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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Solar Power 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.
Solar Power 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.
Solar Power Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global market size for solar power reached a value of USD 232.48 billion in 2023.
The market is expected to grow at a CAGR of 7.1% between 2024 and 2032.
The global market size for solar power is expected to reach a value of USD 431.02 billion by 2032.
The major market drivers are growing demands for renewable energy sources, improvements in solar power technology, population growth, and usage of solar power in mainstream utility applications.
The key trends of the market are increasing demand for electricity owing to economic development, growing investments in solar power infrastructure, and supportive initiatives by various governments.
Key players in the global solar power market include Waaree Energies Ltd., BrightSource Energy, Inc., SunPower Corporation, Enkay Solar Power and Infrastructure Pvt. Ltd., and Tata Power Solar Systems Limited, among others.
Solar power is a form of energy obtained from sun by converting the solar energy into power using direct or indirect methods.
The primary technologies for solar power in the market are solar photovoltaic and concentrated solar power.
The different types of solar photovoltaic technology are mono-Si, thin film, and multi-Si, among others.
The various applications of solar power include residential, non-residential, and utility.
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