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The solar energy market has grown significantly in recent years, driven by technological advances and declining costs. It is expected to continue its growth trajectory as countries and companies transition to cleaner energy sources to combat climate change. The market includes a range of products such as solar panels, solar batteries, and solar inverters, which are used in residential, commercial, and industrial applications.
The energy market is expected to continue growing, with increasing demand for energy worldwide as populations grow and economies develop. However, the mix of energy sources is expected to shift towards cleaner and more sustainable options, with renewable energy sources like solar, wind, and hydropower projected to continue growing rapidly. Fossil fuels are expected to gradually decline in importance, although they are likely to remain significant contributors to the global energy mix for several decades, especially in countries that rely almost totally on fossils.
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as annual reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts.
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electricity generation due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.
KPMG was engaged by the Irish Solar Energy Association to assess the economic impacts of the solar energy industry in Ireland. Solar energy is now a significant contributor to Ireland''s energy supply, providing renewable electricity to our homes, businesses and the national grid.
The deployment of solar capacity in recently years is driven not only by Ireland''s Climate Action Plan target of 8 GW of capacity by 2030, but also a result of the significant and sustained reduction in the cost of solar panels and the benefits to customer of onsite generation.
The sector has become a significant source of employment throughout the country, providing monetary benefits to a wide range of stakeholders including community schemes, local authorities and the Exchequer. Many solar energy projects have also delivered biodiversity and conservation benefits which are showcased in some of the case studies included in the report.
Our analysis finds that if national targets are met, the sector will contribute over €2.3 billion in additional Gross Value Added (GVA) to the Irish economy between 2025 and 2030, while supporting up to 7,130 jobs across the country. This represents a significant contribution to the Irish economy, alongside the environmental benefits.
We hope that this report proves useful and informative to industry stakeholders, policymakers and other parties interested in the solar energy industry in Ireland.
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