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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Solar Power Market Size
The global solar power market 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.
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.
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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