for solar panels. Its unique technology features transparent aerodynamic strips that remove dust using wind. These strips, attached to solar surfaces, operate continuously and autonomously. Dustoss technology enhances solar system efficiency by reducing maintenance costs and increasing energy output. The system’s durability ensures long-term, effective cleaning without manual intervention. Its solution supports various solar applications, including solar street lights with integrated cleaning. Overall, Dustoss provides a sustainable, efficient alternative to traditional solar panel cleaning methods.

Aqua-Cell Energy builds Salt Water Battery Storage

Canadian startup Aqua-Cell Energy specializes in developing salt-water batteries for commercial and industrial energy storage applications. These batteries offer a cost-effective, environmentally friendly alternative to traditional lithium-ion technology. Aqua-Cell Energy’s saltwater batteries store energy at lower costs than lithium-ion, supporting affordable renewable energy adoption. The batteries operate efficiently within a temperature range of -30°C to 40°C and are more efficient than similar technologies. With a storage duration of up to 12 hours, it significantly enhances energy cost savings.

Gain Comprehensive Insights into Solar Energy Trends, Startups, or Technologies

The 2024 Solar Energy Industry Report highlights a sector driven by advancements in photovoltaics, electrification, and distributed solar power generation. The report emphasizes the importance of continuous investment and technological progress to sustain this growth. Get in touch to explore all 3000+ startups and scaleups, as well as all industry trends impacting companies and governments worldwide.

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