Product ID: SQSG45N2003
Report ID: SQSG45N2003 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 94 | Figures: 76
Global Solar Power Market size was valued at USD 84.03 billion in 2021 and is poised to grow from USD 90.03 billion in 2022 to USD 146.2 billion by 2030, growing at a CAGR of 7.1% in the forecast period (2023-2030).
The solar power business is expanding due to rising environmental degradation and the provision of government incentives and tax benefits to install solar panels. Additionally, the reduced water footprint of solar power systems has increased demand for them in the electricity production sectors. Due to an increase in rooftop installations, followed by an increase in applications in the architectural sector, the demand for solar cells has significantly increased. Additionally, it is projected that an increased demand for concentrated solar power systems the use of parabolic troughs and solar power towers in the production of electricity will support the growth of the solar power market in the forecast period.
US Solar Power Market is poised to grow at a sustainable CAGR for the next forcast year.
To get more reports on the above market click here to Buy The Report
The Global Solar Power Market is segmented based on technology, application, solar modules and region. Based on the technology, the market is categorized into Photovoltaic Solar Power Systems and Concentrated Solar Power Systems. The photovoltaic solar power systems segment is further categorized into Mono-Si, Thin Film, and Multi-Si; and the concentrated solar power systems segment is further categorized into Parabolic Trough, Power Tower, and Linear Fresnel.
Based on the application, the market is categorized into Residential, Non-Residential and Utility. Based on the solar modules, the market is categorized into monocrystalline, polycrystalline, cadmium telluride, and amorphous silicon cells. Based on region, the market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Solar Power Market Analysis by Technology
On the basis of technology, the photovoltaic solar power systems (PV) segment is currently dominating the global solar power market, and is projected to continue its dominance over the forecast period. The popularity of solar PV technology is growing as a result of decreasing PV technology costs, better panel efficiency, and increased energy output. Due to its high efficiency, small design, and durability, mono-si technology is anticipated to acquire more popularity in the solar PV industry during the projection period.
On the other hand, concentrated solar power systems (CSP) are also expected to grow significantly, during the forecast period. The parabolic trough sub-segment within this sector is anticipated to grow at the fastest rate during the projected period, as it is one of the most widely used CSP technologies. This is due to the segment's applications in all end-use sectors.
Solar Power Market Analysis by Application
On the basis of application, the utility segment currently dominates the global solar power market, and is expected to maintain its dominance over the forecast period. The installation of new utility-scale solar PV plants was the highest in 2022, and the installation of more such plants are under development. For instance, Masdar and the Ethiopian government signed a Memorandum of Understanding in March 2021 to develop 500MW of solar installations there.
On the other hand, the residential market is expected to increase faster than other market segments between 2023 and 2030 as a result of rising rooftop solar adoption and consumer awareness of the use of environmentally friendly sources.
To get detailed analysis on other segments, Request For Sample Report
Based on the region, Asia Pacific currently dominates the global solar power market with respect to market share. More than half of the world's population resides in Asian countries creating a sizable consumer base. Additionally, the top three nations that use solar energy the most are China, Japan, and India. Some of the important macroeconomic drivers driving the growth of the solar power market in Asia Pacific are growing urbanization, rising disposable income, busy and hectic lifestyles, rising internet penetration, and rising smartphone adoption. Additionally, the industry is being supported by a sizable youth population as well as increased desire for sustainable development and renewable energy. Due to the region's robust economic expansion, nations like China and India are offering market players great chances for growth.
It is projected that North America would also expand significantly during the projection period. The United States is the main nation in the region for solar energy use. Additional reasons that have contributed to the expansion of the North American solar power industry include rising purchasing power, better access to digital technologies, higher internet penetration, and increased use of smart gadgets.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Solar Power Market Drivers
Increasing solar energy investments to drive the market
Solar Power Market Restraints
The limitations on land use is projected to limit the market expansion
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
The solar power market is highly fragmented due to a robust product range and a significant distribution network in both developed and developing countries. Companies are extending their manufacturing capacities by constructing new plants or expanding existing ones. Companies are expanding their production capabilities by building new plants or expanding existing ones. For instance, In January 2021, Sterling and Wilson Solar Limited (SWSL) successfully installed a 25 MW solar project in Oman. Sonnedix completed the acquisition of 9 solar operating plants with a combined capacity of 8.2 MW .
Solar Power Market Top Players Company Profiles
Solar Power Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the solar power market report analysis, the market is currently led by countries in the Asia Pacific region, due to factors such as growing urbanization, rising disposable income, busy and hectic lifestyles, and rising internet penetration among others. Along with this, the photovoltaic solar power systems (PV) segment is currently dominating the global solar power market, as a result of decreasing PV technology costs, better panel efficiency, and increased energy output, which is expected to support the growth of the market over the forecast period.
|Market size value in 2021||USD 84.03 billion|
|Market size value in 2030||USD 90.03 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Solar Power Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Solar Power Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Solar Power Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Solar Power Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.