Global Solar Power Market Report and Forecast 2024-2032

Global Solar Power Market Outlook

The global solar power market size a value of more than USD 232.48 billion in 2023. The market is further expected to grow at a CAGR of 7.1% between 2024 and 2032, reaching a value of USD 431.02 billion by 2032.

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Key Trends in the Market

Solar power refers to the energy that is emitted from the sun which can be converted into thermal or electrical energy, either directly or indirectly. There are three types of solar energy systems, namely solar thermal, solar photovoltaic, and concentrated solar power. While solar thermal is used at a small scale for heating, solar photovoltaic and concentrated solar power are used for electricity on a larger scale for utility, residential, and non-residential applications.

• Solar power is growing in popularity as a clean and abundant renewable source for electricity generation. Growing population and economic development is increasing the demand for electricity all across the world. Further, improved standard of living and infrastructural development is also enhancing the demand for electricity generation.

• Environmental regulations have encouraged several end-users to install renewable energy plants based on solar power. Countries are now focussing on installing eco-friendly power generation stations in order to reduce carbon emissions and are thus investing heavily in solar power.

• Supportive policies by various governments such as investment tax credits and capital subsidies are fuelling the growth of solar installations in the European Union and in countries such as India and the United States, which is further helping in the growth of solar power market.

Market Analysis

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Based on technology, the market can be bifurcated into solar photovoltaic and concentrated solar power. Solar photovoltaic is further divided by type into mono-Si, thin film, and multi-Si, among others. Concentrated solar power is further classified by type into parabolic trough, power tower, and linear Fresnel. On the basis of application, the solar power market is segmented into residential, non-residential, and utility. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global solar power market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

• Waaree Energies Ltd.

• BrightSource Energy, Inc.

• SunPower Corporation

• Enkay Solar Power and Infrastructure Pvt. Ltd.

• Tata Power Solar Systems Limited

• Others

Market Share by Technology

Solar photovoltaic technology holds a significant share in the solar power market because of high number of instalments of new solar photovoltaic projects all around the globe. The reduced cost of the photovoltaic technologies and improved energy yield and panel efficiency has further enhanced the adoption rate of solar photovoltaic technology fuelling the growth of the market. Among the solar photovoltaic technology types, mono-Si is expected to observe rapid growth because of its better durability, efficiency, and compact design. As photovoltaic solar panels directly generate direct electric current, they are considered to offer superior efficiency.

Concentrated solar power technology is also expected to observe growth in the coming years as it is capable of storing energy for later use. It uses solar power to heat substances which then drive engines and generators. The parabolic trough type of concentrated solar power technology is widely commercialised with numerous applications in end use sectors, solidifying its market presence. 

Market Share by Region

Asia Pacific has been dominating the solar power market and is expected to continue its strong position in the forecast period as well. Improved standards of living, suitable solar irradiance, growing populations, presence of key market players, and increasing demand for electricity have been supporting the growth of the market in the Asia Pacific region. China specifically has a substantial capacity for solar power production and is a manufacturing base for multiple components for solar panels. 

Europe has also been observing growth in the market owing to the installation of a large number of solar photovoltaic projects in European Union countries. Moreover, growing number of solar farms, supportive regulations by various governments, and renewable energy targets are further contributing to the growth of the solar power market in Europe.  

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Competitive Landscape

Waaree Energies Ltd. was established in 1989 and is headquartered in Maharashtra, India. It is a renewable energy semiconductor manufacturing company that deals with the production and supply of solar PV modules and provides consumers all around the globe with solar energy solutions such as solar inverters, energy storage solutions, and lithium-ion batteries, among others. 

BrightSource Energy Inc. founded in 2004 is headquartered in California, United States. It is a solar power corporation that is involved in the designing, building, financing, and operations of utility scale power plants. They are working on advancing solar technologies further in order to create cleaner energy for future generations. 

SunPower Corporation is a solar energy company that manufactures and markets battery energy storage products and photovoltaic solar energy generation systems. Founded in 1985 and based in California in the United States, SunPower Corporation offers their products to residential customers and believe that backup storage and clean energy should be accessible for every consumer. 

Other market players include Enkay Solar Power and Infrastructure Pvt. Ltd., and Tata Power Solar Systems Limited, among others.

Key Highlights of the Report

Solar Power Market Report Snapshots

Solar Power Market Size

Solar Power Market Share

Solar Power Market Analysis

Solar Power Companies