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).

Who are the key vendors in the Global Solar Power Market?

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)'

What is the key driver of Global Solar Power Market?

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.

What is the key market trend for Global Solar Power Market?

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.

Which region accounted for the largest share in Global Solar Power Market?

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.

Solar Power Market Size, Share, Growth Analysis, By Technologies(Solar PV Technologies, CSP Technologies), By Application(Lighting, Heating, Charging), By Vertical(Residential, Commercial, Industrial), By Region - Industry Forecast 2025-2032

Report ID: SQMIG45N2080 | Region: Global | Published Date: November, 2024
Pages: 165 | Tables: 94 | Figures: 76

Solar Power Market News

In October 2024, Rayzon Solar, a leading solar panel manufacturer from India announced the launch of its new solar panel offering. The TOPCon-210R solar panel is made from advanced TOPCon (Tunnel Oxide Passivated Contact) technology to maximize energy output for users.
In October 2024, Switzerland announced the launch of a novel solar project making it the first of its kind the world has ever seen. The project involves the installation of removable solar panels on active railway tracks. The project is being developed and deployed through a collaborative effort of start-up Sun-Ways in partnership with EPFL, the Swiss federal technology institute.
In February 2024, The Union Cabinet of the government of India chaired by Prime Minister Narendra Modi announced the approval of the PM-Surya Ghar: Muft Bijli Yojana. Under this program residents will get subsidies for installation of solar panels on rooftops to provide free electricity up to 300 units.

Solar Power Market Report Snapshots

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Solar Power Market size was valued at USD 108.13 Billion in 2023 and is poised to grow from USD 121.54 Billion in 2024 to USD 309.63 Billion by 2032, growing at a CAGR of 12.40% during the forecast period (2025-2032).

Solar power companies should focus on maximizing the efficiency and output of their solar systems to boost sales potential. Focusing on countries with incentives and subsidies for solar energy system installation can help solar power companies maximize their revenue generation scope going forward. Making solar power more affordable should be the primary objective of all market players to unlock the full potential of the global solar power industry. 'Acciona Energia SA (Spain) ', 'Borrego Solar System Inc (US) ', 'Brightsource Energy Inc (US) ', 'Canadian Solar Inc (Canada) ', 'First Solar Inc (US) ', 'Gintech Energy Corp (Taiwan) ', 'Kyocera Solar (Japan) ', 'Motech Industries Inc (Taiwan) ', 'Nextera Energy Sources LLC (US) ', 'Novatec Solar (Germany) ', 'Renesola Ltd (China) ', 'Schott Solar AG (Germany) ', 'Sharp Corp (Japan) ', 'Siemens AG (Germany) ', 'Solarreserve LLC (US) ', 'SunPower Corp (US) ', 'Tata BP Solar India Ltd (India) ', 'Trina Solar Ltd (China) ', 'JinkoSolar Holding Co., Ltd. (China) ', 'LONGi Green Energy Technology Co., Ltd. (China) ', 'SMA Solar Technology AG (Germany) ', 'Enphase Energy, Inc. (US) ', 'REC Group (Norway)'

Use of Energy Storage Solutions: Solar power companies are expected to invest in the adoption of advanced energy storage solutions to maximize their business scope and store energy that is not directly utilized or supplied after generation. Use of energy storage solutions such as lithium-ion batteries can also help solar power companies mitigate the issues of intermittency and expand business scope for solar power providers.

The Asia Pacific region is slated to emerge as the dominant market for solar power companies on a global level in the future. The high availability of government incentives and subsidies coupled with rising awareness regarding the benefits of solar energy are helping this region lead the global revenue generation potential. China is slated to be the leading country in the Asia Pacific region owing to the presence of multiple solar panel manufacturers and solar power system manufacturers. India, Japan, and Australia are also expected to present new business scope for solar power providers through 2032 and beyond.

Solar Power Market Size, Share, Growth Analysis, By Technologies(Solar PV Technologies, CSP Technologies), By Application(Lighting, Heating, Charging), By Vertical(Residential, Commercial, Industrial), By Region - Industry Forecast 2025-2032

Solar Power Market News

Solar Power Market Report Snapshots

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FAQs

What is the global market size of Solar Power Market?

Who are the key vendors in the Solar Power Market?

What is the key driver of Solar Power Market?

What is the key market trend for Solar Power Market?

Which region accounted for the largest share in Solar Power Market?

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