What is the global market size of Solar Power Market?

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).

Solar Power Market Size, Share, Growth Analysis, By Technology(Photovoltaic Solar System (Mono-Si, Thin Film, Multi-Si), Concentrated Solar System (Parabolic Trough), By Application(Residential, Non-Residential, Utility), By Solar Module(Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45N2080 | Region: Global | Published Date: July, 2001
Pages: 165 | Tables: 94 | Figures: 76

Solar Power Market Regional Insights

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.

Solar Power Market Report Snapshots

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Solar Power Market size was valued at USD 84.03 billion in 2019 and is poised to grow from USD 90.03 billion in 2023 to USD 146.2 billion by 2031, growing at a CAGR of 7.1% in the forecast period (2024-2031).

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 . 'Trina Solar', 'Canadian Solar', 'Jinko Solar', 'JA Solar', 'First Solar', 'Hanwha Q Cells', 'Yingli Solar', 'SunPower Corporation', 'Sharp Solar', 'Kyocera Solar', 'REC Solar', 'SolarWorld AG', 'Suntech Power', 'LDK Solar', 'GCL-Poly Energy Holdings Limited', 'ReneSola', 'TBEA Co., Ltd.', 'Tata Power Solar Systems Ltd.', 'Shunfeng International Clean Energy Limited', 'China Sunergy (CSUN)'

Many businesses are building renewable energy facilities as a result of environmental laws. In order to lower their carbon emissions, several nations are concentrating on eco-friendly power generation techniques.

Rising electricity demand: The rise in population and economic growth have significantly boosted the world's demand for power. Increased infrastructure needs and rising living standards are driving up demand for power production. Countries are building new solar power facilities to expand the capacity of their current ones in order to satisfy the rising demand.

Based on the region, Asia Pacific currently dominates the 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.

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Solar Power Market Regional Insights

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