USD 84.03 billion
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 2024-2031
Report ID:
SQMIG45N2080 |
Region:
Global |
Published Date: November, 2024
Pages:
165
|Tables:
94
|Figures:
76
Solar Power Market Insights
Global Solar Power Market size was valued at USD 96.2 billion in 2022 and is poised to grow from USD 108.13 billion in 2023 to USD 275.47 billion by 2031, growing at a CAGR of 12.40% during the forecast period (2024-2031).
The solar power business is expanding due to rising environmental degradation and the provision of government incentives and tax benefits to install solar panels. Additionally, the reduced water footprint of solar power systems has increased demand for them in the electricity production sectors. Due to an increase in rooftop installations, followed by an increase in applications in the architectural sector, the demand for solar cells has significantly increased. Additionally, it is projected that an increased demand for concentrated solar power systems the use of parabolic troughs and solar power towers in the production of electricity will support the growth of the solar power market in the forecast period.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Residential
Fastest Growth
Residential
Growth Rate
7.1% CAGR
Country Share for Asia Pacific Region (%)
Country Share for North America Region (%)
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Solar Power Market Segmental Analysis
Global Solar Power Market is segmented by Technologies, Application, Vertical, and region. Based on Technologies, the market is segmented into Solar PV Technologies, and CSP Technologies. Based on Application, the market is segmented into Lighting, Heating, and Charging. Based on Vertical, the market is segmented into Residential, Commercial, and Industrial. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Solar Power Market Analysis by Technology
On the basis of technology, the photovoltaic solar power systems (PV) segment is currently dominating the global solar power market, and is projected to continue its dominance over the forecast period. The popularity of solar PV technology is growing as a result of decreasing PV technology costs, better panel efficiency, and increased energy output. Due to its high efficiency, small design, and durability, mono-si technology is anticipated to acquire more popularity in the solar PV industry during the projection period.
On the other hand, concentrated solar power systems (CSP) are also expected to grow significantly, during the forecast period. The parabolic trough sub-segment within this sector is anticipated to grow at the fastest rate during the projected period, as it is one of the most widely used CSP technologies. This is due to the segment's applications in all end-use sectors.
Solar Power Market Analysis by Application
On the basis of application, the utility segment currently dominates the global solar power market, and is expected to maintain its dominance over the forecast period. The installation of new utility-scale solar PV plants was the highest in 2022, and the installation of more such plants are under development. For instance, Masdar and the Ethiopian government signed a Memorandum of Understanding in March 2021 to develop 500MW of solar installations there.
On the other hand, the residential market is expected to increase faster than other market segments between 2023 and 2030 as a result of rising rooftop solar adoption and consumer awareness of the use of environmentally friendly sources.
Global Solar Power Market By Application
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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.
Global Solar Power Market By Region
- Largest
- Fastest
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Solar Power Market Dynamics
Solar Power Market Drivers
Increasing solar energy investments to drive the 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.
- One of the affordable options for sustainable energy is solar power. As a result, several countries are making significant investments in solar energy, leading to the increasing installation of solar power systems, which is promoting the expansion of the global market.
Solar Power Market Restraints
The limitations on land use is projected to limit the market expansion
- Large solar projects need a lot of area, such as utility-scale or large industrial-scale plants. Additionally, any considerations like the availability of solar radiation limit the choice of land.
- Due to poor accessibility and unstable soil, solar projects cannot be erected on agricultural or forest property. Distance from the power grid and equipment transportation are other factors influencing the location for building the solar power systems.
- All these aspects together create restraints on the availability of land for solar power systems, which in turn limits the growth of the global solar power market.
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Solar Power Market Competitive Landscape
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 .
Solar Power Market Top Players Company Profiles
- 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)
Solar Power Market Recent Developments
- In January 2022, Adani Group set up a new subsidiary, ANIL, to undertake green hydrogen projects, generation of low carbon electricity and manufacture of wind turbines, solar modules and batteries as it looks to become the world's largest renewable energy company and produce the cheapest hydrogen.
Solar Power Key Market Trends
- 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.
- Technological Advances: The solar power energy is expected to drive a huge demand for energy alternatives and reduce the dependency on fossil fuels. In addition, government subsidies and incentives are motivating the energy consumers to turn self-reliant and efficient by eliminating the dependency on conventional fuels for power and electricity generation.
Solar Power Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the solar power market report analysis, the market is currently led by countries in the Asia Pacific region, due to factors such as growing urbanization, rising disposable income, busy and hectic lifestyles, and rising internet penetration among others. Along with this, the photovoltaic solar power systems (PV) segment is currently dominating the global solar power market, as a result of decreasing PV technology costs, better panel efficiency, and increased energy output, which is expected to support the growth of the market over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 96.2 billion |
| Market size value in 2031 | USD 275.47 billion |
| Growth Rate | 12.40% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Solar Power Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Solar Power Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Solar Power Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Solar Power Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Solar Power Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Solar Power Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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