Market Size of Bangladesh Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 0.55 gigawatt |
| Market Volume (2029) | 2.84 gigawatt |
| CAGR (2024 - 2029) | 38.60 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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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.
