Bangladesh Solar Energy Market Size (2024 - 2029)

The solar energy market in Bangladesh is poised for significant growth, with its market size expected to expand substantially over the forecast period. The market's recovery from the COVID-19 pandemic, driven by supportive government policies and environmental incentives, underscores its potential. Despite challenges such as the high initial investment costs and competition from other clean energy sources, the ambitious renewable energy targets set by Bangladesh present a promising outlook for the solar energy sector.

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Market Size of Bangladesh Solar Energy Industry

Bangladesh Solar Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR (2024 - 2029) 38.60 %
Market Concentration Medium

Major Players

Bangladesh Solar Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Solar Energy in Bangladesh Market Analysis

The Bangladesh Solar Energy Market size is estimated at 0.55 gigawatt in 2024, and is expected to reach 2.84 gigawatt by 2029, growing at a CAGR of 38.60% during the forecast period (2024-2029).

The market was negatively impacted by the outbreak of COVID-19 due to regional lockdowns and delays in ongoing and upcoming projects. Currently, the market has rebounded to pre-pandemic levels.

  • Factors such as supportive government policies, rising environmental concerns, incentives, and tax benefits for solar panel installations are expected to drive the market during the forecast period.
  • However, the increasing adoption of alternative clean energy sources and the high initial investment costs of solar projects are expected to hinder market growth during the forecast period.
  • Bangladesh has set an ambitious goal of generating more than 4,100 megawatts of electricity from renewable energy sources by 2030. Solar power is likely to account for half of the country's power generation, creating a significant opportunity for the country's solar energy market.

Solar Energy in Bangladesh Industry Segmentation

Solar energy is the conversion of energy present in the sun and is one of the renewable energies. Once the sunlight passes through the earth's atmosphere, most of it is visible light and infrared radiation. Solar cell panels are used to convert this energy into electricity.

The Bangladesh solar energy market is segmented by technology. The market is segmented by technology into solar photovoltaic (PV) and concentrated solar photovoltaic (CSP). The market sizing and forecasts have been done based on installed capacity (megawatts).

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Bangladesh Solar Energy Market Size Summary

The solar energy market in Bangladesh is poised for significant growth, driven by supportive government policies and increasing environmental awareness. The market, which experienced setbacks due to the COVID-19 pandemic, has rebounded and is expected to expand substantially over the forecast period. The government's ambitious goal of generating a substantial portion of its electricity from renewable sources by 2030, with solar power playing a pivotal role, presents a lucrative opportunity for the sector. Despite challenges such as the high initial investment costs and competition from other clean energy sources, the market is expected to thrive, particularly in the solar photovoltaic (PV) segment, which is anticipated to dominate due to decreasing costs and versatile applications.

Bangladesh's focus on renewable energy is further underscored by its plans to enhance electricity generation capacity to meet the growing demand, driven by its industrial and agricultural sectors. The government aims to secure a significant portion of its energy from renewable sources, including solar, to address future power shortages and reduce reliance on fossil fuels. This strategic shift is supported by substantial investments and international collaborations, such as the recent agreements with Chinese-backed solar projects. The market is moderately fragmented, with key players like Solar Electro Bangladesh Ltd and Solarland Bangladesh Co. Ltd actively contributing to the sector's development. These efforts are expected to bolster the solar energy market's growth trajectory in the coming years.

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Bangladesh Solar Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Mix, Bangladesh, 2022

    3. 1.3 Bangladesh Solar Energy Installed Capacity and Forecast, in MW, till 2028

    4. 1.4 Government Policies and Regulations

    5. 1.5 Recent Trends and Developments

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION - BY TECHNOLOGY

    1. 2.1 Solar Photovoltaic (PV)

    2. 2.2 Concentrated Solar Power (CSP)

Bangladesh Solar Energy Market Size FAQs

The Bangladesh Solar Energy Market size is expected to reach 0.55 gigawatt in 2024 and grow at a CAGR of 38.60% to reach 2.84 gigawatt by 2029.

In 2024, the Bangladesh Solar Energy Market size is expected to reach 0.55 gigawatt.

Solar Energy Market in Bangladesh Report Snapshots

Solar Energy Market in Bangladesh Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)